Stellar Pacific Ventures Inc.
TSX VENTURE : SPX

Stellar Pacific Ventures Inc.

February 24, 2010 10:00 ET

Stellar Pacific Ventures Resumes Exploration on Balandougou Guinea Gold Project

MONTREAL, QUEBEC--(Marketwire - Feb. 24, 2010) - Stellar Pacific Ventures Inc. (TSX VENTURE:SPX) ("Stellar" or the "Company") announces that further to discussion held in Guinea with Joint Venture partners Ultragold Holding it was agreed to concentrate further exploration efforts on a 50 km2 area of the Balandougou Property where an historical regional geochemistry survey done by Hereford Securities in 1997, has outlined a large gold anomaly that covers 80 km2 and that shows NE/SW anomalous trends that measures up to 8 km long. (see 2 fig.: http://media3.marketwire.com/docs/SPXA0224.pdf)

An extensive detailed geochemistry survey covering 50 km2 and totalling 5,000 samples was started on February 8th, and will be followed up by trenching and drilling of best targets.

Along the main trends of that anomaly are located the SOLOTOMO artisan mine as well as the CQ and ST group of trenches where previous sampling done in the course of an independent NI 43-101 compliant assessment by Goldenfrank Resources Inc. returned some high grade gold contents.

In particular, in May 2009, in an initial drill program, Goldenfrank drilled 23 holes totalling 1,597 metres on 7 drill sections, 50 metres apart on Solotomo gold occurrences in order to confirm the lateral and vertical extension of the Solotomo gold mineralisation. The gold at Solotomo appears to be related to a stockwork of quartz veinlets with various attitudes. The observation of the artisan pit walls suggests that the dominant network consists of sub-horizontal veinlets. In addition, thicker quartz veins are present in the structure; one of these veins, oriented N20oE, and sub-vertical was sampled and returned a grade of 33.9 g/t Au.

In this initial RC drill program the entire 1,597 metres of drilling was sampled by way of 4 metres sample composite. Some 17 samples intersected the zone and returned grades ranging between 1.0 to 4.1 g/t Au/4.0m and outlining the continuity of a wide gold mineralized zone on more than 300 meters long and open in all directions.

The observation of the nature and orientation of the gold mineralization exposed on the Solotomo large pits and its location on the axis of an 8 km long soil gold anomaly, has contributed to the design of the current phase of work which will consist of:

  • Detailed soil geochemistry coverage over an area of 50km2. Collection of 5,000 samples at 200m X 50m interval. (Started February 8th, 2010)

  • The best targets outlined will be trenched by excavator.

  • An RC drill program will test depth and horizontal extension.

It was agreed between Joint Ventures partners that emphasis will be put in areas where current data confirm the presence of extensive gold bearing structures susceptible to lead shortly to a resources calculation.

Let's recall that, by an option agreement signed with Goldenfrank Resources Inc. in January 2009, Ultragold Holding of Denver Co., can earn 50% of Goldenfrank's stake in the Guinea Properties by spending US$1,5 million in exploration work on the Balandougou property.

Mr. Maurice Giroux, President and CEO of Stellar who just returned from Guinea said:"I am very pleased with the conclusion of meetings and discussions with the company's joint venture partners, Ultragold Holding, and their eagerness to undertake the next phase of work on Balandougou property. I am confident that this program will lead to the confirmation of a substantial gold resource on the Balandougou Project where the local population has made a living for generations from numerous active digging sites. I was still very impress by hundreds of people currently working on at least 6 different gold productive sites, most of them showing extensive mineralized quartz veins and visible gold in all sites. Artisans workers have always been considered good prospectors and are responsible for discoveries of major mines in West Africa."

ABOUT BALANDOUGOU PROPERTY:

The Balandougou property is located some 100 kilometers to the North of Siguiri, in Upper Guinea, close to the Mali border. It is composed of three contiguous permits, from North to South:

  • The Niagassola permit (59 km2);

  • The SOCOSGUI permit (250 km2);

  • The Sirakoro permit (110 km2).

In July and August 2007, GoldenFrank Resources Inc., now a wholly-owned subsidiary of Stellar Pacific Ventures Inc., bought an 80% interest in the property.

In Upper Guinea, the Birimian formations belong to the Siguiri Basin, composed mainly of fine grained sedimentary rocks (argillites and siltstones) with late granitic intrusions. The Siguiri Basin hosts the three producing gold mines in Upper Guinea: Koron (Anglo-Ashanti), Lero-Karta (Kenor) and Kiniero (SEMAFO), as well as two other major gold mines in neighbouring Mali: Kangaba and Kéniéba.

On the Niagassola permit, the main gold occurrence is the Kéniébani Artisan gold mine. This active gold digging site extends for at least 600 metres along a major quartz vein. The vein is estimated to strike N 55oE with a subvertical dip. Eight quartz blocks samples collected on this site yielded gold concentrations ranging between 7.2 and 465 g/t Au.

To the East of Kéniébani site, a quartz vein, exposed in a trench on the side of a hill, returned values of 2.26 and 20.7 g/t Au. 

To the West of Kéniébani site, a lenticular quartz vein returned a value of 1.01 g/t Au. 

On the SOCOSGUI permit, ten (10) gold occurrences were visited. Three (3) of them (Fadaninda, Mawren and Solotomo) are considered as high priority targets.

Two (2) others (the ST and CQ groups of trenches) warrant additional work. The five others did not yield encouraging results and are considered as lower priority targets.

Fadaninda consists of a quartz vein estimated to strike N10oE with a subvertical dip. Two samples collected on this site yielded 62 and 108 g/t Au. Mawren is a quartz vein estimated to strike N25oE with a subvertical dip. A sample from the artisan mine tailings returned 154 g/t Au. 

Solotomo is a stockwork of quartz veinlets in a fine grained granitic rock and the overlying laterite. Three samples collected on this occurrence gave 33.9, 21.1 and 12.3 g/t Au. Solotomo has been the site of a large gold rush between November 2006 and April 2007, when some 14,000 artisan miners were working on this gold occurrence.

The ST and CQ groups of trenches were dug by Hereford Securities (the previous owner of the permits) in 1999. They are located respectively 1.7 and 2.8 km to the East of Solotomo. A sample composed of shallow dipping (around 10o) quartz veinlets in trench ST-1 returned a value of 34.2 g/t Au. In trench CQ-1, a schist with quartz veinlets yielded 1.32 g/t Au. Trench CQ-4 returned a channel sample of 12.7g/t Au/4.0m. 

About Stellar Pacific Ventures

Stellar Pacific Ventures (TSX VENTURE:SPX) is a Canadian-based mining exploration company whose primary mission is to target, explore and develop gold deposits in Canada and Africa.

Stellar is dedicated to creating growth by discovering and mining the earth's resources in an efficient and environmentally responsible manner.

The technical content of this press release have been reviewed and approved by Mr. Maurice Giroux, a qualified person as defined in NI 43-101 regulation.

Neither 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.

Contact Information

  • Stellar Pacific Ventures Inc.
    Maurice Giroux
    President and CEO
    514-866-6299
    514-866-8096 (FAX)
    Ress.stellar@bellnet.ca