Stelmine Canada: Encouraging results in the new sector of the eastern Opinaca basin
TSX VENTURE: STH
QUEBEC CITY, April 08, 2019 (GLOBE NEWSWIRE) -- Stelmine Canada (« Stelmine ») (STH-TSXV) reveals the results of its exploration campaign completed on the Joubert property in which channel samples provided values of 0.83 g/t Au on 1.5 m and 1.10 g/t Au on 0.25 m (Figure 1 https://stelmine.com/en/projects/joubert-properties/ ). These new gold values support the recent discoveries obtained on the Trieste and Mercator properties in the eastern sector of the Opinaca metasedimentary basin. The Society, being at the avant-garde of the exploration of this largely unknown region, now holds a strategic advantage thanks to judicious acquisitions of key properties. In view of Stelmine discoveries, several mining companies now carry exploration around our claims, notably Osisko James Bay, Midlands Exploration (Isengard property), SOQUEM (Lake Harbour property) and Azimut Exploration (Galinée and Damas properties). These companies have reported promising results.
The analyzed lithologies consist of altered quartz-rich migmatized biotite/hornblende paragneiss containing pyrrhotite and arsenopyrite. Anomalous arsenic concentrations are reported (As between 679 and 2580 ppm). The showings are located 5 to 20 m from the Virginia Mines (2007) outcrops returning values of 4.69 g/t and 0.48 g/t Au obtained from deformed and dismembered quartz veins within pyrite-pyrrhotite-bearing gneiss/migmatites. Gold mineralization was discovered in 2017 by Stelmine in the northeast part of the property on a rusty outcrop exposing siltstones/tuffs layers at the contact with metabasaltic rocks. The mineralization is constituted of pyrrhotite, pyrite and chalcopyrite locally massive or injected in fractures. The rock is sometimes silicified, magnetic and contains graphite accompanied by quartz veins. Grab samples provided values of 2.48 g/t Au, 0.16 % Zn, 1440 and 2760 ppm As (Figure 1). The siltstones/tuffs in contact with metabasalts and a websterite intrusive continue westward and veer south then east. This contact constitutes a potential gold target thanks to the occurrence of disseminated to massive sulphide zones showing anomalous Au (0.10 and 0.13 g/t) and Zn (0.1 %) contents.
Isabelle Proulx, President and CEO of Stelmine affirms: “The Joubert property displays a diverse mineral potential presenting significant gold values associated with migmatized sedimentary and volcanic rocks. This bodes well for the future and Stelmine plans to carry out a more detailed exploration program principally aimed at the siltstones/tuffs and metabasalts contact. Our work adheres to a global perspective aiming at developing a new mining camp in the eastern sector of the Opinaca and La Grande sub-provinces. Stelmine is currently one step ahead of other mining companies due to its careful acquisition of high gold potential properties.”
The Joubert property consists of 182 claims, 100% owned by Stelmine and totaling 94 km2 (Figure 1). It is located 55 km NE of the Renard diamond mine accessible by route 167. The property is situated within the La Grande sub-province near the contact with the Opinaca metasedimentary sub-province. Work conducted in 2018 allowed the identification of metasedimentary rocks composed of migmatized cordierite-sillimanite paragneiss and migmatites (Solomon Formation) at the contact with occasionally pillowed metabasaltic rocks (Trieste Formation) and associated with bands of sulphide and graphite-rich siltstones/tuffs. The metavolcanic and metasedimentary rock assemblages were affected by several episodes of deformation and second-generation EW-oriented folds dipping to the east were recognized. Stelmine’s geologist collected 57 rock samples, of which 32 were channel samples.
Stelmine implemented a strict QA/QC protocol in processing all rock samples collected from the Joubert 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 at the base camp established at the Mirage outfitter on the Trans Taiga road. 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) and the other elements were determined by TD-MS or TD-ICP (ME-MS61).
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 $3.5 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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