Stelmine Canada Ltd.
TSX VENTURE : STH
December 15, 2009 08:30 ET
Stelmine Increases its Rare Earth Position in the Alkaline Complex in the Gatineau Region of Quebec
MONTREAL, QUEBEC--(Marketwire - Dec. 15, 2009) - 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 80 mining claims covering an area of 4,800 hectares divided into 5 blocks, located in the Wakefield Alkaline Complex north of Gatineau, Quebec.
The Black Lake block includes 8 mining claims and covers an area of 480 hectares. The property is located 90 kilometres northwest of Gatineau, 3 kilometres north of the Huddersfield uranium showing, and includes the Lac de l'Indienne mine site. Up to 0.330% U3O8 was assayed n a limestone mineralized with thorite and thorianite.
The Murray Lake block includes 11 mining claims and covers an area of 660 hectares. The property is located 75 kilometres northwest of Gatineau, 15 kilometres east of the Huddersfield uranium showing and south of the Virginia Mines properties. Anomalous uranium and thorium assays are present in one pegmatite deposit and in one syenite deposit. In all, 5 radioactive occurrences are present.
The Dam Lake block includes 8 mining claims and covers an area of 480 hectares. The property is located about 20 kilometres north of Gatineau, 8 kilometres northeast of the Partridge Lake carbonatite showing. This block includes a rare earth carbonatite.
The Meach Lake block includes 10 mining claims and covers an area of 600 hectares. The property is located about 20 kilometres northwest of Gatineau 22 kilometres west of the Templeton carbonatite showing. Assays of 0.1 to 0.5% U3O8 are present in a brecciated biotite rock. A survey reports 0.2% Nb2O5 on 2.5 m.
The Cantley-Templeton-Quinville block includes 43 mining claims and covers an area of 2,580 hectares. It is located about 20 kilometres north of Gatineau, east of the Gatineau River. This block surrounds rare earth showings of Quinville, Cantley and Templeton carbonatites and the Hayrock Mine.
Stelmine can acquire a 100% interest by paying $35,000, issuing 400,000 shares of stock and earning $50,000 over a 12-month period.
Remember that the company, this November 23, 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.
This December 3, in the Wakefield region, Stelmine 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 (REE: Ce, La, Nd, GD, Er, Yb), with values ranging up to more than 4% REE.
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 three regions of the Province of Quebec for a total of 6,935 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.