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Vanstar Mining says partner IAMGOLD set to resume drilling at Nelligan this week

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Vanstar Mining Resources Inc (TSX-V:VSR, OTCQX:VMNGF) has reported that its joint venture partner IAMGOLD is set to resume drilling at the Nelligan project in Quebec this week with a minimum of 5,000 metres (m) focused on expansion and infill work.

In a statement reviewing last year’s highlights and plans for 2022, the junior resource group added that more drill assays from last year’s campaign at Nelligan, which targeted the Western extension, were expected in the first quarter, while IAMGOLD is also eyeing an updated resource combining additional drilling from 2020 to 2022.

Vanstar owns a 25% stake in the project, while major IAMGOLD owns the remaining 75%.

In November, Vanstar inked a letter of intent (LOI) with IAMGOLD to acquire 75% interest in the Bousquet-Odyno property – an acquisition which is expected to close in coming weeks with an 4,000m drill campaign expected to commence as soon as possible, added Vanstar.

READ: Vanstar Mining Resources reports strong assay results that confirms continuity of mineralization at the Nelligan joint venture

At its Felix property, drill results are pending and will be reviewed to determine next steps

At the  Frida and Eva project, Vanstar noted its exploration strategy will be based on pending results of a prospecting and sampling program, carried out last September.

In 2021, the company was added to the OTCQX market to help increase the US investor shareholder base, Vanstar also highlighted in the release.

Contact the writer at [email protected]

Story by ProactiveInvestors


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