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 Project
A 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 Program
Coltstar 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 Project
The 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 eight beds of the Transition Zone.
Numerous sediment-hosted stratiform copper deposits discovered within the Coates Lake Group demonstrate the potential significance of this formation. One, the Redstone Copper Deposit owned by Western Copper Corporation has a 43-101 - compliant resource of 33.6 million tonnes grading 3.92% copper and 9 grams per tonne silver - being stratabound "red-bed" mineralization that displays remarkable uniformity in both grade and thickness. Historical drilling at the Keele River Deposit (120 km north of Coates Lake) intersected zones up to 12.5 m thick grading 2.7% copper.
Some of the richest and largest copper deposits in the world have been sediment - hosted stratiform copper deposits or "diagenetic (low-temperature low-pressure) sedimentary", with the most prolific examples being in the Zambian Copper Belt.
BIGcopper Program
The systematic exploration program for this large land package involves a combination of stream silt sampling, geological mapping, stratigraphic sectioning, chip sampling, trenching and diamond drilling. The objective of this program will be to define a world-scale sediment-hosted stratiform copper deposit.
Chairman's comment
Damien Reynolds, Chairman, President and CEO states: "The acquisition of both the BIGiron and the BIGcopper Prospects marks a milestone for Coltstar. We have acquired a major land position covering the iron-bearing Rapitan Formation, and our immediate neighbour to the west is the enormous Crest Iron deposit.
Recent work by our geological team has now identified the importance of the underlying formations for hosting world-scale copper deposits in settings similar to those found in Zambia - one of the world's most prolific copper regions.
Our job now is to aggressively explore for world-scale projects there-by adding value for shareholders. BIGiron and BIGcopper are located in a great neighbourhood (geologically) and early indications are promising. It is our intention to undertake this work as quickly and diligently as possible.
The recent and rapid development of the gigantic iron ore projects undertaken by Fortescue Metals, in extremely remote Western Australia, are a testament to what can be achieved by determined partners. We take great strength from the courage and determination they exhibited and we are applying a similar approach to our company's projects.
From the very beginning the Coltstar team have been focused on the identification of projects that exhibit the potential to develop into economic world-scale projects, obviously not all will, but because we are approaching the task with this intention we are finding and acquiring opportunities of this scale.
The re-interpretation of the geological data for the Italian Gold projects has resulted in a new expansive model being developed, this combined with the unmistakable presence of many gold pathfinder minerals means the projects can now be correlated with a number of large operating mines internationally.
The soon-to-close acquisition of the Ridge Iron and Monogorilby Titanium projects in Queensland, Australia (announced June 28, 2010) is another example. The unique geological interpretation undertaken by the Ridge team has resulted in the identification of a new geological province (not the first time for them) that possesses the potential to host world-scale iron ore and titanium projects. A draft 43-101 is currently being reviewed by the TSX-V.
We have made wonderful progress in a short time and we look forward to continuing this pace. I want to thank everyone for their on-going support and encouragement."
About Coltstar
Coltstar Ventures Inc. is a mineral exploration company that is exploring for world-scale economic deposits of precious, base metals and iron, in Europe and Canada.
Mr. David DuPre, a director of Coltstar, is a Qualified Person under the guidelines of National Instrument 43-101 and has reviewed and approved the geological information contained in this news release.
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.
Source: Coltstar Ventures Inc. (TSXV - CTR)
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