Stelmine acquires its fifth property: Joubert
Québec, February 28, 2017- Stelmine Canada Ltd. (« Stelmine ») (STH-TSXV) continuing its recent wave of acquisition of mining properties located at the prospective eastern contact of the Opinaca and La Grande subprovinces that bears similar geological features to that of Goldcorp Éléonore mine, Stelmine acquired the Joubert property. This fifth property, staked through the MRNQ GESTIM website, is located 55 km NE of the Renard diamond mine which is accessible by Road 167. Joubert, 100% owned by Stelmine, is constituted of 108 continuous claims totalling 60 km2.
During the mid-2000s, exploration work conducted by Virginia Mines in greenstone belts exposed northeast of the Joubert property lead to the discovery of gold showings. A recent large scale geological map of NTS sheets 33H01, 23E03, 23E04 compiled from previous work and new mapping carried out by Quebec’s MERN (CG-2015-02) enabled the identification of prospective areas for Au-Cu mineralization (see map on www.stelmine.com).
The geology of the Joubert property manifests some of the characteristics associated with gold mineralization occurring at the periphery of the western Opinaca sedimentary basin at the contact with the La Grande subprovince (e.g. Éléonore, Zone 25, La Grande-South). Moreover, the contact between the subprovinces is manifested by regional EW to NE-oriented major plurikilometric-long fault zones. In Joubert, the exposed La Grande rocks are largely constituted of highly metamorphosed paragneiss and diatexites (Salomon River Fm.), amphibolite rocks (basaltic) forming the Trieste Fm. and of gneissic to foliated granodiorites and tonalites of the Joubert Suite. The Opinaca lithologies are represented the paragneiss, diatexites and metatexites of the Laguiche Complex.
«With the acquisition of the Joubert property, Stelmine follows an aggressive strategy of discovering high- potential gold properties set in a similar geological environment to that of the Éléonore Mine. This new acquisition brings the Company portfolio to five properties totalling 707 claims and covering 368 km2» stated Isabelle Proulx, president and CEO.
The technical content of this release was approved by Michel Boily, PhD, Geo, a Qualified Person as defined by National Instrument 43-101.
Stelmine is a restructuring junior Québec mining exploration company operating in Québec. Its capital stock consists of 18,353,884 issued and outstanding shares for a current market capitalization of $4.5 million
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.
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