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Coltstar Identifies Two World-Scale Prospects (BIGiron + BIGcopper) Within its Newly Acquired Northwest Territories Property
Coltstar Identifies Two World-Scale Prospects (BIGiron + BIGcopper) Within its Newly Acquired Nor...
About this update from Metallis Resources Inc.
[{"type":"text","content":"\nColtstar Identifies Two World-Scale Prospects (BIGiron + BIGcopper) Within its Newly Acquired Northwest Territories Property\n\n\n Sep. 14, 2010 (Filing Services Canada) -- Coltstar Ventures Inc.  (CTR - TSX Venture), announced the company had staked over 95,805 hectares (958 sq km) of prospective property in the Northwest Territories, Canada.  Recent staking has increased the land holding to 105,000 hectares (1,050 sq km) and the company has now defined two world-scale projects, BIGiron and BIGcopper, within this property. The 170 kilometre long property covers two prospective Upper Proterozoic stratigraphic units, the Rapitan Formation (Iron and Copper) and the Coates Lake Group (Copper).BIGiron ProjectA review by Coltstar's geologists of the available information indicates that iron is present within the Rapitan Formation on the property and that high order iron-in-silt anomalies have been recorded.  Several of the north-flowing tributaries of the Arctic Red River (on Coltstar's property) exhibit a very distinct red or orange coloration suggesting high iron concentrations.The Rapitan Formation hosts Chevron Canada Limited's Crest iron deposit.  In 2006 Hatch Consulting Ltd. concluded \"the Crest iron ore deposit is believed to be the second largest iron ore deposit in the world with an estimated 20 to 30 billion tonne 'resource' (non 43-101 compliant), of which 50% is reportedly suitable for open-pit mining.\" Coltstar's property is contiguous with Chevron's property and trends south-east within the Northwest Territories. BIGiron ProgramColtstar intends to explore its very large land package using a combination of regional stream silt sampling, geological mapping, stratigraphic sectioning, chip sampling, trenching and diamond drilling.  A National Instrument 43-101 compliant technical report has been commissioned.  The objective of this program will be to define an iron deposit similar in scale to the Crest Iron Ore deposit.BIGcopper ProjectThe property also covers the underlying Neoproterozoic Coates Lake Group which hosts numerous copper prospects over a 300 km strike length to the south of Crest. Copper mineralization is disseminated throughout the Coates Lake Group and the Rapitan Formation, with the most economically significant occurrences being found in the ...