High Resolution Magnetic Survey Confirms Multi-Kilometre Structures at Canstar’s Facheux Bay Gold Target
220 Bay Street TSX-V: ROX
Suite 550 OTCPK: CSRNF
Toronto, ON M5J 2W4 www.canstarresources.com
High Resolution Magnetic Survey Confirms Multi-Kilometre Structures
at Canstar’s Facheux Bay Gold Target
Toronto, Ontario – May 24, 2023 – CANSTAR RESOURCES INC. (TSXV: ROX & OTCPK: CSRNF)
(“Canstar” or the “Company ”) is pleased to announce that it has received the results of a high
resolution airborne magnetic-VLF survey conducted earlier this year on the Company’s Facheux Bay
target on the district-scale Golden Baie project in south-central Newfoundland. Golden Baie is located
at the southern portion of the central Newfoundland orogenic gold belt.
The airborne survey was completed by ALS GoldSpot Discoveries Ltd. using its proprietary helicopter-
based Multi-Parameter Airborne Survey System ( “M-PASS”), which consists of a triaxial magnetic
gradient magnetic/VLF platform and 2048-channel radiometric sensor . The M-PASS survey utilized
50 metre (“m”) line spacing, resulting in high resolution magnetic and VLF data capture. The M-PASS
survey represents the first ever geophysical data collected in the Facheux Bay area and will aid in the
geological interpretation and guide planned exploration work later this year.
The M -PASS survey results confirm that the structure hosting high grade gold outcrop samples,
collected in 2022 and discussed below, has approximately 8 kilometres (“km”) of potential strike
length. In addition to this 8 km trend, the survey highlights potential parallel structures, cross-structures
and folded sequences that have not yet been systematically prospected . Detailed mapping and
sampling work will be done in the summer of 2023 to define priority drill targets at Facheux Bay.
Matthieu Lapointe, Vice President Exploration, stated: “The Facheux Bay area at the southern end of
the Golden Baie project has never been systematically explored for gold, despite its compelling
location at the intersection of two major structures, the Day Cove Thrust and the Hermitage Flexure.
Our team’s reconnaissance exploration in 2022 confirmed the presence of high grade gold in outcrop
and the new M -PASS data suggests a structural and geological setting wherein there is gold
mineralization potential that spans multiple kilometres.
Facheux Bay is an attractive target area because of the lack of overburden, although it is more remote
than some of the other Golden Baie claims, such as the Wolf Pond prospect which is located adjacent
to a paved highway . Mapping and sy stematic sampling of Facheux Bay will be straightforward and
we expect to be able to generate potential drill targets quickly and efficiently this summer.”
Facheux Bay Target M-PASS Results
Prospecting and reconnaissance mapping by Canstar in the Facheux Bay area in 2022 led to a newly
discovered zone of steeply dipping quartz veining with associated arsenopyrite hosted in fine grained
sedimentary rocks, similar to those that host the Kendell prospect gold mineralization to the northeast.
Outcrop sampling1 delineated a 1.2 km trend with multiple 5+ g/t gold samples that graded up to 18.4
g/t gold within a broader 7 km long regional trend defined by 2022 grab sampling (Figure 1).
Interpretation of the M-PASS results, combined with LiDAR, from the Facheux Bay area suggests that
the anomalous gold mineralization is correlated with a n ~8 km long magnetic low along a NE-SW
trending regional fault that also corresponds to a VLF conductor (Figures 2 and 3). Much of this 8 km
long trend has yet to be sampled . There is also a parallel magnetic low to the north, which could
represent a fold repetition, that is also unsampled and will be targeted in this year’s exploration work.
1 Readers are advised that rock grab samples are selective by nature and values reported may not
represent the true grade or style of mineralization across the property.
2
Figure 1 – Facheux Bay LiDAR survey with gold-in-bedrock grab samples collected in 2022 that
assayed up to 18 g/t gold
Figure 2 – Facheux Bay M-PASS Total Magnetic Intensity (TMI) survey over LiDAR showing 2022
gold anomalies associated with a magnetic low zone
3
Figure 3 – Facheux Bay M-PASS VLF IP (FF) over LiDAR showing 2022 gold anomalies associated
with a chargeability high feature
Robert Bruggeman, Presiden t and CEO of Canstar, stated: “The results of th e high-resolution
magnetic-VLF survey at Facheux Bay are very exciting because the Facheux Bay target is located at
a regional inflection , where the geology bends from northeast -southwest to more east -west
orientation. Iden tification of brand-new exploration targets like Facheux Bay also confirm the
prospectivity of our Golden Baie project which covers approximately 100 km of s trike length in an
emerging orogenic gold belt. We look forward to getting back into the field soon with a focus on
identifying new drill targets at Facheux Bay and other locations on our large underexplored land
position.”
Qualified Person
Matthieu Lapointe, B.Sc., P.Geo., Vice President Exploration of Canstar, and a Qualified Person as
defined by National Instrument 43 -101 - Standards of Disclosure for Mineral Projects, is responsible
for the scientific and technical data presented herein and has reviewed and approved this release.
Acknowledgements
Canstar wishes to acknowledge the financial support of the 2023 exploration programs through the
Junior Exploration Assistance Program from the Department of Natural Resources, Government of
Newfoundland and Labrador.
4
About Canstar Resources Inc.
Canstar Resources has a very experienced technical team and board who are focused on new mineral
discoveries in Newfoundland, Canada. Central Newfoundland has emerged as one of the most
exciting gold exploration districts due to recent high -grade orogenic gold discoveries along crustal
scale fault corridors. The Company is focused on gold exploration on the district-scale Golden Baie
project in south-central Newfoundland, which has multiple high-grade gold anomalies at surface along
~100 km of strike and near-surface drilling confirming the presence of high-grade orogenic gold. The
Company also holds the Buchans-Mary March project in central Newfoundland.
Canstar Resources is based in Toronto, Canada, and is listed on the TSX Venture Exchange under
the symbol ROX and trades on the OTCPK under the symbol CSRNF.
For further information, please contact:
Rob Bruggeman, President & CEO
Email: [email protected]
Phone: 1-647-247-8715
Website: www.canstarresources.com
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