MONTREAL, QUEBEC--(Marketwired - March 29, 2017) - John Cumming, President and Chief Executive Officer of Stellar AfricaGold Inc., (TSX VENTURE:SPX) ("Stellar" or the "Company") announces:
NEW QUARTZ VEINS EXPOSED AT BALANDOUGOU
The Company is pleased to report that field crews at the Balandougou Gold Project in Guinea have reported that while cutting an access road to the future bulk sample gravity plant site a new quartz veins and sheared system was exposed 200 metres north-east of the B3 sheared zone. The new vein system appears to be running NE-SW and is parallel to Zone B1 and perpendicular to Zone B3.
This new system is consistent with the prior structural analysis (AECOM, 2011) which suggested that the gold mineralized structures identified in sectors B1 and B3 were part of a connected system of shear zones with the sector B1 mineralization contained within a NE-SW striking shear zone with a senestral movement and the sector B3 mineralization contained within a NW-SE striking shear zone with a dextral movement. Consequently, the gold-mineralized veins present in sector B1 and B3 belong to the oblique shear veins geometry commonly found in shear zones areas.
Maurice Giroux, Stellar AfricaGold VP Exploration and COO stated: "This new discovery near Zone B3 highlights the importance of continued exploration to the expansion of the gold mineralization at Balandougou's Solotomo discovery site. The interpreted structural geometry of the area suggests that there is considerable potential for discovering additional gold-mineralized shear zones in the vicinity of Zones B3 and B1."
The Company's field crew will proceed shortly to a preliminary assessment and sampling of this new quartz veins structure.
ABOUT STELLAR AFRICAGOLD INC.
Stellar AfricaGold Inc. is a Canadian gold 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 advanced exploration stage Balandougou project in Guinea, including a 15,000 tonne bulk sample program. (see News Release March 1, 2017) The Company also owns the Namarana project in neighbouring Mali. In Quebec, the Company owns 100% of the Opawica Project in the Chibougamau mining camp.
The technical content of this press release has been reviewed and approved by independent consultant Greg Isenor, P. Geo, a Qualified Person as defined in NI 43-101.
For further information please visit the Company's website at www.stellarafricagold.com.
On Behalf of the Board
John Cumming, LLM, President & CEO
This news release contains forward-looking statements. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding expected, estimated or planned gold and niobium production, cash costs, margin expansion, capital expenditures and exploration expenditures and statements regarding the estimation of mineral resources, exploration results, potential mineralization, potential mineral resources and mineral reserves) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "may", "will", "should", "continue", "expect", "anticipate", "outlook", "guidance", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements.
Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation: changes in the global prices for gold, niobium, copper, silver or certain other commodities (such as diesel, aluminum and electricity); changes in U.S. dollar and other currency exchange rates, interest rates or gold lease rates; risks arising from holding derivative instruments; the level of liquidity and capital resources; access to capital markets, financing and interest rates; mining tax regimes; ability to successfully integrate acquired assets; legislative, political or economic developments in the jurisdictions in which the Company carries on business; operating or technical difficulties in connection with mining or development activities; laws and regulations governing the protection of the environment; employee relations; availability and increasing costs associated with mining inputs and labour; the speculative nature of exploration and development; contests over title to properties, particularly title to undeveloped properties; and the risks involved in the exploration, development and mining business. Risks and unknowns inherent in all projects include the inaccuracy of estimated reserves and resources, metallurgical recoveries, capital and operating costs of such projects, and the future prices for the relevant minerals. Development projects have no operating history upon which to base estimates of future cash flows. The capital expenditures and time required to develop new mines or other projects are considerable, and changes in costs or construction schedules can affect project economics. Actual costs and economic returns may differ materially from estimates and the Company could fail to obtain the governmental approvals necessary for the operation of a project; in either case, the project may not proceed, either on its original timing or at all.
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