Bald Hill Exploration Update

RNS Number : 4590M

Tri-Star Resources PLC

16 July 2014

 



Tri-Star Resources plc ("Tri-Star" or the "Company")

16 July 2014                                                                                                                                      

Exploration Update - New Discovery and significant upside potential at Bald Hill antimony deposit in New Brunswick, Canada

Tri-Star (AIM: TSTR), the integrated antimony development company, is pleased to provide an update on the exploration program carried out in May and June 2014 on the Bald Hill antimony property (see Figures 1 and 2 - see link at end of announcement). The trenching program on the Bald Hill property has discovered a new area of antimony mineralization grading 9.04% Sb over 2.60 metres located approximately 1 kilometre southeast of the Bald Hill deposit. The program was completed to evaluate the source of strong Sb soil anomalies identified in late 2013 in the Bald Hill south extension area as detailed in the announcement dated 7 February 2014.  The Bald Hill deposit, one of the largest undeveloped antimony projects in Canada, is located within the Annidale Belt, approximately 40 kilometres northwest of Sussex, New Brunswick. 

As detailed in the announcement dated 6 August 2013 and outlined in the NI 43-101 technical report for the Bald Hill property, previous drilling at Bald Hill over a length of 450 metres and to a depth of approximately 300 metres has indicated a potential quantity and grade, which is the target of further exploration, in the 725,000 to 1,000,000 tonne range grading 4.11% to 5.32% contained antimony (see Figure 1).  The potential quantity and grade is conceptual in nature as there has been insufficient exploration to define a mineral resource and it is uncertain whether further exploration will result in the target being delineated as a mineral resource.

Roger Dahn, Vice President - Exploration of Tri-Star, explained, "Our exploration programs and recent new discovery demonstrates the large scale potential at Bald Hill and the occurrence of multiple deposits within this antimony rich belt. The Bald Hill project is located within a geological setting proven to host major antimony deposits such as the past producing Lake George mine in New Brunswick and the Beaver Brook mine in Newfoundland. With the Bald Hill deposit only being systematically drilled over a 450 metres length to date, the deposit remaining open in most directions and now our new discovery located approximately 1 kilometre along trend to the southeast; we are excited with the project's apparent upside potential".

Following the acquisition of Portage Minerals Inc. in October 2013, the Company through its wholly owned Canadian subsidiary, Rockport Mining Corp. ("Rockport") owns a 100% interest in 891 claims within the Annidale Belt, which covers approximately 200 sq km surrounding the Bald Hill deposit and which hosts a number of other historic antimony and gold occurrences

Highlights:

·      Trenching to evaluate strong Sb in-soil anomalies has discovered a new area of mineralization approximately 1 kilometre southeast along trend from the Bald Hill deposit.

·      Mineralization in bedrock assayed 9.04% Sb over 2.6 metres including 12.32% Sb over 1.7 metres from channel sampling (Table 1).

·      Mineralized, angular Sb bearing boulders up to 1.0 metre in size were common within the till profile surrounding the discovery and assayed from 8.25% to 48% Sb. Over the 11 mineralized boulders sampled, 9 returned assay results greater than 15% Sb (Table 2).

·      2013 soil geochemical surveys indicate a potential 800 metre length to the discovery (Figure 2).

·      The overall Bald Hill deposit trend now has an indicated length of 2.2 kilometres (Figure 2).

·      The recent discovery and soil geochemical anomalies, demonstrate the large scale potential of the Bald Hill project area and the occurrence of multiple Sb deposits (Figure 2).

The recently completed trenching returned significant bedrock antimony (stibnite) mineralization from a sheared and hydrothermally altered breccia zone. Surface channel sampling of the mineralized zone returned assays of 9.04% Sb over 2.6 metres, which included 12.32% Sb over 1.7 metres. The trenching also uncovered numerous, angular mineralized boulders of massive to sub-massive Sb in the discovery area which assayed from 8.25% to 48% Sb. Of the 11 angular boulders sampled, 9 returned assays greater than 15% Sb. The antimony mineralization within the bedrock zone and localized boulders occur as disseminated, fracture/vein filling and sub-massive to massive stibnite. Assay results are summarized in Table 1 and 2 below. All assays were performed by Activation Laboratories Ltd, Ontario, using code 1H INNA (INAAGEO) / Total Digestion ICP and Code 8 Sb assay by peroxide ICP - Sodium Peroxide Fusion ICP on any Sb assays greater than or equal to 10,000 ppm Sb. Activation Labs runs internal blank and standard samples as part of their quality control.

Table 1:

Bedrock Mineralization - Assay Results
Trench Location: 733272 East / 5060631 North (UTEM Zone 19)
Sample ID	Sample width (m)	Sb %
9568	0.8	2.78
9569	0.1	3.41
9570	0.2	11.7
9571	1.5	12.4
9572	1	0.09
From sample 9568 to 9571: 9.04% Sb over 2.60 metres
Includes 12.32% Sb over 1.70 metres (samples 9570 and 9571)

Table 2:

Angular Mineralized Boulders in Till - Assay Results
Sample ID	Easting	Northing	Sample width (m) or grab sample	Sb %
9553	733318	5060568	0.65	33.3
9554	733318	5060568	1.0	13.4
9556	733318	5060568	0.9	8.25
9557	733320	5060575	0.45	16.8
9558	733317	5060573	0.4	34.9
9559	733315	5060574	0.9	48.0
9560	733318	5060570	grab	31.4
9564	733277	5060612	grab	14.0
9565	733266	5060624	grab	24.6
9566	733266	5060624	grab	33.8
9567	733266	5060624	grab	18.8

The next target for exploration in the Bald Hill area is Bond Road target. Soil geochemical surveys conducted in November and December 2013 on the Bond Road target provide evidence of another significant mineralized trend located approximately 4km east of the Bald Hill deposit (Figure 1). As detailed in the announcement dated 7 February 2014, soil surveys have outlined a well defined, 600m long Sb anomaly with soil values ranging to 119 ppm Sb. Prospecting results in 2010 returned antimony values, from angular boulders, assaying up to 53% Sb. Of the 11 anomalous samples collected at Bond Road, 7 returned assay results greater than 15% Sb.

Roger Dahn, P. Geo. (New Brunswick), Vice President-Exploration of Tri-Star, is designated as the Qualified Person under National Instrument 43-101 and has reviewed and approved the contents of this press release.

The NI43-101 Technical Report on the Bald Hill Antimony Project was previously filed on the Canadian System for Electronic Document Analysis and Retrieval ("SEDAR") under Portage's profile on November 16, 2010 and a copy is available for download on Tri-Star's website at http://www.tri-starresources.com on the 'Shareholder Documents' page.

Enquiries:

Tri-Star Resources plc Ken Hight, Executive Director Emin Eyi, Managing Director Brian Spratley, Technical Director	Tel:[phone] Tel: [phone] Tel: [phone]
SP Angel Corporate Finance (Nomad and Broker) Robert Wooldridge / Katy Birkin	Tel: [phone]
Yellow Jersey PR Limited (Financial PR) Dominic Barretto / Kelsey Taynor Keith, Bayley Roger & Co (Joint Broker) Brinsley Holman	Tel: [phone] Tel: [phone]

About Tri-Star

Tri-Star is a focused antimony company whose management has many years' experience in trading and mining this critical mineral.  The Company's objective is to become the leading integrated antimony metal and products manufacturer to western economy consumers utilising an environmentally advanced 20,000 tonnes per annum name plate capacity antimony metal and tri-oxide production facility in the Gulf, with raw material supplied from its upstream resource projects in Turkey and Canada and from third party producers. The Company is seeking to utilise the technology of clean roasting of high value sulphide concentrates to apply to the processing of refractory gold ores.

www.tri-starresources.com

www.antimonyworld.com

This news release may contain "forward-looking information", as defined under applicable Canadian securities laws. Forward-looking information typically contains statements that relate to future, not past, events and often contains words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. There can be no assurance that the forward-looking information contained in this release will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information.

All statements, other than statements of historical fact, included in this release including, without limitation, the viability of chemical processes, the financial assumptions, bases and outputs mentioned, constitute forward-looking information.  Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect, including, but not limited to, assumptions in connection with the ability to deliver any of the outcomes referred to, the availability of financing and general economic and market conditions. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks associated with changes in laws, the ability to raise finance on acceptable terms for any of the projects or facilities mentioned, the volatility of commodity and raw material prices, currency exchange rates and interest rates, global economic conditions and the additional risks identified in the Company's Annual Report and Financial Statements for the year ended 31 December 2013 or other reports and filings with applicable securities regulators. Forward-looking information in this release is based on the Directors' beliefs, estimates and opinions on the date of this release and the Company does not undertake to update publicly or revise the forward-looking information contained in this release, except as required by applicable securities laws.

Any financial outlook or future-oriented financial information in this release, as defined by applicable Canadian securities laws, has been approved by the Directors as of the date of this release. Such financial outlook or future oriented financial information is provided for the purpose of providing information about the Company's current expectations and plans relating to the future.  Readers are cautioned that such outlook or information should not be used for purposes other than for which it is disclosed in this release.

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