Stellar AfricaGold Inc.
TSX VENTURE : SPX

Stellar AfricaGold Inc.

August 02, 2016 09:54 ET

Stellar AfricaGold Completes an Airborne Geophysical Survey on its Eastmain Belt North and South Properties, James Bay, Quebec

MONTREAL, QUEBEC--(Marketwired - Aug. 2, 2016) - Maurice Giroux, President and Chief Executive Officer of Stellar AfricaGold Inc. (TSX VENTURE:SPX) ("Stellar" or the "Company") is pleased to announce that it has just completed the field portion of an airborne geophysical survey on its 100% owned Eastmain Gold Belt North and South properties located in the Eeyou Istchee Territory, James Bay, Québec. These two properties are located approximately 350 km north of the town of Chibougamau, Quebec and are both accessible from Chibougamau by the new 243-kilometer-long all-season road to Stornoway's Renard diamond Mine (route 167 extension). The whole area is part of Quebec's Government Plan Nord¨ Development Program.

The Eastmain Belt South Property consists of 37 claims totalling 1,950 hectares and is adjacent to the Eastmain Mine property owned by Eastmain Resources that have just announced a $1.3 million extensive exploration program in this significantly under-explored area. The Eastmain Mine is a past producing mine with ramp access to underground workings and surface infrastructure sufficient to accommodate a 60 person work force.

Stellar's Eastmain Belt South property boundary is located just about 2 km to the East of the mine site and in the hinge of a major regional fold that affect the entire Eastmain Greenstone Belt that hosting the Eastmain gold mine.

The Eastmain Belt North Property, which consists of 16 claims totalling 840 hectares, is adjacent to SOQUEM Lac Harbour gold property located at about 25 km to the North of the Eastmain Mine. Geologically, the property is laying over the contact zone between the NE arm of the Eastmain Greenstone Belt and Granitoid rocks of the Canadian Shield.

The survey consisted of a total of 350 line-kilometre at line spacing of 100 metres of a Helicopter born Magnetic and Time-Domain Electromagnetic survey conducted by Prospectair Geosurveys and was prepared and planned by M. Joel Dubé, P.Eng, a Qualified Person as defined in NI 43-101. The survey data is currently under interpretation and results will be released as soon as available.

Maurice Giroux, President and CEO of the Company declares: "We are very pleased to have had the opportunity to position Stellar in this under-explored Volcanic Belt. The gold potential of the Sector is clearly defined by the presence of the Eastmain Gold Mine and by the SOQUEM Lac Arbour gold Project. I am very confident that the current exploration effort by Eastmain Resources, Stellar, Amex and others will confirm, with new discoveries, the great potential of that Greenstone Belt. The results of the current survey are essential in the understanding of the geology of the underlying area and in the planning of the next phase of work."

ABOUT STELLAR AFRICAGOLD INC.

Stellar AfricaGold Inc. is a Canadian mine exploration Company based in Montreal, Quebec, with operations concentrated mainly in West Africa and in Quebec.

The Company is currently developing the promising gold potential of the Balandougou project in Guinea, which is at an advanced exploration stage, as well as the Namarana project in Mali.

In Quebec, the Company owns 100% of the Opawica, Eastmain Belt North and South and Terrax Option, all in the Chibougamau and James Bay area.

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.

Note that Stellar Website is temporarily closed for update purpose.

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