Archean Star Encounters 28 Meters of Mineralization in Hole TB008 at Gnaweeda
VANCOUVER, BRITISH COLUMBIA–(Marketwire – Feb. 6, 2012) – Archean Star Resources Inc. (TSX VENTURE:ASP) (the "Company" or "Archean") announces multiple gold intersections contained within a 41 meter interval in diamond drill hole TB006 that has recently been completed during its ongoing drill program at the Turnberry gold prospect at its Gnaweeda Gold Project approximately 35 km northeast of Meekatharra, Western Australia. The approximately 170 sq/km Gnaweeda Greenstone Gold Belt is located in the northeast of the highly prolific Murchison Greenstone Gold Belt where historically over 18 million ounces of gold have reportedly been produced and where currently approximately 7 million ounces of gold resources have reportedly been identified during recent exploration and historical resource evaluations.
The highest gold grade reported in TB006 was a 2 meter intersection from 69 to 71 meters that averaged 10.58 g/t Au, while a 3 meter intersection from 107 to 110 meters averaged 6.70 g/t Au. The better results are tabulated below.
|Intersection in meters||Width||Average Grade g/t Au|
|69 – 71||2||10.58|
|79.5 – 80.5||1||3.30|
|82 – 83||1||4.60|
|91 – 93||2||1.73|
|99 – 102||3||2.73|
|105 – 106||1||1.19|
|107 – 110||3||6.70|
Diamond drill hole TB006 was collared approximately 50 meters north of the Teck Australia Pty. Ltd ("Teck") drill hole GNRC009 that intersected 4 meters at 17.70 g/t Au (incl. 1 meter at 59.27 g/t Au) and the Company's diamond drill hole TB003 that contained 3 meters at 8.27 g/t Au, and approximately 25 meters south of Teck drill hole GNRC008 that intersected 5 meters at 13.49 g/t Au (incl. 1 meter at 20.23 g/t Au). To view the map, please go to http://www.archeanstar.com/images/2012Southernhotzone.jpg.
Anomalous gold intersections were also present at various intervals below 110 meters in TB006. Diamond drill hole TB007, that was collared 50 meters east of TB003, had results up to 1.66 g/t Au, and several intervals grading 0.5 – 1 g/t. Diamond drill hole TB008 was collared approximately 25 meters north of GNRC008 and 50 meters north of TB006, and drilling is ongoing.
The approximately 2.5 km long by 750 meter wide Turnberry gold prospect is underexplored with only 35 RC drill holes extending below 100 meters, the majority of which intersected gold mineralization in three prior identified higher grade zones, each of which have a potential strike length of approximately 500 meters.
The highest gold grade reported at Gnaweeda is from a previously reported 1 meter interval at an average 110.1 g/t Au within an 18 meter multiple gold intersection inthe Company's diamond drill hole BN003. This hole was drilled at the Bunarra gold prospect, which has a known strike length of approximately 1 km. Bunarra is approximately 18 km south of the Turnberry gold prospect.
The approximately 170 sq/km Gnaweeda Greenstone Gold Belt is substantially unexplored, with diamond drilling conducted on only two of its four identified gold prospects, and has the potential to host similar size gold deposits to the nearby Meekatharra gold field, that has historically produced approximately 3.5 million ounces of gold and has current reported resources of approximately 3.29 million ounces of gold.
Gnaweeda lies approximately 10 km to the south-east of Doray Minerals 329,000 ounce Andy Well prospect. In Western Australia, the ability to proceed from discovery to mining for gold projects is relatively rapid compared to other jurisdictions around the world, as evidenced by Doray Minerals going from discovery to projecting commencement of mining operations in early 2013, approximately 3.5 years from the discovery of high grade mineralization.
Archean Star Resources Inc., is a junior exploration company listed on the TSX Venture Exchange that is creating shareholder value by earning, through its wholly owned subsidiary, Archean Star Resources Australia Pty Ltd, 100% of Teck Australia Pty Ltd's ("Teck") interest, subject to a 75% back in right in such interest to Teck, in Chalice Gold Mines Limited's Gnaweeda Gold Project in Western Australia. To date Teck's interest in Gnaweeda is approximately 79.84% and is expected to increase to 86% at the end of the Joint Venture expenditure year at the end of February 2012. Currently the Company has expended approximately AUD$2.2 million of the AUD$3 million required to earn 100% of Teck's interest in Gnaweeda and anticipates completing the earn-in by the end of the first quarter of 2012. The Company's goal is to identify and develop a one million plus ounce gold resource at Gnaweeda.
This News Release has been prepared on behalf of the Archean Star Resources Inc. Board of Directors, which accepts full responsibility for its contents. The contents of this news release has been reviewed and approved by Dr. Clay Conway, P. Geol., a Qualified Person as recognized by National Instrument NI-43-101 and a director of the Company.
ON BEHALF OF THE BOARD
Graeme O'Neill, President
Neither the TSX Venture Exchange, nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), has reviewed, nor do they accept responsibility for, the adequacy or accuracy of this news release.