Stelmine initiates new exploration work
Québec, September 05, 2018– Stelmine Canada (« Stelmine ») (STH-TSXV). 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 ».
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.
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.
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.
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.
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 :
President and CEO
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- Encouraging results in the new sector of the eastern Opinaca basin
- 2.81 g/t Au on 1 m discovered by Stelmine
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- Stelmine announces the results of its annual meeting of Shareholders
- Gold mineralization associated with a major fault extending 21 km at Courcy
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- Stelmine completes the first $496,000 tranche of a private placement with investors including institutional fund
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