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On January 13, 2023, Vanstar Mining Resources (OTCQX: VMNGF) announced an updated Mineral Resource Estimate (MRE) for its Nelligan Gold project in Quebec, reporting a 63% increase in gold content to 2.0 million ounces Indicated and 3.2 million ounces Inferred. The resource tonnage rose by 92%, though gold grades declined by 15%. This update incorporates results from drilling conducted between 2020-2022, totaling 84,490 meters. IAMGOLD, which holds a 75% interest in the project, can increase its stake to 80% by completing a feasibility study. The current share price stands at $0.38.
Vanstar Mining Resources (OTCQX: VMNGF) announced promising assay results from its 2022 winter diamond drill program at the Nelligan joint venture project in Northern Quebec. The project, in which Vanstar holds a 25% interest, has Inferred Mineral Resources of 3.2 million ounces of gold at a grade of 1.02 g/t. Highlights include multiple drill holes reporting significant gold mineralization, with best results from Hole NE-22-194 showing 7.9 m of 6.71 g/t gold. Shares are currently trading at $0.37.