Stelmine increases significantly the length of the gold-bearing corridor at Mercator
22 February 2024 - 3:50AM
Stelmine Canada (TSXV: STH). Stelmine reports the
acquisition of the Minuapan property totaling 69 km2 (100% STH)
through staking. The decision stems from the 2023 exploration work
leading to the discovery of geochemical anomalies suggesting a new
10 km-long mineralized zone located 45 km southwest of the Mercator
gold-bearing corridor (DDH 2022 – 2.62 g/t Au over 17.8 m
– January 27, 2023, PR) (Fig. 1).
The reason to explore this new zone and to stake
for additional claims are based on several factors such
as .
1. Historical data as:
- EM anomalies generated by a
Falconbridge airborne survey flown in 2000 suggesting a mineralized
zone (Fig 2);
- A 0.6 g/t Au showing described by
Falconbridge (2000);
- The occurrence of numerous
pluri-metric Iron Formation layers discovered by Falconbridge
(2000) and Stelmine (2023).
2. Stelmine results:The 2023 exploration
work aimed for finding extensions to the Meridian zone and resulted
in the discovery of six zones (October 11, 2023 PR). One of these,
Minuapan, particularly provided interesting results, which also led
to the acquisition of the property:
- 15 kg till samples revealed up to
15 gold grains from the heavy mineral concentrate (HMC) yielding
219 ppb Au;
- grab rock samples from outcrops and
erratic boulders generated anomalous Au (0.24-0.47 g/t Au) and As
(896-4800 ppm As) concentrations.
There are generally five criteria used to
evaluate the prospectivity of a mining property. Commonly the
presence of three of these criteria warrants further exploration.
Minuapan does present the five criteria defined as such:
- The exposure of geological units
with a potential to hold the desired commodity;
- A significant geophysical signature
(EM-MAG-IP);
- Complex structural patterns
(regional faulting, folding);
- Grab rock samples having anomalous
concentrations of the desired commodity;
- Anomalous concentrations of the
desired commodity in the secondary environment (ex: lake sediments,
tills).
Moreover the results from the 2023 exploration
campaign also indicated a possible extension of gold mineralization
on the Mercator property. Channel sampling of the Baloo showing
produced 12 out of 31 analyses with gold values > 0.1 g/t, the
highest reaching 1.41 g/t. The Baloo showing exposes silicate Iron
Formations similar to that occurring in the Meridian Zone located
2.7 km to the south. Moreover, a geophysical survey completed
during the summer of 2023 yielded high chargeability (> 30 mv/V)
and low resistivity (< 500 Ohm/m) anomalies at depth. More work
should be performed on this new zone to unearth more mineralized
outcrops which would justify investigations at depth.
While exploring metasedimentary terranes outside
the gold-bearing Meridian Zone on Mercator, Stelmine has discovered
new high-potential gold zones associated with Iron Formations
having similar composition and geophysical signatures to that of
Meridian IF. This fact vindicates the Company’s decision to
investigate the under-explored Opinaca metasedimentary sub-province
in the Caniapiscau district and strengthens the high discovery
potential of precious and base metals and critical minerals.
To see the figure 1 Click
Here
- Fig. 1 Claim map
of the Mercator and Minuapan properties. Gold grain count from the
Heavy Mineral Concentrate (HMC) extracted form 15 kg till material
is reported on the map.
To see the figure 2 Click
Here
- Fig. 2. Claim map
of the Minuapan property on a geological background showing the Au
geochemical and geophysical anomalies.
Click Here to view the PPT
presentation
QA/QC Protocol for till
samples
15 kg till samples are commonly collected from
the C horizon at a 30-100 cm depth using a clean auger or shovel.
The sample is cleaned of coarse pebbles (greater than sixteen
millimeters) and organic material, such as roots. The sampled
material is put in single use rice bag that is sealed with plastic
cable ties and numbered. For each sample collected, the sample
number, UTM coordinates obtained with a portable GPS, and a brief
description are systematically recorded on an electronic tablet by
the geologist. The samples are then transported to base camp, then
put in larger rice bags and kept securely in a field tent before
being sent by floatplane to the city of Wabush. The 15 kg samples
are sent to the ODM laboratory in Ottawa Ontario. Gold grains and
other minerals are counted from the Heavy Mineral Concentrate. The
HMC is then shipped to the Actlabs laboratory in Ancaster Ontario
to be analyzed by INAA and Aqua regia-ICP methods (codes 3A and
3C).
Stelmine implements a strict QA/QC protocol in
the manipulation of till samples collected. A clean metal shovel is
used to dig through the topmost soil layers and to sample the
glacial till (C-horizon) at a depth of between 30-130 cm. Roughly 1
kg of till is collected. The sample is cleaned of coarse pebbles
(greater than 16mm) and organic material, such as roots. The
sampled material is put in single use rice bag that is sealed with
plastic cable ties and then numbered. For each sample collected,
the sample number, UTM coordinates obtained with a portable GPS,
and a brief description are systematically recorded on an
electronic tablet by the geologist. The samples are then
transported to base camp, dried for at least 48h, then put in
larger rice bags and kept securely in a field tent before being
sent by floatplane to the city of Wabush. Transport to the Actlabs
laboratories in Ancaster, Ontario is done by truck using dependable
transport companies. Gold and other elements are analyzed by the
INAA+ICP_OES (code 1H) method.
Qualified Person
The technical information in this news release
has been reviewed and approved by Michel Boily, P.Geo., Ph.D.,
and a Company director. Mr. Boily is the qualified person
responsible for the scientific and technical information contained
herein under National Instrument 43-101 standards.
About Stelmine Canada
Stelmine is a junior mining exploration company
pioneering a new gold district (Caniapiscau) east of James Bay in
the under-explored eastern part of the Opinaca metasedimentary
basin where the geological context has similarities to the Eleonore
mine, located very close to the contact of this basin. Stelmine has
100% ownership of 1,815 claims or 933 km² in this part of northern
Quebec, highlighted by the Courcy and Mercator Projects.
Forward-looking
statements
Cautionary note regarding forward-looking
Statements: This press release contains forward-looking statements,
which reflect the Company's current expectations regarding future
results-related events. To the extent that any statements in this
document contain information that is not historical, then such
statements are essentially forward-looking and can often be
identified by the use of words such as "considers", "anticipates",
"expects", "believes ', 'expects', 'projects', 'plans',
'potential', 'suggests' and 'believes'. Forward-looking statements
involve risks, uncertainties, and other factors that could cause
actual results to differ materially from those expressed or implied
by such forward-looking statements. These risks and uncertainties
are described in the quarterly and annual reports and in the
documents submitted to the securities administration available on
the SEDAR+ site. Although the Company believes that the assumptions
underlying the forward-looking statements are reasonable, undue
reliance should not be placed on such statements, which speak only
as of the date of this document. The Company refuses any intention
or obligation to update or revise these forward-looking statements,
whether as a result of new information, future events, or
otherwise, except as required by applicable securities laws.
Cautionary statement
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
For further information,
contact:
Isabelle Proulx, President and
CEOStelmineTel:
418-626-6333info@stelmine.com
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