Nov. 10, 2010 (Filing Services Canada) -- Coltstar Ventures Inc. (CTR - TSX Venture), announces that a brief sampling program, completed at the same time as additional staking, has provided significant visual and analytical results. Historical data generated by Chevron from their wholly-owned Crest Iron Project adjacent to BIGiron has also provided encouragement. It should be noted that recent M & A activity around the Mary River Iron Project owned by Baffinland Iron Mines Corporation has shown industry and investor interest in northern Canadian iron projects.
Coltstar's BIGiron project consists of 105,000 hectares staked in the Northwest Territories, covering the mapped Rapitan Group Stratigraphy, which also hosts Chevron's Crest Hematite Iron Project, reported to be the second-largest iron deposit in the world. Five drill holes completed by Chevron in 1963 are collared within 100 metres of the boundary between the Coltstar claims and the Chevron property. All of these holes intersected hematite iron formation - the southernmost returned 27.43 metres of 43.01% soluble iron, while a nearby channel sample returned 25.3 metres of 41.97% soluble iron.
Aurora Geosciences collected 32 silt samples on Coltstar's claims and carried out reconnaissance geological mapping on the BIGiron claims in September 2010. During this program, Gary Vivian, M.Sc., P.Geol. and President of Aurora Geosciences recognized that the stratigraphy exposed on Chevron's Crest property continues southward onto the Coltstar claims. One stream valley on the Coltstar claims has exposed hematite iron formation stratigraphy similar to that found on the Crest property. Helicopter-based observations together with ground investigations indicate that prospective Rapitan Group stratigraphy underlies a 25 square-kilometre area on Coltstar's northernmost claims.
A very extensive reconnaissance silt sampling carried out by the Geological Survey of Canada in 2008/2009 delineated three areas which have anomalous (greater than 3%) iron-in-silt values. These anomalies were confirmed by the Aurora sampling. The first anomalous zone occurs immediately adjacent to Chevron's Crest Property. Analytical results in this area are mainly above 4% iron. 140 kilometres south of the Crest Property, three anomalous iron-in-silt samples occur over a 44 kilometre strike length. These samples were collected from streams with Rapitan boulders and iron-rich sediments in the creek beds or down-stream from exposed rocks interpreted to belong to the Rapitan Group. Field observations of the Rapitan Group in this area corroborate mapping done by the Geological Survey of Canada. Finally, three anomalous iron-in-silt samples were collected over a strike length of 12 kilometres in an area where Rapitan stratigraphy is not mapped. This area is located 100 kilometres southwest of the Crest Property. Stream boulders observed while silt sampling as well as stratigraphic sections viewed from the helicopter indicate that the Rapitan Group is present in this area. It was noted that an iron-stained drainage, 20 kilometres long, originates from mapped Rapitan Group.
Damien Reynolds, Chairman and CEO of Coltstar, noted, "We are excited by these findings, showing both thick intervals of mineralization on our claim boundaries, as well as numerous iron -in-silt anomalies over a 140 kilometre long corridor. With ArcelorMittal's offer for Baffinland's Mary River iron project on Baffin Island, there is a strong signal that northern Canada's mineral resources are attractive to the international investment community."
Mr. David DuPre (P. Geo), a director of Coltstar, is a Qualified Person under the guidelines of National Instrument 43-101 and has reviewed and approved the geological information regarding the Big Iron property contained in this news release.
Coltstar Ventures Inc. is a mineral exploration company that is currently exploring for iron ore and precious metals in Europe and Canada, and acquiring iron ore and titanium projects in Australia. www.coltstarventures.com
On behalf of the Board of Directors
"Damien Reynolds"
Chairman, President and CEO of Coltstar Ventures Inc.
For further information please contact:
Garry Stock
Telephone: (604) 683-8236
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Coltstar Ventures Inc.
Suite 1680, 200 Burrard Street
Vancouver, BC
Canada V6C 3L6
Source: Coltstar Ventures Inc. (TSXV - CTR)
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