Canstar Resources Intersects Potential VMS Feeder Zone at Mary March - 118 m of Copper- and Zinc-Bearing Stringer and Disseminated Mineralization Within Intervals Totalling 270 m of Altered Rhyolite
Canstar’s first drill hit confirms the model at Sweden’s VMSC project, which has secured funding for its 2026 exploration campaign.
Canstar Resources Inc. (ROX) has completed the first hole of its 2026 drilling program at the Mary March project. Hole MM-26-41 intersected 271 metres of altered, sulphide-bearing rhyolite, with the strongest sulphide stringers developed over the upper 118 metres. Visual identification via pXRF confirmed the presence of sphalerite, chalcopyrite, and galena. The hole targeted the rhyolite at 390.6 metres, landing within approximately 10 metres of the 3D model prediction. Assays are currently pending.
The company also closed its acquisition of three exploration permits in the Skellefte VMS district from Lithological Opportunities. The consideration for the transaction included 15 million shares, deemed priced at $0.035 per share, $50,000 in upfront cash, and $100,000 in deferred payments. The deal carries a 2.5% NSR royalty with buy-down options. The shares are subject to a statutory hold until November 4, 2026.
Independent geochemical work links the Mary March stratigraphy to the historic Buchans VMS camp. The system is interpreted as a potential feeder zone, open at depth and along strike. A second hole, MM-26-42, has been collared approximately 100 metres southwest of the first.
Canstar Resources Inc. (ROX) released preliminary visual logs from its drilling program, results that align with prior expectations established by the joint venture launch and drill permit announcements in March. The company also closed on its acquisition in Sweden, a transaction originally outlined in a letter of intent in March and finalized with a definitive agreement in June.
While the geological confirmation of the 3D model is encouraging, the absence of assayed grades means the market impact is incremental. The transaction expands the land package into a premier European VMS district but involves nominal cash outlay and share issuance subject to hold periods, limiting immediate float impact.
The primary focus remains on the pending assay results from the current drill program, which will determine if the visual intercepts translate to economic VMS mineralization.
Canstar Resources Inc. (ROX) is a junior exploration company focused on high-grade volcanogenic massive sulphide (VMS) and gold-antimony projects in Newfoundland, Canada, and Sweden. Its flagship asset is the Mary March VMS Project, located approximately 25 km east of the historic Buchans mining camp. The project features a historic discovery hole intersecting 9.63m grading 4.2 g/t Au, 122 g/t Ag, 10.1% Zn, 1.8% Pb, and 0.64% Cu. The company is advancing a modern drill program supported by a $11.5 million non-dilutive joint venture with VMS Mining Corp.
Other assets include the Buchans Project, which targets downdip extensions, and the Golden Baie Project, which has been optioned to Churchill Resources for gold-antimony exploration. The company also holds newly acquired Skellefte VMS permits in Sweden.