Stelmine Canada Ltd. (« Stelmine ») (TSXV:STH) is pleased to announce it has applied by map designation from the Ministère de l’Énergie et Ressources du Québec for the acquisition of mining claims located in the James Bay Territory, less than 60 km NW from Stornoway Diamonds Corp.’s Renard mine. The Trieste property, owned 100% by …
Over the last decade, several mining companies applied with success their exploration in the western portion of the James Bay Territory near the contact of the Opinaca and La Grande subprovinces (ex : Éléonore Mine, Zone 25, La Grande-Sud). Now, mining companies such as Midland Exploration, Altius Minerals and Strategic Metals are extending their exploration toward the eastern segment of the James Bay Territory perceiving the tremendous potential of the La Grande/Opinaca structural contact and at the same time validating Stelmine’s exploration strategy. The latter is based on the presence of: 1) major km-long faults/deformation zones near the periphery and/or contact of the Opinaca metasedimentary subprovince, 2) highly metamorphosed assemblage of sedimentary rocks and, 3) the occurrence of nearby volcanic formations. By applying these criteria, Stelmine has now acquired six mining properties totaling 754 claims (383 km2), including the Trieste property
The Trieste mining property consists of metavolcanic (amphibolites, basalts and intermediate volcanic rocks) and metasedimentary rocks (metatexites and diatexites) defining the Solomon Formation. The volcanosedimentary assemblages form a greenstone belt in structural contact with paragneiss, diatexites and metatexites of the Laguiche Complex (Opinaca Basin) and biotite-hornblende granodiorite±tonalites. Stelmine intends to conduct an airborne magnetic survey to define new exploration targets.
Commenting on the acquisition of the Trieste property, Isabelle Proulx, president of Stelmine declared: “The geological and structural context of the Trieste property corresponds in every respect to the Company’s objective to develop the gold potential of the vast unexplored terrain of the eastern James Bay Territory. As such, Stelmine acts as a leader by investing in mining exploration in Quebec’s Far North”.
The technical content of this release was prepared and approved by Michel Boily, PhD, geo; a Qualified Person (QP) as defined by National Instrument 43-101.
Stelmine is a junior mining exploration company and its activities are located in the Province of Québec. Stelmine holds 754 claims spanning 383 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 21,032,452 issued and outstanding shares for a current market capitalization of $5.5 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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President and CEO