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 TSX.V; PSR
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Company Statement
Polar Star Mining Corporation (TSXV:PSR) was created to acquire advanced stage exploration properties focusing on gold, copper-gold and uranium. The geographic focus of Polar Star is Chile, where the company has 146,112 hectares covering 20 properties. These 100% owned properties are in addition to the optioned Todd Creek, BC property.
Vision & Values
To create shareholder value through the discovery and development of precious and base metal targets, as well as expanding our recent uranium opportunities in Chile.
Current Operations
Chilean Properties:
Chepica
Introduction: The Chepica Mine property, located 225 kilometers south of Santiago, near the city of Talca, covers the Cerro Chepica high grade copper-gold mining district. It is readily accessible by paved and good gravel road from the city of Talca 20 kilometers to the east.
Property Geology: The Chepica, Corinto and Batuco properties cover a NE-SW trending roof pendent of Cretaceous volcanics, subvolcanic porphyry bodies and sediments within Cretaceous granodiorite. Extensive gold and copper mineralization in the form of epithermal to high level mesothermal veins, pipes and disseminations occur throughout this roof pendent and are generally associated with the subvolcanic porphyries and healed fault zones.
Mineralization: Regional exploration by Noranda and others in the early to mid 1990’s including geological mapping, stream and soil geochemistry, defined several open ended zones associated with N-NW trending silicified structures on the Chepica Mine property. From early 2001 to late 2003 the current owners with the aid of Chile’s state-owned mining company Empresa Nacional de Minería (“ENAMI”) geologists and engineers conducted surface trenching, about 500 lineal metres of drifting, crosscutting and raising on the Chepica No.1 and No.2 “veins”. From this work 12 run of mine bulk samples bulk of about 300 tonnes each from the Chepica No.1 and 8 similar samples from the Chepica No.2 were shipped to local plants for processing. Head grades from the Chepica No.1 samples ranged from 1.4-2.4% copper, 0.3-12.2 g/t gold, 7.8-28 g/t silver with a weighted average of 1.6% copper, 3.0 g/t gold and 16g/t silver. Head grades from the Chepica No.2 samples ranged from 2.2-3.2% copper, 2.5-3.4 g/t gold, with weighted average of 2.5% copper and 3.0 g/t gold. (Note that none of the samples from Chepica No.2 were analysed for silver).
Chulacao
Introduction: The Chulacao property, located 1,330 kilometers north of Santiago, covers the historic San Pedro high grade oxide copper mining district and is readily accessible by paved and good gravel road from the city of Calama 90 kilometers to the west.
Property Geology: The property lies within the western sub-zone of the main Chilean porphyry belt and is underlain by steeply dipping Tertiary tuffaceous sandstones and shales which are part of a NE trending anticlinorium.
Exploration History: There are no records of recent systematic exploration in the property area however small scale high grade (2-5% Cu) mining and cement copper production has been carried out at various times to the late 1980’s in the gravels, sandstone and diaper in and around the San Pedro mine.
Resource Potential: Exploration to date is insufficient to estimate resource potential of the exotic copper mineralization however antlerite is a copper oxide which typically developes very close to its primary sulphide source and since this area is within the zone of Chilean mega porphyries, its primary source could be a highly prospective porphyry copper deposit.
Las Animas
Introduction: The Las Animas property, located 725 kilometers north of Santiago, covers the historic Las Animas high grade oxide copper-gold mining district and is readily accessible by paved and good gravel road from the coastal city of Chañaral 25 kilometers to the northwest.
Exploration History: There are no records of recent systematic exploration in the property area however small scale mining has been carried out on the larger structures since at least the 1930’s when ever copper prices permitted. Judging by the size of the dumps at some mines thousands of tons of copper-gold ore was mined over widths of 1-10m and to depths of at least 50-100m. During field visits in October 2007 all the larger mines (some 8-10) were checked for uranium using the Exploranium GS135 gamma ray spectrometer and gave strong U readings above 100ppm to a high of 620 ppm (1.36lbs).
Resource Potential: It would appear from this visit and their strong presence on sat-photos that these structures and their junctions and splay points should have good potential for deposits over 10 million tonnes. Geologically the property is similar to the Manto Verde Mine area hence could have larger tonnage deposit potential.
Los Azules
Introduction: The Los Azules property, located 800 kilometers north of Santiago, covers the historic Los Azules high grade oxide copper-gold mining district and is readily accessible by paved and good gravel road from the city of Copiapó sixty kilometers to the west.
Exploration History: There are no records of recent systematic exploration in the property area however small scale mining has been carried out in the larger pipes since at least the 1930’s when ever copper prices permitted. Currently two of the larger breccias are being mined by piquineros on a small scale, about 250-350 tonnes per month, for copper oxide in the 3-5% range. However, the average copper grade for the breccias is estimated to be in the 0.7-1.0% range. During Polar Star’s June-July 2007 visits the larger pipes were checked for uranium using the Exploranium GS135 gamma ray spectrometer. All the breccias tested are uraniferous consistently recording values of over 100 ppm up to 550 ppm (1.2 lbs) U.
Maule
Introduction: The Maule property is located 200 kilometres south of Santiago and is readily accessible by paved road from the city of Talca 110 kilometers to the west.
Resource Potential: The property is still at an exploration stage, too early even to document a geological resource. The size and geological characteristics of the system however, can be compared favourably with similar carbonate hosted deposits in the Toledo limestone of the Grants District, New Mexico which has produced deposits in the range of 0.5-1.5 million pounds at average grades of 0.3-0.5% U3O8.
Montezuma
Introduction: The Montezuma property is located 1,380 kilometers north of Santiago in the Sierra Limon Verde oxide copper mining district and is readily accessible by paved and good gravel road from the city of Calama 20 kilometers to the north.
Resource Potential: Exploration to date is insufficient to estimate resource potential however the property lies within the zone of Chilean mega porphyries, directly south of and covering 20 km the West Fault which hosts CODELCO’s Chuquicamata Mine with current minable reserve of 2,688 million tones grading 0.69% copper. Hence the property is highly prospective for porphyry copper deposits.
Nancagua
Introduction: The Nancagua property is located 180 kilometres by road south of Santiago, in the Province of Colchagua, Region VI, Chile, at approximately 300 metres mean elevation and is readily accessible from Nancagua, 6 kilometres via paved road to the village of Cabreria at the centre of the property.
Exploration History: Extensive geological mapping, geochemical sampling and geophysics conducted by Agate Bay Resources in 1994 outlined seven zones of extensive gold and silver enriched veining and silcification. Surface values from these zones range from a few grams gold and silver to over 15 g/t Au over 2.5m width with adjacent wall rocks grading 0.5 to 2.5 g/t over several to 10 metres. In 1995-96 Agate also completed to two short phases of reconnaissance drilling totaling about 1,600 metres in 20 shallow holes. Significant values were cut in eight holes and range from 1.5 g/t Au +6.6 g/t Ag over 31 metres to 9.2 g/t Au + 65 g/t Ag over 11 metres.
Ramadilla
Introduction: The Ramadilla property is located 650 kilometers north of Santiago and is readily accessible by paved and good gravel road from the city of Copiapó 130 kilometers to the northwest.
Exploration History: There are no records of recent systematic exploration in the property area however limited test mining was carried out in the early 1950’s for copper at the Piadosa showings however, this was abandoned when the first shipments of ore were rejected by ENAMI due to their highly radioactive nature, reportedly grading 0.3% U3O8.
Resource Potential: Exploration on the property is still at to early a stage comment on resources however, a 1953 report prepared for CORFO indicates the Piadosa workings are on a “horizontal manto 600m long with potential for several hundred thousand tones of ore close to surface”.
Tulipan
Introduction: The Tulipan property is located 1,370 kilometers north of Santiago in the Sierra Limon Verde oxide copper mining district and is readily accessible by paved and good gravel road from the city of Calama 35 kilometers to the northwest. On the Tulipan property’s western boundary it abuts the Montezuma property, also held by Polar Star.
Exploration History: Other than the flux pit there are no public records of mining or exploration activity in the property area. During Polar Star’s field visits the flux pit was checked for uranium using an Exploranium GS135 gamma ray spectrometer. Uranium and thorium values were encountered varying from 15 – 250 ppm and 200 – 1,100 ppm respectively.
Resource Potential: Exploration to date is insufficient to estimate resource potential however the property lies within the zone of Chilean copper mega porphyries, directly north of and straddling the same structure zone as CODELCO’S Gaby copper porphyry deposit with a minable reserve of 584 million tones of oxide copper grading 0.41% soluble. Hence the property is highly prospective for porphyry copper deposits.
Yoanca
Resource Target: 500+ million ton open pit Cu porphyry deposit.
Location & Access: The Yoanca property is located 1,450 kilometers north of Santiago in the Cerro Blanco oxide copper mining district and is readily accessible by paved and good gravel road from the city of Calama 75 kilometers to the south.
Exploration History: Other than the piquinero pits there are no public records of mining or exploration activity in the property area. ENAMI reportedly drilled two RC holes in the late 1970’s to test the leached cap zone which apparently bottomed in oxides at depths of 100-150m. During Polar Star’s field visits the piquineros stated that they were extracting ore grading 3-5% copper at the rate of about 900 tonnes per month.
Resource Potential: Exploration to date is insufficient to estimate resource potential however the property is central within the zone of Chilean mega porphyries, directly north of and covering the same structure zone as CODELCO’s Chuquicamata Mine with current minable reserve of 2.7 billion tones grading 0.69% copper. Hence the property is highly prospective for porphyry copper deposits.
Canadian Properties
Todd Creek
Property Description: The Todd Creek property is located approximately 35 km northeast of Stewart, in the Skeena Mining Division of northwestern BC. The property comprises 30 claims covering 12,222 ha.
Goldeye Option Deal with Geofine: Goldeye can earn a 100% interest, subject to a 2.5% NSR royalty according to the following: Payments of $250,000 over 6 years (to 2011, including $15,000 already paid and $25,000 due on October 31, 2006), Issue 250,000 shares over 6 years, Spend $1,500,000 on exploration over 5 years, and NSR royalty can be purchased for $750,000 per each 0.5%.
Geographical Spread
Polar Star Mining has 17 exploration projects located Chile, as well as Todd Creek, British Columbia, Canada.
The Todd Creek property in British Columbia is 35 km northeast of Stewart, covering 12,222 hectares with gold, silver, and copper as its primary targets over an 8 km strike length.
The 17 Chilean projects total 136,000 hectares and are prospective for gold and silver, copper-gold, copper and uranium.
Board of Directors and Key Management
| Douglas Willock | President and CEO and Director |
| Adam Rochacewich | Chief Financial Officer |
| Terence Walker | VP Exploration and General Manager |
| David G. Speck | Vice President, Corporate Development & Director |
| David A. Seton | Chariman |
| H. Stuart Bottomley | Director |
| Al Kroontje | Director |
| David A. Seton | Director |
Company Address10 King Street East, Suite 500
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Additional Address/Key ContactSouth American Office |
CapitalShares Outstanding: 59,681,241 as at May 11, 2009
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Related News
03/12/09 - Polar Star’s Shares Surge As Another Round Of Drilling On The Montezuma Copper-Gold Project In Chile Gets Underway28/09/09 - Polar Star Puts Its Proxy Battle Behind It To Forge Ahead On Montezuma
09/06/09 - Polar Star Reckons It Might Have A Mammoth By The Tail At Montezuma
Most Recent Statement
16/03/10 - Polar Star Announces Increased Private Placement Financing02/03/10 - POLAR STAR UPDATE ON EARTHQUAKE IN CHILE
22/02/10 - SIGNIFICANT WIDTHS OF COPPER, GOLD AND ZINC MINERALIZATION AT POLAR STAR’S MONTEZUMA PROJECT
19/02/10 - Polar Star Mining Corporation announces board changes
16/02/10 - Over 70% of Shareholders Approve Polar Star Stock Option Plan
01/02/10 - Polar Star Mining Corporation Discovers Large IP Anomaly At Los Azules