Stelmine Canada Ltd.
TSX VENTURE : STH

Stelmine Canada Ltd.

February 07, 2011 09:00 ET

Stelmine Acquires a Property Near Monster Lake in the Chibougamau Region

MONTREAL, QUEBEC--(Marketwire - Feb. 7, 2011) - Stelmine Canada ltée ("Stelmine"), (TSX VENTURE:STH) announces that it has entered into an agreement by which the company may acquire up to a 100% interest in 25 mining claims covering an area of 720 located in the district of Chibougamau, south of the Monster Lake property where Stellar Pacific Ventures announced assay values of 11.3 g/t of gold per meter on February 1, 2011.

The sector of the Winchester property is recognised as being part of the Caopatina-Desmaraisville early Precambrian belt of greenstone and here composed of mafic volcanites and volcaniclatites. These rocks are affected by a major system of kilometres to decakilometers EW-ENE and NE faults which is associated with the great regional deformation corridors of the Guercheville and Fancamp systems. The latter are home to several gold-bearing deposits, including the Joe Mann mine (3.38 Mt @ 8.33 g/t Au, 2002 historical resources) and the Chevrier deposit whose resources are estimated at 2.1 Mt @ 6.5 g/t Au (2002 historical resources).

From 1984 to 1993, SOQUEM did prospecting and mapping on 20% of the property's area as well as a magnetic survey and TBF of 40 km. SOQUEM also bored 2 holes totalling 490 m in the northwest part of the property. From 1993 to 1996, SOQUEM and Ressources Unifiées Oasis Inc. conducted a P.P. survey of 7.2 km located in the northern sector of the property, and an EMH survey covering the entire property, and, finally, drilled in four spots totalling 771 m located in the northeast quadrant of the property.

In 2002, SOQUEM did four boreholes on the property in order to check the geophysical targets (EMH and MAG) associated with the southwest fault gap of the Nouvelle gold corridor and their interactions with the Guercheville and FAN camp displacement corridors. All targets were explained by the presence of sulphide-bearing shears or by pyrite-bearing graphitic schists (tufts).

Three boreholes brought to light a new gold-bearing area named Structure 86. This zone is associated with a multi-decametric level of altered volcaniclastics, injected with veins of quartz-calcite and bearing pyrite. A majority of the anomalous gold assay values are found in the graphitic schists (tufts) injected with veins of quartz-calcite-pyrite. The best gold assay values obtained are found in the 993-01-86 and 993-01-88 bore holes. In the 993-01-86 bore hole, the volcaniclastic unit gives an assay value of 0.24 g/t Au / 80.4 m including 0.54 g/t Au / 22.0m, including an interval of 2.46g/t Au / 1.0m and another of 1.61 g/t Au / 2.5 m. In the 993-02-88 bore hole, located 100 m east of the 993-01-86 bore hole, the same unit of volcaniclastics gives an assay value of 0.30 g/t Au / 70.0 m ( with 22.4 m unsampled cores whose assay value was set at 0 ppb Au for calculating purposes). This interval included an assay value of 2.36 g/t au / 7.4 m including 13.85 g/t Au /1.0 m.

Stelmine may acquire a 100 interest by making payments totalling $50,000 and issuing 600,000 common shares of its share capital over 12 months; Stelmine must also have carried out $250,000 in exploration work on the property within 12 months of the agreement date.

The technical information reported in this news release has been approved by Jacques Marchand eng. geol., Qualified Person as defined by Canadian NI 43-101

Stelmine Canada Ltée is a junior exploration company registered on the TSX Venture under the symbol STH.

Neither the TSX Venture Exchange nor the Regulation Services Provider (as defined in the TSX Venture Exchange policies) accepts any responsibility for the truth or accuracy of its content.

Contact Information

  • Stelmine Canada Ltd.
    Michel Lemay
    President and CEO
    514-866-8209