Stelmine announces the results of its channel sampling campaign on Courcy
Québec, February 28, 2018– Stelmine Canada (« Stelmine ») (STH-TSXV) is pleased to announce the results of the channel sampling campaign carried on different mineralized sites on the Courcy property during the fall of 2017.
Best results from channel sampling were obtained from three showings exposed within the Northern Zone; the Courcy 2.4 showing yielding an intersection of 1.05 g/t Au over 8.39 m, showing MG-14 generating 1.79 g/t over 4.10 m and the Rock’N’Roll site providing 1.58 g/t over 4.20 m (see Table below).
The Northern Zone reveals garnet and pyrrhote-pyrite-chalcopyrite-rich silicate iron formations/amphibolites that are sheared, deformed, brecciated and mylonitized and injected by pyrrhotite veins, breccias and quartz veins/veinlets over a 2.5 km2 area. The mineralized zone appears to be folded within a northeast-oriented fold axis. The schistosity plunge is variable creating favorable structural traps for gold mineralization.
Other gold-bearing grab samples gave values ranging between 0.31 and 8.38 g/t Au, with a mean of 1.49 g/t. Twenty-one (21) grab samples collected by SOQUEM from the same area yielded a mean concentration of 1.93 g/t Au, generating a combined average of 1.79 g/t Au (Stelmine/SOQUEM).
The gold-bearing channels are located 80 to 130 m west of the former drill sites implanted by SOQUEM in 2006. The campaign, including 772 m of core material distributed in eight diamond drill holes, produced the following results: 0.4 g/t Au @ 15 m (drill hole no. 2); 0.94 g/t Au @ 10.50 m (drill hole no. 4) and 4.27 g/t Au @ 42 m (including 12.15 g/t Au @ 13.5 m; drill hole no. 8).
The reinterpretation of past VTEM/TDEM geophysical surveys combined with the results of recent geological mapping accomplished in the Southern Zone unveiled ENE-WSW oriented folded structures (mylonites and shears). These structures are strongly magnetic and conductive manifesting the presence of pyrrhotite±pyrite±chalcopyrite within folded silicate iron formations/amphibolites and ultramafic sills. These contain gold mineralization (between 0.36 and 24.8 g/t Au) on the flanks and nose of folds along 1.2 km. Combining these results with those provided by SOQUEM (2004-2006) along one structure generates an average value of 2.75 g/t Au for 30 grab samples.
Isabelle Proulx, CEO and Director of Stelmine says: “The results of the channel samples indicate widespread areas of gold mineralization within folded, brecciated, sheared and mylonite zones. These pyrrhotite-rich mineralized structures are magnetic and conductive and strike over several kilometers. They constitute, in our model, structural traps favorable for gold mineralization. Further exploration work in the field will be oriented toward the definition of drill sites for the upcoming summer field season”.
Stelmine implemented a strict QA/QC protocol in processing all rock samples collected from the Courcy property. The protocol included the insertion and monitoring of appropriate reference materials, in this case, high concentration (MA-C2) and low concentration (GTS-2A) certified gold standards, blanks and duplicates, to validate the accuracy and precision of the assay results. All rock samples collected 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 from Wabush to the ALS laboratory in Val-d’Or was made by truck from reliable transport companies. Gold was analyzed by fire assay method (Au-AA25 package) and other elements, including Ag, Cu, Zn, Pb, As and S, were determined by ICP-AES after powder sample dissolution in Aqua-Regia (package ME-ICP41).
Stelmine is a junior mining exploration company which concentrates its activities in the Province of Québec. Stelmine holds 799 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 $5 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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