Significant gold values extending over more than one km for Stelmine
Momentum Public Relations
Press Release: February 12, 2019
Stelmine Canada (« Stelmine ») (STH-TSXV) submits the results of its exploration campaign conducted on the Mercator property located less than 85 km NW of the Courcy flagship property. Gold values provided by three grab samples (Figure 1) yielded:
|
- 7.44 g/t Au with 1090 ppm As
- 0.45 g/t Au with 87 ppm As
- 0.44 g/t Au with 19 ppm As
The mineralized sites form the SW extension of the rusted gold-mineralized Biblain showing identified 1 km away by the MRNQ (3.0 g/t Au; Leclair et al., 1998).
Stelmine geologists visited more than 38 sites and collected 22 grab samples during a 5 day heliborne campaign completed during September 2018. The mineralized zones constitute sulfurized and oxidized metasedimentary sequences (2-10 %; mainly pyrrhotite±pyrite) within amphibolite-rich (grunerite) and garnet-rich layers possibly forming iron formations.
Isabelle Proulx, President and CEO of Stelmine declares: “The Mercator property, although sparsely explored, revealed significant gold values extending for 1 km along strike and associated with iron formations. This motivates Stelmine to pursue further its exploration within this prospective zone.”
Regional geology
The Mercator property is located within the extension of the Opinaca metasedimentary sub-province just south of the western segment of the Ashuanipi sub-province and east of the contact with the La Grande sub-province. Most metasedimentary rocks are constituted of greywackes, arenites, siltstones and iron formations (mostly chert). The rocks are highly metamorphosed and migmatized and are largely represented by paragneiss some of which may be dioritic gneiss. The rocks probably belong to the Hublet Group (Mercator Fm). The main plutonic rocks are constituted of migmatized tonalites revealing 15-35 felsic mobilizates of granitic composition (Figure 1).
Additional information
Stelmine also discloses the issuance, as of February 12, 2019, of a total of 850 000 stock options granted according to the Company’s Option Plan. 700,000 options were granted to directors, executive officers and employee for a period of 5 years. The Company also allocated 150,000 options to a consultant for a period of 1 year. All options are issued at the grant date at an exercise price of 0.15$ and each option may be exercised during each period specified above from the grant date. Subject to approval of the TSX Venture Exchange.
Stelmine is proud to announce the nomination of Julie Lemieux as the Company’s CFO. Ms. Lemieux has been working in the accounting field for more than 22 years. She has been a controller at the company since last year. Previously, she acted for various private companies as a controller and worked for over 5 years at a public company where she gained the experience that adds value to Stelmine. Furthermore, Stelmine announces the resignation of Mr. Paul-André Lemieux, CPA, CA. The Company expresses his gratitude for his implication and meticulous work.
QA/QC Protocol
Stelmine implemented a strict QA/QC protocol in processing all rock samples collected from the Mercator property. The protocol included the insertion and monitoring of appropriate reference materials, in this case high concentration (OREAS-210) and low concentration (OREAS-252) certified gold standards, blanks and duplicates, to validate the accuracy and precision of the assay results. All collected rock samples were put in sturdy plastic bags, tagged and sealed in the field under the supervision of professional geologists. The sample bags were then put in rice pouches and kept securely in a field tent before being sent by floatplane to the city of Wabush. Transport to Actlabs laboratories in Ancaster, Ontario was made by truck from reliable transport companies. Gold was analyzed by fire assay method (Au-FA_ICP) and other trace metals via TD-MS or TD-ICP methods (ME-MS61).
The technical contents of this release were approved by Michel Boily, PhD, geo; a Qualified Person (QP) as defined by National Instrument 43-101.
Follow us on www.Stelmine.com and on our Facebook page (Stelmine Canada) where we uploaded pictures of the Courcy camp and of our crew at work.
About Stelmine
Stelmine is a junior mining exploration company which concentrates its activities in the Province of Québec. Stelmine holds 955 claims spanning 497 km2 on the eastern part of the Opinaca metasedimentary basin, which contains zones with a high potential for gold deposit discovery in geological contexts similar to the one leading to discovery of the Éléonore Mine. Its capital stock consists of 29,648,645 issued and outstanding shares for a current market capitalization of $3.5 million.
Forward-looking statements
The statements set forth in this press release, which describes Stelmine’s objectives, projections, estimates, expectations or forecasts, may constitute forward-looking statements within the meaning of security legislation. Positive or negative verbs such as “believe”, “can”, “shall”, “intend”, “expect”, “estimate”, “assume” and other related expressions are used to identify such statements. Stelmine wishes to state that, by their very nature, forward-looking statements involve risks and uncertainties such that its results, or the measures it adopts, could differ materially from those indicated or underlying these statements or could have an impact on the degree of realization of a particular projection. Major factors that may lead to a material difference between Stelmine’s actual results and the projections or expectations set forth in the forward-looking statement include the risk that the Company does not complete the Placement as anticipated, and such other risks as described in detail from time to time in the reports filed by Stelmine with security authorities in Canada. Unless otherwise required by applicable securities laws, Stelmine disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of the new information, future events or otherwise. The forward-looking information in this release is based on information available as of the date of this release.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For more information :
Isabelle Proulx President and CEO 418-626-6333 |
Christian Guilbaud Business Development 514-813-7862 |
info@stelmine.com Stelmine.com |
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/1e67a598-7797-4394-8e85-d3a9a96fc866
- Published in Mining, News Home, Stelmine Canada
Stelmine initiates new exploration work
Momentum Public Relations
Press Release: September 5, 2018
Stelmine Canada(« Stelmine ») (TSXV:STH). Stelmine is pleased to announce the start of a one month exploration campaign on its Trieste, Joubert and Mercator claims located northwest of our Courcy flagship property where extensive work is currently implemented. Following promising gold values form samples collected in 2017, our geologists will carry out more detailed exploration including geological and structural mapping followed by grab and channel sampling.
Altius Resources and Midland Resources recently presented a new discovery on their Isengard project located near and in a similar stratigraphic sequence to that of the Joubert project.
Says Isabelle Proulx, CEO and President of Stelmine: « We are encouraged by the last discovery adding to ours within the eastern sector of the Opinaca basin. The fact that several exploration companies are currently exploring this region stimulate the interest and enhances its potential. Since Stelmine owns 994 claims in this sector, the company is confident of its results and is directing all its efforts to develop this new sector ».
Trieste property
In 2017, Stelmine mapped folded layers of magnetic iron formations (oxide and silicate facies) interstratified with beds of metasedimentary and metavolcanic rocks (Trieste Formation). The investigated area represents the western extension of the volcanosedimentary Trieste greenstone belt. A composite sample collected from a mineralized wallrock near iron formation beds revealed gold and arsenic concentrations of 1.10 g/t Au and 8400 ppm respectively. Exploration work completed by several mining companies within the eastern segment of the Trieste greenstone belt lead to the discovery of gold showings in a similar geological context near iron formations (ex: Savon Or, Pankot’s Palace, Isri, Q574275 et S270772; SIGEOM-MRNQ database). These showings yielded gold values from 0.6 g/t to 5.1 g/t from grab and channel samples.
Joubert property
Gold mineralization was discovered by Stelmine in 2017 in the northeast section of the Joubert property on a gossan exposing paragneissic rocks (Rivière au Salomon Formation) at the contact with metabasalts (Trieste Formation). Grab samples revealed assay values of 2.48 g/t Au, 0.16 % Zn, 1440 and 2760 ppm As. In the southeastern part of the property, massive and pillowed basalts and metasediments reveal silicified massive to disseminated sulphide-rich, graphitic and cherty zones showing anomalous gold and zinc values (0.10 and 0.13 g/t Au) and (0.10 wt. % Zn). Assay values of 4.69 g/t and 0.48 g/t Au were produced from deformed quartz veins located 1 km south of Stelmine’s new discovery. Work completed by Osisko Exploration James Bay in 2015 in the extension of the metasedimentary rocks of the Rivière au Salomon Formation, 43 km SE of the Joubert property, allowed the discovery of 51 boulders yielding significant gold values (0.1 g/t to 8.0 g/t Au). These arsenopyrite-rich boulders found near the La Grande and Opinica subprovince contact are mainly represented by amphibolites accompanied by sandstones and tonalites.
Mercator property
Stelmine will launch its first exploration campaign of the Mercator property. The latter includes 126 claims totaling 65 km2 located in the eastern extension of the Opinaca subprovince south of the contact with the La Grande subprovince. The exposed rocks are constituted of highly metamorphosed paragneiss and mafic gneiss of volcanic origin forming part of the Hublet Group. Geological mapping conducted by the MRNQ in 1997 (RG97-11) lead to the discovery of several mineralized showings, including the Biblain showing in metavolcanic, tonalitic and iron formation rocks. Assay values yielded gold concentrations of 3.0 g/t and 0.87 g/t respectively, accompanied by high arsenic contents (0.22 and 0.96 wt. %).
The technical contents of this release were approved by Michel Boily, PhD, geo; a Qualified Person (QP) as defined by National Instrument 43-101.
Follow us on www.Stelmine.com and on our Facebook page (Stelmine Canada) where we uploaded pictures of the Courcy camp and others properties soon.
About Stelmine
Stelmine is a junior mining exploration company which concentrates its activities in the Province of Québec. Stelmine holds 994 claims spanning 517 km2 on the eastern part of the Opinaca metasedimentary basin, which contains zones with a high potential for gold deposit discovery in geological contexts similar to the one leading to discovery of the Éléonore Mine. Its capital stock consists of 29 648 645 issued and outstanding shares for a current market capitalization of $4.7 million.
- Published in Mining, News Home, Stelmine Canada
Stelmine completes the first $496 000 tranche of a private placement with investors including institutional funds
Momentum Public Relations
Press Release: June 29 2018
Stelmine Canada Ltd.(STH:V), a junior mining exploration company which concentrates its activities in the Province of Québec announced today the closing of the first tranche of a non-brokered private placement concluded with investors including institutional funds.
The first tranche of the private placement (the “Placement”) consists in the issuance of 2 480 000 units (the “Units”) at a price of $0.20 per unit, for placement of $496,000; each Unit is composed of one (1) common share of Stelmine (“Share”) and one half (1/2) common share purchase warrant, each warrant entitling its holder to subscribe to one (1) Share at a price of $0.30 per Share during an 18-month period.
The following funds participated in the first tranche of the Placement: Capital croissance PME II S.E.C. (CCPME), Société de développement de la Baie James (SDBJ), as well as the Fonds de solidarité FTQ and SIDEX, these last two, in an amount of $100,000 each through FIELD-ACTION 2018, an initiative designed to encourage junior mining companies to perform their fieldwork in Québec while at the same time supporting their working capital.
“I am very pleased that these important institutions, which proceeded to a first investment in 2017, have renewed their confidence in Stelmine’s projects”, said Isabelle Proulx, the Company’s President and CEO. “This financing will allow our company to continue during the summer of 2018 the work program initiated in 2017.”
An insider of the Company participated to this Placement for proceeds of $5,000. This insider subscribed to the Units under the same terms as the other investors. The participation of this insider is exempt from the formal valuation and shareholder approval requirements as per Sections 5.5(a) and 5.7(1)(a) of Regulation 61-101 respecting Protection of Minority Holders in Special Transactions. The exemption is based on the fact that the market value of such participation or the consideration paid by such insider does not exceed 25% of the market value of the Company.
All securities issued in connection with this Placement are subject to a hold period of four months and one day. The Placement is subject to the approval of the TSX Venture Exchange. Stelmine has not filed a material change report in the 21 days preceding the Placement.
The proceeds of this Placement will be used for the Company’s operating costs and working capital.
About Stelmine
Stelmine is a junior mining exploration company and its activities are located in the Province of Québec. Stelmine holds 994 claims spanning 517 km2 on the eastern part of the Opinaca metasedimentary basin, which contains zones with a high potential for gold deposit discovery in geological contexts similar to the one leading to discovery of the Éléonore Mine. Its capital stock consists of 26,160,645 issued and outstanding shares for a current market capitalization of $5,2 million.
About CCPME
CCPME is a fund jointly set up by the Caisse de dépôt et placement du Québec and by Capital Régional et Coopératif Desjardins for the purpose of supporting the economic development of Québec businesses and encouraging their growth. The Placement will be made by CCPME, for which Gestion Desjardins Capital Inc. acts as manager.
About SDBJ
Created in 1971 by the James Bay Region Development Act, the SDBJ’s mission is to promote the James Bay territory’s economic development and the development and use of its natural resources, other than hydroelectric resources, which are Hydro-Québec’s responsibility, from a sustainable development perspective. It can generate, support and participate in projects for these purposes. www.sdbj.gouv.qc.ca
About SIDEX
SIDEX is an initiative of the Québec government and the Fonds de solidarité FTQ whose mission is to invest in companies engaged in mineral exploration in Québec in order to diversify the province’s mineral base, promote innovation and new entrepreneurs.
About Fonds de solidarité FTQ
The Fonds de solidarité FTQ is a capital development fund that channels the savings of Quebecers into investments. With $13.7 billion in net assets as at November 30, 2017, the Fonds has helped create and maintain over 186,440 jobs. The Fonds has more than 2,700 partner companies and over 645,000 shareholder-savers.
Forward-Looking Statements
The statements set forth in this press release, which describes Stelmine’s objectives, projections, estimates, expectations or forecasts, may constitute forward-looking statements within the meaning of security legislation. Positive or negative verbs such as “believe”, “can”, “shall”, “intend”, “expect”, “estimate”, “assume” and other related expressions are used to identify such statements. Stelmine wishes to state that, by their very nature, forward-looking statements involve risks and uncertainties such that its results, or the measures it adopts, could differ materially from those indicated or underlying these statements or could have an impact on the degree of realization of a particular projection. Major factors that may lead to a material difference between Stelmine’s actual results and the projections or expectations set forth in the forward-looking statement include the risk that the Company does not complete the Placement as anticipated, and such other risks as described in detail from time to time in the reports filed by Stelmine with security authorities in Canada. Unless otherwise required by applicable securities laws, Stelmine disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of the new information, future events or otherwise. The forward-looking information in this release is based on information available as of the date of this release.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For more information :
Isabelle Proulx President and CEO |
Christian Guilbaud Director |
418-626-6333 info@stelmine.com |
514-813-7862 |
Stelmine.com |
- Published in Stelmine Canada
Stelmine initiates a new exploration campaign on its Courcy flagship property
Momentum Public Relations
Press Release: June 21 2018
Stelmine Canada.(STH:V). Stelmine announces the start of its summer 2018 exploration program on the Courcy flagship property. The gold property is located in the eastern segment of the Opinaca sub-province near the Québec/Labrador border.
2018 Program
Courcy property
The main objective of this campaign is to circumscribe and expand all zones containing gold mineralization and positioning drill collars for a drilling campaign to be initiated during the fall of 2018. Based on the results obtained from previous field work completed in 2017, the exploration work will include:
- detailed geological and structural mapping;
- rock sampling (grab and channel), and overburden stripping on 17 priority zones containing gold mineralization distributed throughout the property.
Other properties
Stelmine will devote 10 days to each the Trieste and Joubert properties, exploring (mapping and sampling) key areas where gold mineralization was discovered in 2017. The largely unexplored Mercator property will undergo regional exploration which is expected to last several days.
2017 Program
More than 1.2M$ was spent on a summer exploration campaign that was successful in discovering new potential Au-rich targets on the eastern Courcy property. Geological mapping combined with the reinterpretation of previous geophysical VTEM, THEM and MaxMin surveys allowed the definition of a new geological and structural framework related to gold mineralization. Over 2,000 m2 of overburden was stripped from 13 new mineralized sites. A total of 751 rock samples, including 265 channel samples having a total length of 265 m were collected from outcrops, ancient and new stripped zones.
To date, the Courcy North and South zones are deemed the most prospective for gold. The best results for the North zone varies from 0.31 to 8.38 g/t Au, with an average concentration of 1.29 g/t Au if we merge Stelmine and SOQUEM’s previous data. Significant channel sample results yielded 1.05 g/t Au on 8.39 m, 1.79 g/t on 4.10 m and 1.58 g/t on 4.20 m.
In the South Zone, several showings displayed visible gold and elevated Au concentrations in grab samples (ex: 167 g/t, 33 g/t, 24.8 g/t and 4.8 g/t). A compilation of values > 0.3 g/t obtained by Stelmine and SOQUEM produced an average of 3.65 g/t Au.
2006 Program
SOQUEM completed a drilling campaign, including 772 m of core material distributed in eight diamond drill holes and producing the following results: 4.27 g/t Au on 42 m (including 12.15 g/t Au on 13.5 m; drill hole no. 8), 0.94 g/t Au on 10.50 m (drill hole no. 4) and 0.4 g/t Au on 15 m (drill hole no. 2).
Stelmine’s President and CEO, Isabelle Proulx declares “Our exploration strategy on the Courcy property is specifically designed to focus on the most important gold-bearing targets throughout the property and will ultimately lead to a drilling campaign. The completion of our second year of field work will strongly benefit from our geological, geophysical and geochemical knowledge acquired from last year. In targeting the eastern segment of the Opinaca subprovince, Stelmine generated a renewed interest from the mining industry. Our results are now being closely monitored as we further explore the mining potential of this newly investigated mining sector”.
The Courcy property is located 100 km west of the city of Fermont, Québec. The property consists of 393 claims covering 206 km2 and is 100 % owned by Stelmine. Stelmine’s base camp is located on lac Couteau. A team comprising two senior geologists, two junior geologists, two technicians accompanied by a foreman and a cook is presently on site and carrying out work.
The technical contents of this release were approved by Michel Boily, PhD, geo; a Qualified Person (QP) as defined by National Instrument 43-101.
Follow us on www.Stelmine.com and on our Facebook page (Stelmine Canada) where we uploaded pictures of the Courcy project.
About Stelmine
Stelmine is a junior mining exploration company which concentrates its activities in the Province of Québec. Stelmine holds 994 claims spanning 517 km2 on the eastern part of the Opinaca metasedimentary basin, which contains zones with a high potential for gold deposit discovery in geological contexts similar to the one leading to discovery of the Éléonore Mine. Its capital stock consists of 23,680,645 issued and outstanding shares for a current market capitalization of $4.7 million.
Forward-looking statements
The statements set forth in this press release, which describes Stelmine’s objectives, projections, estimates, expectations or forecasts, may constitute forward-looking statements within the meaning of security legislation. Positive or negative verbs such as “believe”, “can”, “shall”, “intend”, “expect”, “estimate”, “assume” and other related expressions are used to identify such statements. Stelmine wishes to state that, by their very nature, forward-looking statements involve risks and uncertainties such that its results, or the measures it adopts, could differ materially from those indicated or underlying these statements or could have an impact on the degree of realization of a particular projection. Major factors that may lead to a material difference between Stelmine’s actual results and the projections or expectations set forth in the forward-looking statement include the risk that the Company does not complete the Placement as anticipated, and such other risks as described in detail from time to time in the reports filed by Stelmine with security authorities in Canada. Unless otherwise required by applicable securities laws, Stelmine disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of the new information, future events or otherwise. The forward-looking information in this release is based on information available as of the date of this release.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For more information : | |
Isabelle Proulx | Christian Guilbaud |
President and CEO | Business Development |
418-626-6333 | 514-813-7862 |
info@stelmine.com | |
Stelmine.com |
- Published in Stelmine Canada
Another gold discovery for Stelmine in the James Bay Area
Momentum Public Relations
Press Release: April 17 2018
Stelmine Canada(« Stelmine ») (TSX-V:STH). Stelmine announces a gold discovery on its Joubert property which is highlighted by concentrations of 2.48 g/t Au, 0.16 %Zn, 1440 and 2760 ppmAs. Following its exploration strategy targeting the best gold potential zones near the contact of the La Grande and Opinaca Sub-province in Quebec, the Company increased the area of the Joubert property. These acquisitions are based on the assay results of grab rock samples collected in 2017 on Joubert and on the geological and structural context conductive to mineralization.
|
« These results allow the Company to consider our new work program with an optimistic outlook. With the Company discoveries and over 994 claims staked in this new exploration sector of the eastern Opinaca and La Grande Sub-provinces, Stelmine becomes a major player of the industry » claims Isabelle Proulx, President of Stelmine Canada.
The Company acquired by staking 75 new claims that include the extension of greenstone belts, metasedimentary and gabbroïc rocks located in the eastern part of the La Grande geologic Sub-province in the James Bay area. The Joubert property was expanded to 182 claims covering an area of 94.25 km2.
Stelmine’s geologists completed a two day exploratory visit of the property allowing the mapping of metasedimentary rock assemblages (Solomon Formation) at the contact with basaltic metavolcanics (Trieste Formation) having a larger extent relative to what is revealed by the MERNQ mapping. Gold mineralization was discovered in the northeastern corner of the property on a gossan exposing paragneissic rocks in contact with metabasalts. The mineralization zone includes pyrrhotite, pyrite and chalcopyrite locally massive or in fractures. The rock is occasionally silicified and magnetic containing graphite and quartz veins. Grab samples revealed assay values of 2.48 g/t Au, 0.16 %Zn, 1440 and 2760 ppmAs. In the southeastern part of the property, near the pyroxenitic/peridotitic pluton of the Dutreuil suite and the Au-Cu showings identified by the MERQ, a lithologic assemblage similar to the previous one exposes ultramafic rocks, massive and pillowed basalts and metasediments revealing massive to disseminated, graphitic and cherty zones showing anomalous gold and zinc values (0.10 and 0.13 g/t Au) and (0.10 % Zn). These convincing assay results are added to the recent MERQ values highlighting anomalous Au (0.10-0.11 g/t Au), Zn (0.10-0.24 %) and As (3000 ppm) concentrations in Joubert’s metavolcanic and metasedimentary rocks. Assay values of 4.69 g/t and 0.48 g/tAu were produced from deformed quartz veins located 1 km south of Stelmine’s new discovery (see Figure 1).
During the 2018 summer season, Stelmine will implement a more thorough exploration campaign of the Joubert property including geological and structural mapping accompanied by rock sampling.
The technical contents of this release were approved by Michel Boily, PhD, geo; a Qualified Person (QP) as defined by National Instrument 43-101.
Follow us on www.Stelmine.com and on our Facebook page (Stelmine Canada) where we uploaded pictures of the Courcy project.
About Stelmine
Stelmine is a junior mining exploration company which concentrates its activities in the Province of Québec. Stelmine holds 994 claims spanning 662.8 km2 on the eastern part of the Opinaca metasedimentary basin, which contains zones with a high potential for gold deposit discovery in geological contexts similar to the one leading to discovery of the Éléonore Mine. Its capital stock consists of 23,680,645 issued and outstanding shares for a current market capitalization of $4.1 million.
Forward-looking statements
The statements set forth in this press release, which describes Stelmine’s objectives, projections, estimates, expectations or forecasts, may constitute forward-looking statements within the meaning of security legislation. Positive or negative verbs such as “believe”, “can”, “shall”, “intend”, “expect”, “estimate”, “assume” and other related expressions are used to identify such statements. Stelmine wishes to state that, by their very nature, forward-looking statements involve risks and uncertainties such that its results, or the measures it adopts, could differ materially from those indicated or underlying these statements or could have an impact on the degree of realization of a particular projection. Major factors that may lead to a material difference between Stelmine’s actual results and the projections or expectations set forth in the forward-looking statement include the risk that the Company does not complete the Placement as anticipated, and such other risks as described in detail from time to time in the reports filed by Stelmine with security authorities in Canada. Unless otherwise required by applicable securities laws, Stelmine disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of the new information, future events or otherwise. The forward-looking information in this release is based on information available as of the date of this release.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For more information :
Isabelle Proulx | Christian Guilbaud |
President and CEO | Business Development |
581-998-1222 | 514-813-7862 |
info@stelmine.com | |
Stelmine.com |
A map accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/e411ff50-781a-4d11-b8eb-3fd106c491c1
- Published in Stelmine Canada
New gold discovery for Stelmine in the eastern James Bay region
Momentum Public Relations
Press Release: June 1 2018
Stelmine Canada(« Stelmine ») (TSXV:STH). Stelmine announces a new gold discovery on its Trieste property and follows its commitment to acquire properties within the more prospective gold-bearing terranes exposed in Quebec near the boundary between the La Grande and Opinica subprovinces. The Company has nearly doubled the area of its Trieste property following the positive results obtained on its Courcy flagship property in conjunction with the analytical results received in 2017 on the Trieste property which indicate gold mineralization representing a new discovery.
“Despite a short one day excursion completed by helicopter on Trieste, we were pleasantly surprised to discover gold-bearing iron formations. It became clear to us it was imperative to preserve this potential asset for Stelmine and increase its area,” says Stelmine’s president, Isabelle Proulx.
The Company has acquired 81 new claims encompassing slivers of greenstone belts located in the eastern La Grande subprovince in the James Bay region. The Trieste property now spans an area of 66.6 km2distributed in 129 claims.
A visit to the Trieste property by our geologists allowed the identification of folded bands of magnetic iron formations (oxide facies) intercalated with metasediments and mafic metavolcanic layers. The iron formations contain magnetite and sulphides (pyrite, pyrrhotite, arsenopyrite and chalcopyrite) and is crosscut by sulphide-bearing quartz veins. A composite sample of mineralized wallrocks near the banded iron formations revealed gold and arsenic values of 1.10 g/t and 8350 ppm respectively.
“The results coming from the Trieste property integrated with those from the Courcy project open great perspectives relative to the development of a new zone with strong gold potential in Quebec. Stelmines strives to become the leader in this new exploration sector,” reiterates Isabelle Proulx.
Stelmine will implement a more thorough exploration campaign of the entire Trieste property during the summer 2018, including geological and structural mapping and rock sampling.
The technical contents of this release were approved by Michel Boily, PhD, geo; a Qualified Person (QP) as defined by National Instrument 43-101.
Follow us on www.Stelmine.com and on our Facebook page (Stelmine Canada) where we uploaded pictures of the Courcy project.
About Stelmine
Stelmine is a junior mining exploration company which concentrates its activities in the Province of Québec. Stelmine holds 919 claims spanning 624 km2 on the eastern part of the Opinaca metasedimentary basin, which contains zones with a high potential for gold deposit discovery in geological contexts similar to the one leading to discovery of the Éléonore Mine. Its capital stock consists of 23,680,645 issued and outstanding shares for a current market capitalization of $4.2 million.
Forward-looking statements
The statements set forth in this press release, which describes Stelmine’s objectives, projections, estimates, expectations or forecasts, may constitute forward-looking statements within the meaning of security legislation. Positive or negative verbs such as “believe”, “can”, “shall”, “intend”, “expect”, “estimate”, “assume” and other related expressions are used to identify such statements. Stelmine wishes to state that, by their very nature, forward-looking statements involve risks and uncertainties such that its results, or the measures it adopts, could differ materially from those indicated or underlying these statements or could have an impact on the degree of realization of a particular projection. Major factors that may lead to a material difference between Stelmine’s actual results and the projections or expectations set forth in the forward-looking statement include the risk that the Company does not complete the Placement as anticipated, and such other risks as described in detail from time to time in the reports filed by Stelmine with security authorities in Canada. Unless otherwise required by applicable securities laws, Stelmine disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of the new information, future events or otherwise. The forward-looking information in this release is based on information available as of the date of this release.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For more information : | |
Isabelle Proulx | Christian Guilbaud |
President and CEO | Business Development |
581-998-1222 | 514-813-7862 |
info@stelmine.com | |
Stelmine.com |
- Published in Stelmine Canada
Stelmine reveals a new gold-rich zone on Courcy
Momentum Public Relations
Press Release: April 5 2018
Stelmine Canada(« Stelmine ») (TSX-V:STH) reveals the results of its last exploration campaign realized on a new zone located in the southern part of the Courcy property. In fact, our work including geological mapping, sampling and overburden stripping unhearted km-long structures and gold-bearing lithologies on which more detailed work certainly including diamond drilling will be completed during the 2018 summer season.
The Southern Zone presents several geological features that warrant a more thorough investigation:
- Visible gold observed on at least three major showings;
- High gold values associated with pyrrhotite-rich deformed/mylonitic metasedimentary/metavolcanic rocks: ex. 167 g/t, 33 g/t, 24.8 g/t and 4.8 g/t;
- Gold assay values ranging from 0.36 to 24.8 g/tAu and averaging 2.75 g/t (41 samples excluding the 167 g/t sample);
- The reinterpretation of past geophysical surveys highlighted bent contours in magnetic/conductive signatures suggesting deformed structures susceptible to form traps for gold mineralization. These km-long folded features (mylonites and shears) are rich in pyrrhotite ± pyrite ± chalcopyrite±gold;
- The widespread occurrence of conglomeratic units combined with the presence of fuchsite associated with sulfide-rich rocks, ultramafic sills, silicified protoliths and quartzite/arenitic bands, all suggest widespread hydrothermal alteration possibly associated with gold mineralization.
The Courcy property consists of 393 claims located in the eastern segment of the Opinaca sub-province near the Quebec/Labrador border, 100 km west of the city of Fermont, Quebec.
The technical contents of this release were approved by Michel Boily, PhD, geo; a Qualified Person (QP) as defined by National Instrument 43-101.
Follow us on www.Stelmine.com and on our Facebook page (Stelmine Canada) where we uploaded pictures of the Courcy camp and of our crew at work.
About Stelmine
Stelmine is a junior mining exploration company which concentrates its activities in the Province of Québec. Stelmine holds 838 claims spanning 583 km2 on the eastern part of the Opinaca metasedimentary basin, which contains zones with a high potential for gold deposit discovery in geological contexts similar to the one leading to discovery of the Éléonore Mine. Its capital stock consists of 23,680,645 issued and outstanding shares for a current market capitalization of $3.9 million.
Forward-looking statements
The statements set forth in this press release, which describes Stelmine’s objectives, projections, estimates, expectations or forecasts, may constitute forward-looking statements within the meaning of security legislation. Positive or negative verbs such as “believe”, “can”, “shall”, “intend”, “expect”, “estimate”, “assume” and other related expressions are used to identify such statements. Stelmine wishes to state that, by their very nature, forward-looking statements involve risks and uncertainties such that its results, or the measures it adopts, could differ materially from those indicated or underlying these statements or could have an impact on the degree of realization of a particular projection. Major factors that may lead to a material difference between Stelmine’s actual results and the projections or expectations set forth in the forward-looking statement include the risk that the Company does not complete the Placement as anticipated, and such other risks as described in detail from time to time in the reports filed by Stelmine with security authorities in Canada. Unless otherwise required by applicable securities laws, Stelmine disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of the new information, future events or otherwise. The forward-looking information in this release is based on information available as of the date of this release.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For more information :
Isabelle Proulx President and CEO |
Christian Guilbaud Business Development |
581-998-1222 info@stelmine.com |
514-813-7862 |
Stelmine.com |
- Published in Stelmine Canada, Uncategorized