GlobeStar Mining Update On Dominican Republic
Nickel Exploration: Results From 28 Holes At Loma Mala Include 19 Meters
Grading 1.7% Nickel And 17 Meters Grading 1.7% Nickel
December 11, 2007
The
company is pleased to announce the results of 28 diamond drill holes of the
scouting/infill drill program at Loma Mala in the Dominican Republic. The Company has
also filed a Technical Report on the previously announced National Instrument
43-101 (“NI 43-101”) compliant resource estimate for Cumpi� Hill.
Loma
Mala Drilling
The Loma Mala nickel
laterite mineralization, located on the western part of the Cumpi� Hill massif,
was discovered by GlobeStar in December 2006 and results of a scouting program
were press released on February 9 2007 which included intersections of 13
metres grading 2.01 % nickel and 11 metres grading 1.94% nickel.
The summer/fall 2007 drilling
program consisted of 28 holes. The first 6 holes (CM-LATD-130 to CM-LATD-135)
were drilled to test continuity of laterite development south of the previously
mapped Loma Mala laterites. Twenty-two holes were drilled within and marginally
outside of the confining outline of the known lateritic development nominally
on 71 meter centers following the same grid pattern used in the Cumpi� Hill
resource evaluation. The results are detailed in Table 1 below (see
location map on http://www.globestarmining.com/media/images/LomaMalaInfill.jpg).
The results of the infill
drilling include one hole, CM-LATD-140, which returned 19 meters grading 1.71%
nickel. Other notable intersections include 17.3 meters grading 1.66% nickel
(Hole CM-LATD-137) and 14 meters grading 1.64 % nickel (Hole CM-LATD-141).
GlobeStar is currently validating the Loma Mala database, and currently expects
that Snowden Mining Industry Consultants will shortly prepare a mineral
resource estimate for Loma Mala.
“These are exciting
drill holes results, showing deeper lateritic developments than previously
known at Loma Mala”, commented Bill Fisher, GlobeStar’s CEO. Fisher
added, “GlobeStar’s nickel exploration program continues on track,
and at the same time new targets have been recognized after integrating slope
analysis, EM/Mag geophysics and surface mapping. With three active drill
programs in the Dominican Republic
and Quebec,
the Company has stepped up the level of exploration during the Cerro de Maim�n
construction phase. ”
Table 1. Loma Mala Drilling Results
Scouting
Drilling Program - Loma Mala South Holes CM-LATD-130 to CM-LATD-133:
Intercepts >= 1% nickel cut-off
|
Hole
|
From
|
To
|
Width
|
Ni
|
Co
|
CM-LATD-130
|
0
|
2.35
|
2.35
|
1.06
|
0.03
|
CM-LATD-131
|
No Significant Intersection
|
CM-LATD-132
|
No Significant Intersection
|
CM-LATD-133
|
No Significant Intersection
|
CM-LATD-134
|
No Significant Intersection
|
CM-LATD-135
|
2
|
7.2
|
5.2
|
1.12
|
0.05
|
Infill
Drilling Program - Loma Mala Holes CM-LATD-134 to CM-LATD-157: Intercepts
>= 1% Ni cut-off
|
CM-LATD-136
|
0
|
2.18
|
2.18
|
1.11
|
0.02
|
CM-LATD-137
|
1.7
|
19
|
17.3
|
1.66
|
0.10
|
CM-LATD-138
|
No Significant Intersection
|
CM-LATD-139
|
12
|
15
|
3
|
1.29
|
0.03
|
CM-LATD-140
|
0
|
19
|
19
|
1.71
|
0.03
|
CM-LATD-141
|
1
|
15
|
14
|
1.64
|
0.06
|
CM-LATD-142
|
1.1
|
9
|
7.9
|
1.34
|
0.09
|
CM-LATD-143
|
1
|
4
|
3
|
1.03
|
0.05
|
CM-LATD-144
|
6
|
11.8
|
5.8
|
1.65
|
0.04
|
CM-LATD-145
|
No Significant Intersection
|
CM-LATD-146
|
1
|
13
|
12
|
1.35
|
0.02
|
CM-LATD-147
|
No Significant Intersection
|
CM-LATD-148
|
0
|
3
|
3
|
1.56
|
0.05
|
CM-LATD-149
|
0
|
6
|
6
|
1.19
|
0.05
|
CM-LATD-150
|
No Significant Intersection
|
CM-LATD-151
|
5
|
13
|
8
|
1.43
|
0.15
|
CM-LATD-152
|
No Significant Intersection
|
CM-LATD-153
|
1.3
|
3
|
1.7
|
1.16
|
0.03
|
CM-LATD-154
|
No Significant Intersection
|
CM-LATD-155
|
0
|
2
|
2
|
2.42
|
0.07
|
CM-LATD-156
|
0
|
2
|
2
|
1.01
|
0.04
|
CM-LATD-157
|
0
|
2
|
2
|
1.18
|
0.03
|
The
compositing of the nickel grades in the individual holes was done using a nickel
cut-off of 1% nickel with a minimum intercept length of 1.5 meters and a
maximum length of internal waste of 2 meters. The compositing was done across
geological boundaries. As the nickel laterite deposits are essentially
flat-lying, all widths given are true widths.
Samples were crushed at
the ACME laboratory in Maim�n, Dominican Republic and then pulverized at SGS
Laboratories, in Lakefield,
Ontario. Pulps have been analyzed
at SGS using tetraborate fusion XRF. Full QA/QC procedures were implemented,
including the insertion of standards, duplicates and blanks. Check samples
representing approximately 10% of all the samples will be sent to another
international laboratory for analysis by XRF.
Status
of GlobeStar’s nickel and copper exploration programs, Dominican Republic
Drilling continues
according to schedule. Currently, drilling is being undertaken at the Corozal
Ridge after finishing a scouting program in Los Mellizos area. Drilling at the
Corozal Ridge target began in mid-November on 50 meter centers in an area where
laterites have been previously mapped in surface and in shallow pits. To date,
14 out of the programmed total of 20 holes have been completed. The Corozal
Ridge lateritic development is located approximately 3.5 km east of the Cumpi�
Hill deposit and 1.5 km west of the Company’s Cerro de Maim�n Copper/Gold
project.
As previously reported,
the Company also has a dedicated drill rig for Copper/gold exploration, seeking
satellite deposits for the Cerro de Maim�n project. This rig is currently
drilling on the Cuance Joint Venture, and is programmed to follow up targets
from the Company’s airborne Electro Magnetic survey
Status
of the Moblan lithium pegmatite program, Quebec
The company has commenced
a short drilling program at its Moblan Lithium/Tantalum/Feldspar pegmatite
project north of Chibougamau,
Quebec. GlobeStar owns 100% of
the Moblan East property, and is earning into the Moblan West property from
SOQUEM. The program will consist of at least 10 holes, and is expected to
complete the earn-in from SOQUEM, so securing a 60% interest for GlobeStar in
the property, after which both companies are required to contribute to further
exploration or face dilution.
National
Instrument Technical Report filed for Cumpi� Hill
The NI 43-101 Technical
Report, was posted today on SEDAR and announced on November 29 2007, discloses
a mineral resource estimate and metallurgical results for GlobeStar’s
Cumpi� Hill deposit in the Dominican
Republic. An indicated resource of 3.0
million tonnes grading 1.5 % nickel and an inferred resource of 2.5 million
tonnes grading 1.5 % nickel were estimated at a cut-off grade of 1 % nickel by
Snowden Mining Industry Consultants. The Report will be available for
viewing tomorrow.
This news release was
prepared by GlobeStar and the data validated by F. Roger Billington, P.Geo.,
Consulting Geologist, who is the designated independent Qualified Person as
defined in NI 43-101 for GlobeStar’s nickel laterite exploration program.
Contact:
GlobeStar Mining
Corporation
William
Fisher
or
JP
Chauvin
CEO
President and
COO
Email: wfisher@globestarmining.com
Email: jp.chauvin@globestarmining..com
Tel.: (416)
868-6678
Tel.: (416) 868-6678
Bay Street Connect
Coal Harbor Communications
Gus Garisto
Dale Paruk
Email: gus@baystreetconnect.com
Email:
dale@coal-harbor.com
Tel.: (416) 607
6023
Tel.: (604) 662-4505
Fax:
(604) 662-4547
Reader
Advisory
The information in
this news release may include certain information and statements about
management's view of future events, expectations, plans and prospects that
constitute forward-looking statements. Assumptions that are subject to
significant risks and uncertainties are the basis for these statements. Because
of these risks and uncertainties and, as a result of a variety of factors, the
actual results, expectations, achievements or performance may differ materially
from those anticipated and indicated by these forward looking statements.
Although GlobeStar believes that the expectations reflected in forward looking
statements are reasonable, we can give no assurances that the expectations of
any forward-looking statements will prove to be correct. GlobeStar disclaims any
intention, and assumes no obligation, to update or revise any forward-looking
statements to reflect actual results, whether as a result of new information,
future events, changes in assumptions, changes in factors affecting such
forward-looking statements or otherwise, except as required pursuant to
applicable securities laws.