Business
Polar Star provides update on Montezuma Property and Early Exercise of Warrants
Polar Star provides update on Montezuma Property and Early Exercise of Warrants
About this update from Hudbay Minerals Inc
[{"type":"text","content":"\n\n\n\nNov. 9, 2009 (Canada NewsWire Group) -- TORONTO, Nov. 9, 2009 /CNW/ -- Polar Star Mining Corporation (TSXV: PSR) (\"Polar Star\" or the \"Company\") announces an update for the Third Quarter activities on its 100% owned Montezuma Property in Chile. The Company also announces the early exercise of over 2.78 million warrants of the company providing proceeds of $1.25 million.Montezuma- Montezuma consists of the 100% owned exploration concessions stakedby Polar Star totalling approximately 50,000 hectares and covering25 kilometres of the West Fault, well known for the exceptional sizeof its associated porphyry copper deposits such as Escondida andChuquicamata.- During August 2009, select holes from the March 2009 drill campaignwere re-analysed for gold, silver and a variety of other associatedelements. Assays received contain gold values in the range of 0.2 -1.8 g/t and silver values in the range of 2 - 49 g/t. Recent detailedmapping of an old hand trench, 200-300m north of hole 7 has uncovereda 70m wide zone of copper oxides including chrysocola, atacamite,cuprite and possibly chalcocite within 20cm of surface. This showinglies on the south edge of a 1.5 sq km area of alteration and stainingvisible on the enhanced satellite image. Recently receivedpreliminary assays show a 20 metre zone of Cu, Au and Ag enrichment,grading from a low of 0.22% to a high of 31.3% Cu, from a low of0.08 g/t to a high of 11.75 g/t Au and from a low of 0.5 g/t to ahigh of 618 g/t Ag.- During September and October 2009, an additional 74.7 line kilometresof IP surveys, digital enhancement and re-interpretation of theproject satellite imagery were completed and geological mapping andsoil sampling of the IP electrode pits was initiated. Data receivedindicates a new anomaly, 3 kilometres north of the main anomaly, atleast 600 metres wide and 3 kilometres long open to the north, southand west.- Polar Star continues its drill target selection process and plans tobegin drilling in late November 2009. Attached is an updated map ofthe Montezuma anomalies.Region II- In July 2009, Polar Star staked an additional 8 properties in theMega Porphyry Belt to the south of the Company's Montezuma Propertyand to the north of the Zaldivar and Escondida mines. The propertiestotal 63,700 hectares and are located within the Domeyko Fault Systemand in some cases along the...