More gold found in under-explored offset limb of Voyager 1 lode

More gold found in under-explored
offset limb of Voyager 1 lode
Highlights
ASX ANNOUNCEMENT
22 DECEMBER 2010
New drilling results uncover a high grade zone in the
offset limb of the Voyager 1 lode which is not in the
current 65koz Stage One mine plan
Significant results include (all true width):
Australian Securities Exchange
Code: NST
1.4 m
1.5 m
1.6 m
8.0 m
Board of Directors
Mr Chris Rowe
Non-Executive Chairman
@
@
@
@
64.0 g/t gold
42.9 g/t gold
34.4 g/t gold
3.6 g/t gold
(740mRL)
(728mRL)
(740mRL)
(705mRL)
Mr Bill Beament
Managing Director
New ore position highlights the significant potential to
find more gold in other areas of the mine that have been
subject to little or no exploration and evaluation from
previous owner’s
Potential to increase the 65koz Stage One (royalty-free);
Evaluation underway
Mr Michael Fotios
Non-Executive Director
Mr Peter Farris
Non-Executive Director
Ms Karen Brown
Company Secretary
Issued Capital
Shares
298 M
Options 79M ($6.4M Funding)
Current Share Price
$0.35
Market Capitalisation
$104 million
Projects
Paulsens
Golden Crown
Range
Emull
Commodities
gold
gold
gold, silver
Zn, Cu, gold
Northern Star Resources Ltd (ASX: NST) is pleased to advise that it has
discovered high-grade gold mineralisation within the offset limb of the
Voyager One lode. This mineralisation is outside the existing 65,000ounce Stage One mine plan at the Paulsens Gold Mine in Western
Australia.
As well as adding to future production and mine life, the results are
considered extremely important because they highlight the significant
potential to find additional gold in the many areas at Paulsens which
have been exposed to little or no exploration and evaluation.
The new high grade zone is just offset from the Voyager One lode being
mined, meaning it can be included in the current mine plan easily and
quickly (refer to Figure 1). Full results are attached in the accompanying
table.
In light of this successful discovery, Northern Star will continue to drill
beyond the previous long-standing focus of the very high grade upper
zone hinge component of Paulsens mineralisation.
ASX ANNOUNCEMENT 22 DECEMBER 2010
Northern Star believes this additional mineralisation has the potential to increase the Stage One
65,000-ounce mine plan. Evaluation, including design and economic analysis, are well
underway.
Northern Star Managing Director Bill Beament said the results continued to highlight the
exploration potential at Paulsens, not just at depth, but within the immediate surrounds and, more
importantly, in the upper levels where 400,000 ounces were mined from a 600,000 ounce
resource.
"Any additions to the Stage One mine plan will be royalty-free so significantly higher margins can
be expected when this area is mined," Mr Beament said.
Figure 1 - High grade drilling in un-development resource outline of the upper zone offset limb
Yours faithfully,
Bill Beament
Managing Director
Northern Star Resources Ltd
Level 1, 24 Mumford Place, Balcatta WA 6021 Tel: +6 8 6241 1866 Fax: +6 8 6241 1811
Email: [email protected] Website: www.nsrltd.com
ASX ANNOUNCEMENT 22 DECEMBER 2010
RESOURCE DEFINITION
Hole #
Downhole
Intersection
(m)
Est. True
Thickness
(m)
Grade (g/t)
cut to (100g/t)
Gram/mts
Ore zone and
comments
RL of
intersection
PDU1345
PDU1346
PDU1347A
PDU1347A
PDU1371
PDU1372
PDU1373
PDU1374
PDU1400
13.16
1.49
1.2
0.93
2
1.9
2.05
5.5
0.68
8
1.4
1.1
0.9
1.6
1.7
1.5
3.6
0.6
3.59
64
3.2
8.64
34.44
2.56
42.9
2.8
12.3
28.7
89.6
3.5
7.8
55.1
4.4
64.4
10.1
7.4
VOY UZ (Offset Limb)
VOY UZ (Offset Limb)
VOY LZ (Offset Limb)
VOY UZ (Offset Limb)
VOY UZ (Offset Limb)
VOY UZ (Offset Limb)
VOY UZ (Offset Limb)
VOY UZ (Offset Limb)
VOY UZ (Offset Limb)
705mRL
740m RL
731mRL
743mRL
740m RL
726m RL
728m RL
711m RL
732m RL
At a nominal 3g/t lower cut off and a 100g/t upper cut off
NSR means no significant result
Quality Control - Paulsens
All core is logged and whole core samples (if LTK48 size, NQ2 sized core is cut and half cored) are marked and prepared for shipping at the Paulsens
Mine Property and sent to an independent Laboratory for assay. The remaining half core is stored on site. All samples from which information in this
document is derived were received by ALS Chemex – Australian Laboratory Services Pty (‘ALS’) Limited in Karratha, Western Australia. Samples are
weighed and crushed to 70% passing -6mm mesh. The crushed material is split and a portion is pulverised. A 100-gram pulp is sent to ALS Perth, Western
Australia for assay. A 30-gram portion of the pulp is treated by fire assay method with atomic absorption finish (Au-AA25). A second pulp sample split (150200 g) is kept in Karratha. Sample rejects are discarded after 90 days.
Limit samples ( >100 grams per tonne gold) are re-analysed using ALS’ dilution method (Au-DIL). Northern Star Resources inserts one standard in each
hole, and one blank is now inserted in each ore zone, although this practice has only recently been adopted. Laboratory standards and blanks are inserted
by ALS and several pulp duplicates are also assayed as a determinant of mineralisation variability.
ALS has AS/NZS ISO 9001:2000 certification in Perth. This does not cover the sample preparation facilities; however these preparation laboratories follow
the same quality management system. They are not audited by NCSI but are audited internally.
Competent Persons Statements
The information in this announcement that relates to exploration results, data quality, geological interpretations and potential for eventual economic
extraction, is based on information compiled by or under the supervision of Brook Ekers, (Member AIG), who is a full-time employee of Northern
Star Resources Ltd. Mr. Ekers has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and
to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves". Mr. Ekers consents to the inclusion in this announcement of the matters based on his
information in the form and context in which it appears.
Forward Looking Statements
Some of the information contained in this Announcement has been obtained from third parties and has not been independently verified by NST. In
particular the financial projections model on which the forward looking statements included in this Announcement has not been prepared by the
Company and the Company has not undertaken any verification of the model. The Company takes no responsibility and is not liable for the
projections in any way. Given the risks and uncertainties that may cause the Company’s actual future results, performance or achievements to be
materially different from that expected, expressed or implied by the forward looking statements included in this announcement, undue reliance
should not be placed on these statements. Nothing contained in this Announcement is a promise or representation as to the future. No assurance
or representation is made by any person that any forecast or projection will be achieved. Accordingly, investors must make their own investigations
and inquiries regarding all assumptions, uncertainties and contingencies, which may affect the future operations of the Company.”
Level 1, 24 Mumford Place, Balcatta WA 6021 Tel: +6 8 6241 1866 Fax: +6 8 6241 1811
Email: [email protected] Website: www.nsrltd.com