Business
Phase I drill program complete; Additional land staked at Talbot Lake
Phase I drill program complete; Additional land staked at Talbot Lake
About this update from Kiplin Metals Inc.
[{"type":"text","content":"\n\n\n\n Jun. 3, 2010 (Canada NewsWire Group) -- Abbastar Resources Corp. ("Abbastar" or the "Company") (TSX-V: ABA) has completed the first phase drill program comprised of seventeen (17) holes totaling 4,577 metres. On March 30, 2010 the Company announced the results from the first two (2) holes of the drill program and on April 22, 2010 announced the results of an additional seven (7) holes completed at that time. The best intersection was from hole No. 3 that yielded 9.8 g/t Au over 4.7 metres from a quartz vein containing visible gold.\nAs of June 1, 2010, 1,559 samples from the remaining eight (8) holes were submitted to the lab in Thunder Bay, Ontario. The last 8 drill holes were testing geological/geophysical targets other than the known gold deposits to possibly discover additional gold bearing zones on the property. Results are expected in three to five weeks. After further research Abbastar has identified favourable geology and structure along strike from the existing Main and East Zone gold deposits. Consequently, the Company has staked a total of 178 claim units (2,848 hectares) contiguous with the original Talbot Lake claim block with plans to prospect this area in the coming months.\nIn addition, Abbastar is pleased to announce that it has entered into an investor relations agreement with David Goldman of Toronto, Ontario. The term of the agreement is 12 months. Mr. Goldman will be paid a monthly fee of $5,000. The agreement is subject to the approval of the TSX Venture Exchange.\n\nAbout the Talbot Lake Gold Project\n\nThe Talbot Lake Project is located within the world-renowned gold producing "Uchi Subprovince" of northwestern Ontario. This prolific gold producing area is host to the Red Lake and Pickle Lake gold mining camps and has produced in excess of 40 million ounces of gold.\nThe Talbot Lake Project hosts the "Main Zone" gold deposit which was discovered by Placer Dome in 1985 and acquired by Denison Mines in 1998. It consists of an East-West striking and vertically dipping quartz vein containing visible gold, pyrite, copper sulphide and zinc sulphide. Channel sampling by Denison indicated an approximate strike length of the Main Zone to be 48m with a weighted average grade of 13.8 g/t Au over a width of 3.3m. One channel over a width of 1.8m yielded a spectacular v...