Stelmine Canada Ltd.
TSX VENTURE : STH
January 18, 2010 16:00 ET
Stelmine Acquires 9 Rare Earth Elements Properties in the Sept-Iles Region
MONTREAL, QUEBEC--(Marketwire - Jan. 18, 2010) - Stelmine Canada Ltd. ("Stelmine"), (TSX VENTURE:STH) today announced the closing of an acquisition agreement under which the company can acquire up to a 100% interest in 9 mining claims, covering an area of 540 hectares in Abbadi Township, 52 kilometers northwest of Sept-Iles in the Province of Quebec.
This is a highly strategic acquisition for the company, which is part of a continuous pattern of rare earth acquisitions.
An aerial radiometric survey and trench sampling performed by SOQUEM in 1976 led to the discovery of three major showings oriented NW-SE. The minerals observed in these three showings are fergusonite, chevkinite, gadolinite, pyrochlore, zircon, monazite, allanite and ferrocolombite.
The J6L1-Centre anomaly:
This is a radiometric anomaly corresponding to a mineralized zone 50 metres long, containing several mineralized horizons one metre or more wide in a quartzofeldspathic gneiss. Mineralization takes the form of a much folded band enriched with quartz-zircon. The samples gave average assays of 0.522% Nb2O5 over 11 metres. The other significant assays obtained are 1.08% Y, 0.455% La, 9.45% Zr, 0.032% U3O8 and 0.025% ThO2.
The J6L1-West anomaly:
This is a mineralized zone located in a quartzofeldspathic gneiss and a high migmatized granitic gneiss. Radioactivity is continuous and mineralization is concentrated in the quartz-rich veins with accessory microcline, albite and zircon. The mineralized zone presents a definite spatial continued and continues beyond the northern limit. The best intersection obtained in trench sampling was 2.35% Nb2O5, 0.58% Y, 0.12% La, 2.90 Zr, 0.05% U3O8, and 0.02% ThO2. The maximum assays attained are 0.22% Ta2O5, 3.11% La and 7.8% Zr.
The J6L1-Est anomaly:
This is a mineralized zone located in a paragneiss. Mineralization is discontinuous with erratic rare earth and thorium assays. The best intersection obtained in trench sampling was 0.47% Nb2O5, 0.021% Ta2O5, 0.0296% U3O8, and 0.0591% ThO2 over a 1.5 metre distance.
Stelmine can acquire a 100% interest by paying $75,000, issuing 475,000 shares of stock and earning $100,000 in the first year, and by paying $50,000 and issuing 175,000 shares of stock in the second year.
On November 23, 2009, the company already announced the acquisition of rare earth properties in the Kipawa alkaline region, which covers an area of 1,775 hectares where showings were announced of 11.3% REE by Matamec Resources and 4.4 % REE by Fieldex Exploration.
On December 3, 2009, the company announced the closing of an acquisition agreement, under which the company can acquire up to a 100% interest in 6 mining claims covering an area of 360 hectares, divided into 3 blocks, located in the Wakefield Alkaline Complex north of Gatineau, Quebec, where the compilation of historical work has shown three major rare earth anomalies with values ranging up to more than 4% REE.
On December 15, 2009, the company announced the closing of an acquisition agreement, under which the company can acquire up to a 100% interest in 80 mining claims covering an area of 4,800 hectares divided into 5 blocks, located in the Wakefield Alkaline Complex north of Gatineau, Quebec.
This new acquisition is part of Stelmine's strategy of aggressively acquiring properties with high rare earth potential in Quebec in different geological environments well known for their potential for this type of mineralization.
Stelmine's management is very pleased with this acquisition, which is consistent with the new rare earth development orientation that management wants to give the company.
To date, the company holds rare earth properties in four regions of the Province of Quebec for a total of 7,475 hectares.
Stelmine Canada Ltd. is a junior exploration company listed on the TSX Venture Exchange under the symbol STH.
The TSX Venture Exchange does not accept responsibility for the relevance or accuracy of this press release.