Stelmine acquires 100% of the Courcy project
2017
Québec, September 26, 2017- Stelmine Canada Ltd. (« Stelmine ») (STH-TSXV) Exploration work resulting from systematic prospecting, mapping and overburden stripping on the Courcy property prompted Stelmine management to buy back immediately all Exploration J.F.’s and its partners’ holding in the project.
Since mid-June 2017, under the supervision of its Exploration Committee—geologists Michel Boily and Normand Goulet, who are specialized in geochemistry, metallogeny and structural geology—the Company has been carrying out an intensive exploration campaign on the Courcy property, located in the eastern portion of the Opinaca sub-province, which gave rise to the Éléonore Mine. This work provides a new geological interpretation of the sector, based on a metallogenic model associating gold mineralization with silicate iron formations (BIF) in a basin dominated by deformed, metamorphosed metasediments associated with volcanic assemblages (August 22, 2017 press release).
In exchange for Stelmine’s buyback of Exploration J.F.’s and its partners’ 10% interest in the Courcy property and cancellation of the right to a 1.25% royalty and half of a discovery bonus, Stelmine will pay Exploration J.F. and its partners $20,000 and issue 350,000 Company shares. Stelmine will grant a 0.25% royalty and a discovery bonus of $0.50 per ounce of gold for reserves totaling 5,000,000 ounces or more.
The transaction is subject to a regulatory 4-month-plus-1-day hold period (restrictions on resale). After that, Exploration J.F. and its partners will not be authorized to sell, on a given day, more than 10% of all Stelmine shares traded on stock markets that day without informing Stelmine 5 days before the transaction date and obtaining its prior consent.
This agreement and the proposed issuing of shares to Exploration J.F. and its partners are conditional on TSX Venture Exchange approval. In the context of the proposed share issue, the Company is availing itself of the prospectus exemption provided for in section 2.16 of the instrument 45-106 Prospectus Exemptions.
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 and its activities are located in the Province of Québec. Stelmine holds 754 claims spanning 383 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 21,926,452 issued and outstanding shares for a current market capitalization of $5.5 million
Forward-looking statements
Certain statements made herein may constitute forward-looking statements. These statements relate to future events or the future economic performance of Stelmine and carry known and unknown risks, uncertainties and other factors that may appreciably affect their results, economic performance or accomplishments when considered in light of the content or implications or statements made by Stelmine. Actual events or results could be significantly different. Accordingly, investors should not place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
-30-
For more information :
Isabelle Proulx
President and CEO
581-998-1222
info@stelmine.com
Stelmine.com
Christian Guilbaud
Director
514-813-7862
Releases
- Stelmine completes a strategic private placement of $600,050 with a lead order from Palisades Goldcorp Ltd.
- New on Stelmine’s Board of Directors
- Stelmine completes exploration work on its Trieste property
- Stelmine initiates a new exploration campaign on its Joubert gold property
- Stelmine to resume exploration of the Mercator gold property
- Stelmine to launch its exploration campaign
- Stelmine signs three non-disclosure agreements
- Stelmine makes a gold discovery and stakes new claims on the Joubert property
- Stelmine discloses the results of exploration work completed on the gold-bearing zone of its Joubert property
- Stelmine announces the results of its annual meeting of Shareholders
Archives
- December 2020 (2)
- October 2020 (1)
- August 2020 (1)
- July 2020 (2)
- June 2020 (3)
- January 2020 (2)
- October 2019 (2)
- August 2019 (2)
- July 2019 (1)
- June 2019 (1)
- April 2019 (2)
- February 2019 (2)
- January 2019 (1)
- November 2018 (1)
- September 2018 (1)
- July 2018 (2)
- June 2018 (2)
- May 2018 (1)
- April 2018 (3)
- February 2018 (1)
- January 2018 (1)
- December 2017 (2)
- October 2017 (2)
- September 2017 (1)
- August 2017 (1)
- June 2017 (3)
- May 2017 (1)
- April 2017 (1)
- February 2017 (3)
- January 2017 (2)
- December 2016 (3)
- November 2016 (2)
- September 2016 (1)
- July 2016 (6)
- June 2016 (1)
- January 2014 (1)
- June 2012 (2)
- February 2012 (1)
- December 2011 (1)
- February 2011 (1)
- December 2010 (1)
- December 2009 (2)
- October 2009 (1)
- June 2009 (1)
- April 2009 (1)
- June 2008 (1)
- December 2007 (1)
- January 2007 (1)