Another gold discovery for Stelmine in the James Bay Area
Québec, April 17, 2018– Stelmine Canada (« Stelmine ») (STH-TSXV). 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 ppm As. 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 ppm As. 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/t Au 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.
Figure 1. Geology of the Joubert property
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.
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. .
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