Archean Star Resources Inc.: Drill Program Commences at Gnaweeda Gold Project, Western Australia
June 18, 2013 – (Source: Marketwired) – Archean Star Resources Inc. (TSX VENTURE:ASP) (the “Company” or “Archean”) reports that a diamond drill program has commenced at the Far East Gold Prospect on the pronounced SAM (‘Sub-Audio Magnetotelluric’) conductivity anomaly that is virtually coincident with the N-S trend of gold anomalies at the Gnaweeda Gold Project in the well endowed Murchison Gold Field in Western Australia. The key highlights are:
- “Significant structurally related geophysical anomalies have been identified at Far East & Bunarra”
- “Drill testing of historic multiple meter intersections up to 7 g/t Au now underway at Far East”
- “Additional holes planned at Bunarra Prospect where prior intersection include 18 m @ 11.79 g/t Au”
Multiple gold intersections with multiple meter gold intervals grading up to 7 g/t Au have been identified on the Far East gold prospect from prior RAB drilling, which is now being followed up with a diamond drilling program. The multiple gold intersections broadly correlate with an approximately 1 km long SAM anomaly identified in the recent survey. (http://www.archeanstar.com/properties/far-east/far-east-sam-anomaly).
The approximately $300,000 diamond drill program at Gnaweeda is co-funded by the Government of Western Australia Department of Mines and Petroleum (“DMP”) under its exploration co-funding program with the granted funding from the DMP set at a maximum $150,000.
The Far East and Bunarra gold prospects are approximately 14 km and 17 km respectively, south of the Turnberry gold prospect that was the subject of the most recent drill program. The more significant gold intersections at Bunarra were 18 meters grading 11.79 g/t Au and 79 meters grading 0.31 g/t Au. These intersections were located in the approximate center between two significant identified SAM anomalies.
To view the map accompanying this press release please click on the following link: http://file.marketwire.com/release/ASP0618.pdf
On completion of this program, the Company will have completed the required expenditures to earn, subject to a 75% back in right, 100% of Teck Australia Pty Ltd’s interest in Gnaweeda.
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The approximately 170 sq km Gnaweeda Greenstone Gold Belt, which is substantially under explored, lies approximately 35 km to the northeast of the town of Meekatharra, where Reed Resources, an ASX listed Company, reported gold production had commenced from its Meekatharra Gold Operation, and approximately 10km east of Doray Minerals’ Andy Well project, where open pit mining operations have commenced.
Archean Star Resources Inc. is a junior exploration company listed on the TSX Venture Exchange that is creating shareholder value by earning, through its wholly owned subsidiary, Archean Star Resources Australia Pty Ltd, 100% of Teck Australia Pty Ltd.’s (“Teck”) interest, subject to a 75% back in right in such interest to Teck, in Chalice Gold Mines Limited’s Gnaweeda Gold Project in Western Australia. The Company is also earning an 80% interest in AMCOR’s Monitor Copper, Gold and Silver project in the Coeur D’Alene Mining District in Idaho.
This News Release has been prepared on behalf of the Archean Star Resources Inc. Board of Directors, which accepts full responsibility for its contents. The contents of this news release have been reviewed and approved by Dr. Clay Conway, P.Geol, a Qualified Person as recognized by National Instrument NI-43-101, and a director of the Company.
ON BEHALF OF THE BOARD
Graeme O’Neill, President
Neither the TSX Venture Exchange, nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), has reviewed, nor do they accept responsibility for, the adequacy or accuracy of this news release.
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