QUÉBEC CITY, QUÉBEC--(Marketwired - Feb. 8, 2017) - Stelmine Canada Ltd. (« Stelmine ») (TSX VENTURE:STH) announced its acquisition of the Vallard property, located 100 km SW of the town of Fermont (Québec) less than 20 km NE from its flagship Courcy property. The property consists of a group of 125 continuous claims, 100% owned by Stelmine and totalling 65.2 km2.
The Vallard property encompasses a major thrust, the Vallard fault, marking the contact between highly metamorphosed intermediate volcanic rocks (Courcy Group) within the Opatica subprovince and migmatitic paragneiss sequences (Mercator Formation) of the Opinaca sedimentary basin. The geology of this property manifests characteristics comparable to those associated with gold mineralization occurring at the periphery of the western Opinaca sedimentary basin and the La Grande subprovince (e.g. Éléonore, Zone 25, La Grande-South):
- major km-long faulting at the periphery and/or contact of the Opinaca metasedimentary subprovince;
- a highly metamorphosed assemblage of sedimentary rocks and;
- the occurrence of nearby volcanic formations.
Over the coming months, Stelmine will proceed with an exploration program. A map is available on www.stelmine.com.
"Stelmine is pursuing its acquisition program to gain a major foothold in the next Québec mining camp" stated Isabelle Proulx, President.
Further information on amendments to the Company's Stock Option Plan : On January 27, 2017, the Company announced that its shareholders had approved the changes proposed to the Stock Option Plan ("Plan") at the shareholders meetings held that day. The Company wishes to point out that the main amendment to the plan was the move from a fixed-number stock option plan to a variable-number stock option plan, for which, for issuing purposes when a stock option is exercised, a number of shares corresponding to 10% of the shares issued by the Company when all options are allocated is reserved. Other changes made to update various aspects of the Plan are described in the Company's most recent proxy circular, available for consultation on SEDAR at www.sedar.com.
The technical content of this release was approved by Michel Boily, PhD, Geo, a Qualified Person as defined by National Instrument 43-101.
Stelmine is a restructuring junior Québec mining exploration company operating in Québec. Its capital stock consists of 18,353,884 issued and outstanding shares for a current market capitalization of $5 million.
Certain statements made herein may constitute forward-looking statements. These statements relate to future events or the future economic performance of Stelmine and carry known and unknown risks, uncertainties and other factors that may appreciably affect their results, economic performance or accomplishments when considered in light of the content or implications or statements made by Stelmine. Actual events or results could be significantly different. Accordingly, investors should not place undue reliance on forward-looking statements.
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