Apr. 19, 2011 (Filing Services Canada) — Coltstar Ventures Inc. (CTR – TSX Venture), (“Coltstar”) is pleased to announce that it has recently staked additional strategic ground in the Mackenzie Mountains, expanding the Company’s total iron ore holdings in the Northwest Territories to 1,080 square kilometres. These claims are contiguous with and encircle Chevron Canada’s Crest iron property, which has an historical (non 43-101 compliant) resource in excess of 18 billion tonnes of 43-46% iron (Canadian Bechtel Ltd., 1963).
The 24 new mineral claims, which collectively cover 16,000 hectares (160 square kilometres), were registered with the Northwest Territories Mining Recorder’s Office late last week. The newly staked claims surround Chevron Canada’s Crest lease and are situated to the west of Coltstar’s existing iron ore property in the Mackenzie Mountains. Please refer to the Company’s website (www.coltstarventures.com) for a map showing the area covered by the recently staked and registered claims.
The staking of this additional ground was based on a review of the regional geology, the results of historical exploration programs on the Crest deposit and Coltstar’s 2010 exploration program. As a result of this review, and the Company’s 2010 program, Coltstar has staked ground prospective for iron mineralization, which was previously part of Chevron Canada’s land package, at the time of the Crest deposit’s discovery.
The exploration program, carried out by Coltstar in 2010, showed that the iron formation mapped on the Crest property dips to the south onto Coltstar’s claims. In fact, iron formation is exposed in a creek cut 1.5 kilometres south of the Crest lease boundary. A Chevron drill hole, which is located approximately 100 metres north of the Coltstar claims intersected 43.0% iron over 27.4 metres.
This recent addition to its overall iron holdings gives Coltstar a strategic advantage in the region, providing the Company with a controlling land position in the Mackenzie Mountains. The Company’s land position is of particular value given that any future, successful iron development in the region, could require access to the mineral rights currently held by Coltstar.
Coltstar expects to conduct an exploration program this summer, which is focused on the north-western portion of its iron ore holdings, to determine the extent to which the Crest deposit extends onto its expanded property. In addition, the Company intends to investigate areas further to the east, where both the Rapitan Group and high iron-in-silt values have been observed. An airborne survey over the entire claim block, including the prospecting permit, is anticipated. Finally, it is expected that an initial drilling program will be conducted toward the end of the 2011 season.
Coltstar Ventures Inc. is a mineral exploration company that is currently exploring for base and precious metals in northern Canada and Italy. Mr. David DuPre, a director of Coltstar, is a Qualified Person under the guidelines of National Instrument 43-101, and has reviewed and approved the geological information contained in this news release.
On behalf of the Board of Directors
Chairman, President and CEO of Coltstar Ventures Inc.
For further information please contact:
Telephone: (604) 683-8236
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