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Coltstar to Acquire 70% Interest in Gold Property Near Eskay Creek Mine, British Columbia
Jun. 29, 2011 (Filing Services Canada) -- Coltstar Ventures Inc.  (CTR - TSX Venture)...
About this update from Metallis Resources Inc.
[{"type":"text","content":"\nColtstar to Acquire 70% Interest in Gold Property Near Eskay Creek Mine, British Columbia\n\n Jun. 29, 2011 (Filing Services Canada) -- Coltstar Ventures Inc.  (CTR - TSX Venture), is pleased to announce that it has signed an option agreement to earn a 70% interest in the Palm Springs Gold Property (the \"Property\") located within the \"Golden Triangle\" region in northern British Columbia, approximately 80 kilometres north of Stewart.  The Property displays many of the unique geological characteristics specific to Barrick's famous Eskay Creek deposit six (6) kilometres away.  The Eskay Creek Mine, was Canada's highest-grade gold mine (average grade 48.4 grams per tonne gold) and the world's fifth largest silver producer having produced approximately 3.5 million ounces of gold and 176.4 million ounces of silver between 1994 and 2008.  Furthermore, it is 30 kilometres from several other world class \"Golden Triangle\" deposits, namely KMS (Kerr Mitchell Sulphurets), Snowfield and Brucejack. \"The acquisition of the Palm Springs Gold Project builds on our existing portfolio of quality early-stage Canadian mineral projects,\" said Damien Reynolds, Chairman and CEO.  \"Having Dave DuPre on the team gives us first-hand knowledge of the Eskay area.  This is a unique advantage that greatly reduces our learning time.  We are going to support him in his efforts to quickly identify another Eskay-type orebody.\"Rationale for AcquisitionColtstar Director and Chief Geologist, Mr. David DuPre, supervised the 1988 drilling program that discovered the renowned, world-class, Eskay Creek mine.  As President of Keewatin Engineering (exploration consulting and contracting firm), Mr. DuPre also supervised dozens of projects throughout the Golden Triangle. Fortunately, one of these projects covers the present-day Palm Springs property.This unique experience, as well as a review of the regional and Property geology, has led him to conclude that the property is partially underlain by the Middle unit of the Pillow Basalt Ridge formation with potential to form and preserve Eskay Creek-style mineralization.  The geological setting of the Eskay Creek and Palm Springs properties is very unique (and similar) and not widely represented throughout the area due to erosi...