Stelmine provides an update on its current exploration work
21 August 2019 - 1:12AM
Stelmine Canada (« Stelmine »)
(STH-TSXV) Stelmine announces an update on its current
exploration work. The current focus of exploration work on the
Courcy property is on the northwestern flank of the major anticline
structure associated with the gold prospective Couteau fault.
Our geology crew has unearthed several new
interesting sulfide-rich structures associated with amphibolite and
metasedimentary rocks as well as iron formations. A series of
meter-thick sulfide-bearing quartz veins and stockworks were also
discovered. Overburden stripping generated 9 trenches yielding 80
channel samples. Furthermore, 42 grab rock samples of
sulfide-mineralized rocks were collected. In total, 122 samples
were sent to the Actlabs laboratory, for gold analysis.
Our exploration crew will initiate a geochemical
till survey on the eastern segment of the property to identify new
gold-bearing zones that could be stripped of the overburden and
submitted to channel sampling.
During the next month, the Joubert property will
also be submitted to a regional till survey accompanied by a
detailed exploration of three key gold prospective areas where
overburden stripping and channel sampling is contemplated.
Stelmine wishes to inform its investors on a
correction regarding the number of shares issued upon the closing
of the August 1st, 2019 financing. The total value of the placement
remains unchanged (203,500$), for a total issuance of 1,142,499
shares. The Society must issue a total of 333 new ordinary shares
at the same conditions established on the 1st of August financing,
such as: a price of 0.15$ per unit, each Unit is composed of one
(1) common share of Stelmine (“Share”) and one half (1/2) warrant,
each warrant entitling its holder to subscribe to one (1) Share at
a price of $0.20 per Share during an 18-month period.
The technical contents of this release were
approved by Michel Boily, PhD, geo; a Qualified Person (QP) as
defined by National Instrument 43-101.
Follow us on www.Stelmine.com and on our
Facebook page (Stelmine Canada) where we uploaded pictures of the
Courcy camp and of our crew at work.
About StelmineStelmine is a
junior mining exploration company which concentrates its activities
in the Province of Québec. Stelmine holds 955 claims spanning 497
km2 on the eastern part of the Opinaca metasedimentary basin, which
contains zones with a high potential for gold deposit discovery in
geological contexts similar to the one leading to discovery of the
Éléonore Mine. Its capital stock consists of 30,791,144 issued and
outstanding shares for a current market capitalization of $3.9
million.
Forward-looking statements The
statements set forth in this press release, which describes
Stelmine’s objectives, projections, estimates, expectations or
forecasts, may constitute forward-looking statements within the
meaning of security legislation. Positive or negative verbs such as
“believe”, “can”, “shall”, “intend”, “expect”, “estimate”, “assume”
and other related expressions are used to identify such statements.
Stelmine wishes to state that, by their very nature,
forward-looking statements involve risks and uncertainties such
that its results, or the measures it adopts, could differ
materially from those indicated or underlying these statements or
could have an impact on the degree of realization of a particular
projection. Major factors that may lead to a material difference
between Stelmine’s actual results and the projections or
expectations set forth in the forward-looking statement include the
risk that the Company does not complete the Placement as
anticipated, and such other risks as described in detail from time
to time in the reports filed by Stelmine with security authorities
in Canada. Unless otherwise required by applicable securities laws,
Stelmine disclaims any intention or obligation to update or revise
any forward-looking statements, whether as a result of the new
information, future events or otherwise. The forward-looking
information in this release is based on information available as of
the date of this release.
The TSX Venture Exchange has not reviewed and
does not accept responsibility for the adequacy or accuracy of this
release.
For more
information : |
Isabelle Proulx President and CEO |
Christian GuilbaudBusiness Development |
418-626-6333 info@stelmine.com |
514-813-7862 |
Stelmine.com |
|
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