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QUEBEC, QUEBEC–(Marketwired – Aug. 22, 2017) – Stelmine Canada Ltd. (« Stelmine ») (TSX VENTURE:STH) is updating the current exploration work undertaken on its Courcy flagship property located in the eastern segment of the Opinaca basin near the Quebec/Labrador border. Since mid-June 2017, our field crew took large steps toward the reinterpretation of known gold-bearing zones.
Presently, our exploration work focuses on the Courcy property where previous drilling by another mining company in 2006 revealed an intersection of 4,5 g/t Au @ 42 m (including 12 g/t Au @ 13,5 m; Ref : PR, December 2016).
Our results suggest a new geological interpretation of the terrane based on a metallogenic model relating the gold mineralization to silcate-facies Banded Iron Formations (BIFs) deposited within a large basin dominated by deformed and metamorphosed metasediments (conglomerates, sandstones, quartzites) associated with mafic to felsic volcanic assemblages (basalts, rhyodacites, rhyolites).
“We are delighted with the reinterpretation of the geological map of the property, which opens the door to new discoveries since only 25% of the property (156 km2) will be investigated during this year’s exploration. These discoveries confirm our desire to acquire new properties located in the eastern portion of the Opinaca subprovince, the latter being the site of the Éléonore Mine to the west” stated Isabelle Proulx, CEO of Stelmine.
A crew of eight employees composed of senior and junior geologists and technicians are carrying out geological mapping, rock sampling (grab and channel) and overburden stripping that allowed:
- The reinterpretation and clarification of the former geological map
- Performing overburden stripping covering hundreds of m2 to enlarge the mineralized zones and expose new areas
- Collecting over 338 rock samples for analyses
Stelmine is completing the exploration of its Courcy property. The work results, including precious and base metals assays, will enable the emplacement of future drill holes.
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 and its activities are located in the Province of Québec. Stelmine holds 754 claims spanning 383 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 21,926,452 issued and outstanding shares for a current market capitalization of $5.5 million.
Certain statements made herein may constitute forward-looking statements. These statements relate to future events or the future economic performance of Stelmine and carry known and unknown risks, uncertainties and other factors that may appreciably affect their results, economic performance or accomplishments when considered in light of the content or implications or statements made by Stelmine. Actual events or results could be significantly different. Accordingly, investors should not place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
President and CEO
Tue, 22 Aug 2017 14:16:49 GMT