QUÉBEC CITY, QUÉBEC--(Marketwired - Feb. 15, 2017) - Stelmine Canada Ltd. (« Stelmine ») (TSX VENTURE:STH) is pleased to announce the acquisition of the Mercator property, located 76 km from Stelmine's flagship Courcy property and 170 km WNW of the main road joining Fermont, Wabush and Labrador City at the border of Quebec and Labrador. The property consists of a group of 126 continuous claims, 100% owned by Stelmine and totalling 65.3 km².
"This aggressive strategy of acquisition reflects Stelmine's intention to lead and promote mining exploration in a new region where gold showings are already present in this high-potential geologic environment," explained Isabelle Proulx, President.
The property was submitted to regional geological mapping by the Quebec's MERN that allowed the discovery of mineralized showings (RG97-11, MERN). One interesting showing (Biblet) is located within the mafic gneiss (basalts) of the Hublet Group in a basal iron formation and in altered decametric enclaves of iron formation within a tonalitic sill. Assay results from the enclaves samples yielded values of 3 g/t and 0.87 g/t Au, respectively accompanied by high arsenic (As) concentrations (0.22 and 0.96 wt. %) (RG97-11, MERN).
The geology of this property manifests some of the characteristics associated with gold mineralization occurring at the periphery of the western Opinaca sedimentary basin at the contact with the La Grande subprovince (e.g. Éléonore, Zone 25, La Grande-South); such as a highly metamorphosed assemblage of sedimentary rocks and the occurrence of nearby volcanic formations associated with regional faults.
The Mercator property is located within the extension of the Opinaca subprovince in the western end the Ashuanipi subprovince and south of the contact with the La Grande subprovince. The exposed rocks are largely constituted of highly metamorphosed paragneiss and mafic gneiss of volcanic origin included into the Hublet Group. The gneiss were intruded by a variety of ortho- and clinopyroxene-bearing tonalitic, granodioritic, monzogranitic and alkali granite plutons of the Ashuanipi and Opinaca subprovinces.
Over the coming months, Stelmine will proceed with an exploration program. A map is available on www.stelmine.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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