TORONTO, ONTARIO--(Marketwire - Sept. 17, 2009) - GlobeStar Mining Corporation ("GlobeStar") (TSX:GMI) today announced key highlights of the continuing development of GlobeStar's 60% owned Moblan lithium deposit (the "Moblan Lithium Project") located approximately 100 kilometres north of Chibougamau, Quebec. The Moblan Lithium Project is located next to a local highway and is being explored in conjunction with SOQUEM Inc. ("SOQUEM"), a wholly owned subsidiary of Societe generale de financement du Quebec, an industrial and financial holding corporation of the government of Quebec.
Highlights
- Drilling to date at the Moblan Lithium Project has outlined a near-surface 40 metre thick pegmatite sill which hosts a NI-43-101 compliant inferred mineral resource estimate of high quality spodumene mineralization totalling 5.3 million tonnes grading 1.51% Li2O at a cut-off grade of 0.43% Li2O. Included in this resource is a higher grade inferred mineral resource estimate of 2.1 million tonnes grading 1.85% Li2O at the same cutoff grade. The deposit has been drilled to a vertical depth of approximately 50 metres and remains open at depth.
- The pegmatite sill hosting the Moblan Lithium Project sub-crops below thin overburden and is gently dipping at approximately 30? thus making the deposit suitable to open pit mining at an estimated stripping ratio of less than 1 to 1.
- Preliminary metallurgical testing indicates that a high quality lithium concentrate containing approximately 91% spodumene and approximately 7.2% Li2O may be produced from the Moblan Lithium Project. High quality lithium concentrate may be sold directly to end users in the glass and ceramic sectors or may be further upgraded to battery quality lithium carbonate. Developers of automotive batteries are continuing to focus on lithium as one of the key elements for such batteries.
- The robust outlook for lithium demand has prompted GlobeStar to initiate planning for the fast track development of the Moblan Lithium Project which based upon the grades estimated to date could ultimately rank among the highest grade undeveloped lithium deposits in the world.
Moblan Lithium Project
GlobeStar has been actively exploring the pegmatite swarm in the vicinity of the Moblan Lithium Project during the past nine years and in 2008 earned a 60% interest in SOQUEM's mineral claims which host the Moblan Lithium Project. GlobeStar also owns mineral claims directly adjacent to the Moblan Lithium Project which contain pegmatite dykes with lithium, tantalum and niobium mineralization. GlobeStar's expenditures on these properties have totalled over US$550,000 during the past five years.
Development work on the Moblan Lithium Project has included surface mapping, diamond drilling, metallurgical work at SGS Lakefield and a mineral resource estimate by an independent consultant. Exploration during 2009 by SOQUEM has focused on surface trenching and geological mapping.
During the fourth quarter of 2009, GlobeStar will evaluate its strategic alternatives for the Moblan Lithium Project while expediting the development of this important lithium deposit.
Additional information concerning the Moblan Lithium Project, including the detailed technical report entitled "Technical and Economic Assessment of the West Moblan Pegmatite Project" dated December 6, 2008 and GlobeStar's Annual Information Form dated March 30, 2009 can be found on GlobeStar's website www.globestarmining.com and at www.sedar.com.
About GlobeStar
GlobeStar Mining Corporation is a Canadian based mining and exploration company producing copper, gold and silver at its Cerro de Maimon Mine in the Dominican Republic. GlobeStar is also exploring for copper and gold on its extensive mineral concessions in the Dominican Republic.
GlobeStar has developed NI-43-101 compliant inferred mineral resource estimates for the Moblan Lithium Project in Quebec, Canada and the Cumpie Hill lateritic nickel deposit in the Dominican Republic.
GlobeStar maintains a listing on the Toronto Stock Exchange (symbol: GMI).
Gary H.K. Pearse, P.Eng. of Equapolar Resource Consultants, a Qualified Person as defined under Canadian National Instrument 43-101, supervised the preparation of and verified the technical information contained in this release.
PEM Price at posting:
54.3¢ Sentiment: Buy Disclosure: Held
