GlobeStar Mining
Corporation: Update on Nickel Exploration Program in Dominican Republic
Toronto, Ontario – March 19, 2008 -- GlobeStar Mining Corp.
(TSX-GMI) (“GlobeStar” or the “Company”) is pleased to announce
the results of 21 diamond drill holes of the scouting/infill drill program at
Corozal Ridge in the Dominican Republic, including 11.3 meters at 2.03% Nickel
and 9.0 meters at 2.02 % Nickel.
Corozal Ridge
The Corozal Ridge nickel
lateritic zone is located approximately 3.5 km east of GlobeStar’s Cumpi�
Hill nickel deposit and 1.5 km west of the Company’s Cerro de Maim�n
copper/gold project. GlobeStar first identified nickel laterite at Corozal
Ridge from a shallow test pit which contained 1.8 % nickel (“Ni”)
(see release of 12 October 2006). Drilling at the Corozal Ridge target began in
mid-November 2007 on 50 meter centers. Detailed mapping and an auger scouting
carried out in late 2007 and early 2008 allowed GlobeStar to expand the known
area of laterization, which now extends for more than 700 m along strike with
an average width of 150 m. To date, 55 holes have been completed and 10
additional holes are currently scheduled. Results of the first 7 drill holes
included one hole with an intercept of 21 metres grading 1.85 % Ni (see release
of 17 January 2008).
The results of the 21 drill holes reported in this press release are
detailed in Table 1 below (see location map on
http://www.globestarmining.com/media/images/CorozalInfill.jpg). The results of
the infill drilling include the best intersection so far in Corozal Ridge in
hole CM-LATD-192, which returned 11.3 meters grading 2.03% Ni. Other notable
intersections include 9.0 meters grading 2.02 % Ni (Hole CM-LATD-195) and 10.0
meters grading 1.85% Ni (Hole CM-LATD-191).
Table 1. Corozal Ridge Drilling Program
Intercepts >= 1% Ni cut-off
(Holes CM-LATD-180 to CM-LATD-200)
|
|
|
Hole
|
From (m)
|
To
|
Width (m)
|
Ni %
|
Co %
|
|
|
CM-LATD-180
|
3.0
|
18.0
|
15.0
|
1.55
|
0.09
|
|
CM-LATD-181
|
2.0
|
5.9
|
3.9
|
1.54
|
0.02
|
|
CM-LATD-182
|
1.0
|
4.0
|
3.0
|
1.13
|
0.02
|
|
CM-LATD-183
|
6.0
|
11.0
|
5.0
|
1.36
|
0.11
|
|
CM-LATD-184
|
NSI
|
|
CM-LATD-185B
|
3.0
|
9.0
|
6.0
|
1.52
|
0.07
|
|
CM-LATD-186B
|
2.0
|
7.1
|
5.1
|
1.37
|
0.05
|
|
CM-LATD-187
|
1.4
|
6.5
|
5.1
|
1.91
|
0.03
|
|
CM-LATD-188
|
NSI
|
|
CM-LATD-189
|
NSI
|
|
CM-LATD-190
|
0.0
|
6.0
|
6.0
|
1.78
|
0.04
|
|
CM-LATD-191
|
2.0
|
12.0
|
10.0
|
1.85
|
0.03
|
|
CM-LATD-192
|
3.7
|
15.0
|
11.3
|
2.03
|
0.03
|
|
CM-LATD-193
|
1.0
|
2.8
|
1.8
|
1.64
|
0.07
|
|
CM-LATD-194
|
0.0
|
2.8
|
2.8
|
1.49
|
0.03
|
|
CM-LATD-195
|
0
|
9
|
9.0
|
2.02
|
0.03
|
|
CM-LATD-196
|
0
|
5
|
5.0
|
1.59
|
0.03
|
|
CM-LATD-197
|
NSI
|
|
CM-LATD-198
|
NSI
|
|
CM-LATD-199
|
NSI
|
|
CM-LATD-200
|
NSI
|
|
NSI: No
significant intersection
The compositing of the
nickel grades in the individual holes was done using a nickel cutoff of 1% 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.
Dominican
Republic Regional Nickel Exploration
In the last two years GlobeStar has focused most of its Ni exploration
program in the Dominican
Republic in the northern edge of the 43 km
segment of the peridiotite belt that it controls. Since 2006 more than 220
drill holes (~3400 m) have been completed, in the Cumpi� Hill Project area and
at Corozal Ridge. The mineral resource estimate for the total Cumpi� Hill
Nickel laterite project (see press release of February 25, 2008) is an
Indicated Resource of 3.0 Mt grading 1.49 % Ni and an Inferred Resource of 3.2
Mt grading 1.5 % Ni, both estimated at a cut-off grade of 1.0% Ni. At a cut-off
grade of 0.9 % Ni, the Indicated Resource is 3.4 Mt grading 1.43 % Ni and the
Inferred Resource is 3.7 Mt grading 1.4 % Ni
GlobeStar’s Ni exploration team started systematic reconnaissance
of the rest of the belt, including auger drilling that has proven to be an
excellent tool for quick evaluation of the potential of areas where previous
lateritic development has been identified. To date a number of very prospective
areas, including Cuaba Quemada (see press release January 17 2008), have been
identified for the Company’s 2008 drilling program.
After completion of the Corozal program the rig will move to one of
these targets; Leonora
River, which is located
between Corozal Ridge and Cumpi�. An initial 20 hole (100 m spaced) program has
been laid out and site preparation for drilling has started.
Sample
preparation and analyses
Samples from the Corozal
Ridge drill cores 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. 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.
About
GlobeStar
GlobeStar Mining Corp. is
a well-funded minerals exploration company, currently developing the permitted
Cerro de Maim�n copper/gold project in the Dominican Republic. Production from
the 6 million tonne, high-grade open pit mine is currently expected to start in
the summer of 2008.
Contact:
GlobeStar Mining
Corporation
GlobeStar Mining Corporation
Larry
Ciccarelli
or
JP
Chauvin
Chairman
President and
COO
Email:
lcicc@karrsecurities.com
Email: jp.chauvin@globestarmining.com
Tel.: (519) 337-0535 ext:
224
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 made are subject to
significant risks and uncertainties. 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 its 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.
Dale Paruk
Coal Harbor Communications, Inc.
Suite 701, 555 Jervis Street
Vancouver BC
V6E 4N1
Tel: 604-662-4505
Fax: 604-662-4547
dale@coal-harbor.com
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