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Stelmine Canada (« Stelmine ») (STH-TSXV) Stelmine announces an update on its current exploration work. The current focus of exploration work on the Courcy property is on the northwestern flank of the major anticline structure associated with the gold prospective Couteau fault.
Stelmine Canada Ltd. (“Stelmine”) (STH.V) announces today that it has completed a non-brokered private placement (the “Placement”). In order to perform the planned drilling campaign on its Courcy property, the Company will launch a new financing round for which it has already received commitment. “Our crew of exploration geologists is carrying on with the pre-drilling phase on the Courcy property.
Stelmine (STH-TSXV) is pleased to announce, as of July 14, the first stage of its drilling campaign program on its Courcy flagship gold property located in the Superior Province near the Quebec-Labrador border. The forward-looking information in this release is based on information available as of the date of this release.
Stelmine Canada (STH-TSXV) is making plans to drill at its Courcy flagship project. Indeed, during the last two years the Company has completed meticulous exploration work with results allowing the initiation of a drilling campaign at shallow depth. Courcy is a relatively recent project undertaken just two years ago by Stelmine.
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Stelmine reports the discovery of two new gold-bearing zones (Courcy 4.0 and 4.1) near the major 21-km long Couteau fault. Last channel sampling, carried out by the Company, lead to the exposure of mineralized outcrops located over 7 km southwest (SW) of the main Courcy 2.4 zone (Figure 1 : https://stelmine.com/en/projects/courcy-properties/ ). Gold values of 1.15 g/t over 2.0 m (Courcy 4.0) and 1.05 over 3.0 m (Courcy 4.1) were detected in highly deformed, finely-bedded pyrrhotite and garnet-rich amphibolites/silicate-facies iron formations situated 550 m north of the Couteau fault (Figure 2).
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/ ). 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).
Channel sampling carried out on a chloritized amphibolite rock at proximity of a silicate/oxide iron formation exposed in the eastern sector of the property yielded a gold value of 2.81 g/t on 1 m. The assay corroborates the 1.10 g/t Au concentration obtained in 2017 by Stelmine on a composite sample collected near the iron formation (Figure 1). The Trieste property is located within the Trieste greenstone belt less than 80 km SW of the Trans-Taiga road in the James Bay Territory. Isabelle Proulx, President and CEO of Stelmine affirms: “These results combined with those obtained on the Courcy property let us believe the eastern portion of the Opinaca/La Grande sub-provinces will become an important gold district.
Stelmine geologists visited more than 38 sites and collected 22 grab samples during a 5 day heliborne campaign completed during September 2018. Isabelle Proulx, President and CEO of Stelmine declares: “The Mercator property, although sparsely explored, revealed significant gold values extending for 1 km along strike and associated with iron formations.
Stelmine Canada (« Stelmine ») (STH-TSXV) today announced the results of the annual meeting of its shareholders held in Montreal on this date (the “Meeting”). During the Meeting, the candidates recommended by management, being André Proulx, Isabelle Proulx, Christian Guilbaud, Michel Boily, Normand Goulet and Ann Levasseur, were elected as directors of the Company, Brunet Roy Dubé, chartered accountants, were appointed as the Company’s independent auditors, and the Corporation’s Stock Option Plan (“Stock Option Plan”) was re-approved by the Company’s shareholders.
Following the exploration work completed on its Courcy flagship property over the last two years, Stelmine can correlate the gold mineralization with a major fault zone (the Couteau fault) which extends 21 km. Best gold assays are provided by pyrrhotite-rich amphibolite and iron formation samples within or near this major fault. “The association between gold mineralization and a 21 km-long fault bodes well for the development of the potential on this zone. In fact, the most interesting assays provided from earlier drilling (4.27 g/t Au on 42 m) and a mean value of 0.74 g/t Au on 42 m from channel samples are located on the trace of this fault.” says Isabelle Proulx, president.