VANCOUVER, June 13, 2012 /PRNewswire/ - Robert L. Card, President, Arrowstar Resources Ltd., ("Arrowstar" or the "Company") (TSXV: AWS), is pleased to report on the Company's recent site visit to Port Snettisham, 60 kilometres from Juneau, Alaska.
Arrowstar's Vice President Exploration, Phillip Thomas, and two assistants visited the property by seaplane and noted a significant amount of ultra mafic rock outcrop along the foreshore for the length of the property. Traverses across the property up to an elevation of approximately 500 metres also identified magnetite bearing hornblende-biotite-pyroxenite. The magnetite body appears to be an elliptical intrusion about 3 kilometres in outcrop along the shore that is mainly composed of hornblende-magnetite clinopyroxenite, biotite-magnetite pyroxenite, and hornblende-biotite-magnetite clinopyroxenite transitioning to a diorite and then finally a contact bounded by phyllite at Sentinel Point in the north. The claim block also has two historical gold mines (the Friday Mine and the Crystal Mine) that were both visited but no tailings or outcrop could be located due to the heavy forest undergrowth.
The pyroxenite at the southern end of the claim contained significant amounts of magnetite and transitioned to lower values as we traversed north. A Terradata KT-10 Plus magnetic susceptibility meter recorded values as high as 32 on a magnetite scale and ranged from 7-32 which was very encouraging. Some samples were taken that exhibited a very high specific gravity (greater than 4) indicating the presence of iron rich mineralization.
In the middle of the property, near the old mill numerous large magnetite float blocks were identified adjacent to the chloritic diorite and it appears these are part of a large magnetite intrusion, but this proposition could not be validated as the undergrowth was too thick to penetrate to explore further.
Ten samples have been sent for analysis. Davis tube testing will be done to determine the suitability of dry magnetic separation. A complete iron suite analysis (FeO, Fe2O3, Fe3O4, soluble iron) and the key elements of Ti, S, P, Si, Ca, Na, K, Al and background elements of Platinum and Copper will be conducted.
The Company is seeking quotations for a ground based IP magnetic survey and aerial magnetic and gravity survey. Subject to price, availability and environmental approvals one of these will be commissioned this year as the next step. When the results of the initial testing are known further shoreline sampling and analysis will be completed. Discussions were held with the Alaskan Forestry department in Juneau regarding approvals to commence a detailed geophysics program.
Phillip Thomas, BSc Geol, MBus, MAIG, a Qualified Person under NI 43-101, has reviewed the content of this release.
On Behalf of the Board of Directors,
Arrowstar Resources Ltd.
"Robert L. Card"
Robert L. Card
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
Forward-Looking Statements: This document includes forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning AWS's planned exploration programs and other statements that are not historical facts. When used in this document, the words such as "could," "plan," "estimate," "expect," "intend," "may," "potential," "should," and similar expressions are forward-looking statements. Although AWS believes that its expectations reflected in these forward looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements are disclosed under the heading "Risk Factors" and elsewhere in the corporation's periodic filings with Canadian securities regulators.
SOURCE Arrowstar Resources Ltd.