Stelmine reveals a new gold-rich zone on Courcy
TSX VENTURE: STH
QUÉBEC CITY, April 05, 2018 (GLOBE NEWSWIRE) -- Stelmine Canada (« Stelmine ») (TSX-V:STH) reveals the results of its last exploration campaign realized on a new zone located in the southern part of the Courcy property. In fact, our work including geological mapping, sampling and overburden stripping unhearted km-long structures and gold-bearing lithologies on which more detailed work certainly including diamond drilling will be completed during the 2018 summer season.
The Southern Zone presents several geological features that warrant a more thorough investigation:
- Visible gold observed on at least three major showings;
- High gold values associated with pyrrhotite-rich deformed/mylonitic metasedimentary/metavolcanic rocks: ex. 167 g/t, 33 g/t, 24.8 g/t and 4.8 g/t;
- Gold assay values ranging from 0.36 to 24.8 g/t Au and averaging 2.75 g/t (41 samples excluding the 167 g/t sample);
- The reinterpretation of past geophysical surveys highlighted bent contours in magnetic/conductive signatures suggesting deformed structures susceptible to form traps for gold mineralization. These km-long folded features (mylonites and shears) are rich in pyrrhotite ± pyrite ± chalcopyrite±gold;
- The widespread occurrence of conglomeratic units combined with the presence of fuchsite associated with sulfide-rich rocks, ultramafic sills, silicified protoliths and quartzite/arenitic bands, all suggest widespread hydrothermal alteration possibly associated with gold mineralization.
The Courcy property consists of 393 claims located in the eastern segment of the Opinaca sub-province near the Quebec/Labrador border, 100 km west of the city of Fermont, Quebec.
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 838 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 $3.9 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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