Stelmine unearths two new gold mineralized zones on the Courcy property
Québec, April 30, 2019-Stelmine (STH-TSXV). Stelmine reports the discovery of two new gold-bearing zones (Courcy 4.0 and 4.1) near the major 21-km long Couteau fault. Last channel sampling, carried out by the Company, lead to the exposure of mineralized outcrops located over 7 km southwest (SW) of the main Courcy 2.4 zone (Figure 1). Gold values of 1.15 g/t over 2.0 m (Courcy 4.0) and 1.05 over 3.0 m (Courcy 4.1) were detected in highly deformed, finely-bedded pyrrhotite and garnet-rich amphibolites/silicate-facies iron formations situated 550 m north of the Couteau fault (Figure 2).
More than 109 rock samples were collected from outcrops exposed within the SW zone, including 80 channel samples adding-up to 79.5 m in length.
This discovery confirms the gold-potential of the Upper Soulard Formation and the Couteau fault; prompting Stelmine to continue its exploration work on these new outcrops as early as next summer. Future work will reach closer to the Couteau fault defined by positive mag anomalies and high conductivity.
Isabelle Proulx, CEO of Stelmine states: “These new results consolidate our confidence in the gold potential of the Courcy property. The discovery of the new gold zones suggests the occurrence of mineralized horizons extending to the Courcy 2.4 site.”
Geology of the Courcy property
At the center of the property, the Couteau fault separates the Soulard Formation into two volcanic units at the level of an assemblage of sulfurized, garnet-rich silicate facies iron formations and iron-rich amphibolites. The best gold results came from pyrrhotite-rich amphibolite and iron formation samples within and at the margin of this major fault.
The geology of the Courcy property comprises a large, strongly-deformed (meta-) sedimentary basin located in the eastern and northern areas of the property. The basin is composed of grauwackes, mudstones., quartz arenites, quartzites and monogenic/polygenic conglomerates together with amphibolites. The Courcy Formation is mainly characterized by a metavolcanic gneissic assemblage of metandesites, tuffs and migmatitic paragneiss crosscut by dioritic and tonalitic sills. South of the property, a series of tonalitic, granodioritic and monzogranitic rocks forming the Atticoupi Suite is in contact with the metasedimentary and metavolcanics assemblages.
Figure 2a and 2b. Garnet and amphibole-rich magnetic amphibolites/finely-bedded iron formations, with occasional métatexites, containing pyrrhotite (5-10%) and arsenopyrite (?). Courcy 4.2 auriferous zones
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 (OREAS-210) and low concentration (OREAS-252) certified gold standards, blanks and duplicates, to validate the accuracy and precision of the assay results. All collected rock samples 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 to Actlabs laboratories in Ancaster, Ontario was made by truck from reliable transport companies. Gold was analyzed by fire assay method (Au-FA_ICP).
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 955 claims spanning 497 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 $3.6 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.
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President and CEO
- Stelmine initiates the first stage of its 2019 drilling campaign
- Stelmine is making plans to drill on the Courcy property
- Stelmine unearths two new gold mineralized zones on the Courcy property
- Encouraging results in the new sector of the eastern Opinaca basin
- 2.81 g/t Au on 1 m discovered by Stelmine
- Significant gold values extending over more than one km for Stelmine
- Stelmine announces the results of its annual meeting of Shareholders
- Gold mineralization associated with a major fault extending 21 km at Courcy
- Stelmine initiates new exploration work
- Stelmine completes the second tranche of a private placement of $1,305,500
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