Stelmine initiates a new exploration campaign on its Courcy flagship property
TSX VENTURE: STH
QUÉBEC CITY, Quebec, June 21, 2018 (GLOBE NEWSWIRE) -- Stelmine Canada (« Stelmine ») (TSXV:STH). Stelmine announces the start of its summer 2018 exploration program on the Courcy flagship property. The gold property is located in the eastern segment of the Opinaca sub-province near the Québec/Labrador border.
The main objective of this campaign is to circumscribe and expand all zones containing gold mineralization and positioning drill collars for a drilling campaign to be initiated during the fall of 2018. Based on the results obtained from previous field work completed in 2017, the exploration work will include:
- detailed geological and structural mapping;
- rock sampling (grab and channel), and overburden stripping on 17 priority zones containing gold mineralization distributed throughout the property.
Stelmine will devote 10 days to each the Trieste and Joubert properties, exploring (mapping and sampling) key areas where gold mineralization was discovered in 2017. The largely unexplored Mercator property will undergo regional exploration which is expected to last several days.
More than 1.2M$ was spent on a summer exploration campaign that was successful in discovering new potential Au-rich targets on the eastern Courcy property. Geological mapping combined with the reinterpretation of previous geophysical VTEM, THEM and MaxMin surveys allowed the definition of a new geological and structural framework related to gold mineralization. Over 2,000 m2 of overburden was stripped from 13 new mineralized sites. A total of 751 rock samples, including 265 channel samples having a total length of 265 m were collected from outcrops, ancient and new stripped zones.
To date, the Courcy North and South zones are deemed the most prospective for gold. The best results for the North zone varies from 0.31 to 8.38 g/t Au, with an average concentration of 1.29 g/t Au if we merge Stelmine and SOQUEM’s previous data. Significant channel sample results yielded 1.05 g/t Au on 8.39 m, 1.79 g/t on 4.10 m and 1.58 g/t on 4.20 m.
In the South Zone, several showings displayed visible gold and elevated Au concentrations in grab samples (ex: 167 g/t, 33 g/t, 24.8 g/t and 4.8 g/t). A compilation of values > 0.3 g/t obtained by Stelmine and SOQUEM produced an average of 3.65 g/t Au.
SOQUEM completed a drilling campaign, including 772 m of core material distributed in eight diamond drill holes and producing the following results: 4.27 g/t Au on 42 m (including 12.15 g/t Au on 13.5 m; drill hole no. 8), 0.94 g/t Au on 10.50 m (drill hole no. 4) and 0.4 g/t Au on 15 m (drill hole no. 2).
Stelmine’s President and CEO, Isabelle Proulx declares “Our exploration strategy on the Courcy property is specifically designed to focus on the most important gold-bearing targets throughout the property and will ultimately lead to a drilling campaign. The completion of our second year of field work will strongly benefit from our geological, geophysical and geochemical knowledge acquired from last year. In targeting the eastern segment of the Opinaca subprovince, Stelmine generated a renewed interest from the mining industry. Our results are now being closely monitored as we further explore the mining potential of this newly investigated mining sector”.
The Courcy property is located 100 km west of the city of Fermont, Québec. The property consists of 393 claims covering 206 km2 and is 100 % owned by Stelmine. Stelmine’s base camp is located on lac Couteau. A team comprising two senior geologists, two junior geologists, two technicians accompanied by a foreman and a cook is presently on site and carrying out work.
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 23,680,645 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 :|
|Isabelle Proulx||Christian Guilbaud|
|President and CEO||Business Development|