Stelmine Canada: New gold discovery for Stelmine in the eastern James Bay region
TSX VENTURE: STH
QUÉBEC CITY, April 11, 2018 (GLOBE NEWSWIRE) -- Stelmine Canada (« Stelmine ») (TSXV:STH). Stelmine announces a new gold discovery on its Trieste property and follows its commitment to acquire properties within the more prospective gold-bearing terranes exposed in Quebec near the boundary between the La Grande and Opinica subprovinces. The Company has nearly doubled the area of its Trieste property following the positive results obtained on its Courcy flagship property in conjunction with the analytical results received in 2017 on the Trieste property which indicate gold mineralization representing a new discovery.
"Despite a short one day excursion completed by helicopter on Trieste, we were pleasantly surprised to discover gold-bearing iron formations. It became clear to us it was imperative to preserve this potential asset for Stelmine and increase its area," says Stelmine’s president, Isabelle Proulx.
The Company has acquired 81 new claims encompassing slivers of greenstone belts located in the eastern La Grande subprovince in the James Bay region. The Trieste property now spans an area of 66.6 km2 distributed in 129 claims.
A visit to the Trieste property by our geologists allowed the identification of folded bands of magnetic iron formations (oxide facies) intercalated with metasediments and mafic metavolcanic layers. The iron formations contain magnetite and sulphides (pyrite, pyrrhotite, arsenopyrite and chalcopyrite) and is crosscut by sulphide-bearing quartz veins. A composite sample of mineralized wallrocks near the banded iron formations revealed gold and arsenic values of 1.10 g/t and 8350 ppm respectively.
"The results coming from the Trieste property integrated with those from the Courcy project open great perspectives relative to the development of a new zone with strong gold potential in Quebec. Stelmines strives to become the leader in this new exploration sector," reiterates Isabelle Proulx.
Stelmine will implement a more thorough exploration campaign of the entire Trieste property during the summer 2018, including geological and structural mapping and rock sampling.
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 919 claims spanning 624 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 $4.2 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 :|
|Isabelle Proulx||Christian Guilbaud|
|President and CEO||Business Development|