MONTREAL, QUEBEC--(Marketwired - Feb. 10, 2015) - Maurice Giroux, President and Chief Executive Officer of Stellar AfricaGold Inc. (News - Market indicators) ("Stellar" or the "Company") is pleased to announce the strategic acquisition of 3 additional properties totalling 68 mining cells by way of map staking in the "Territoire d'Eeyou Istchee, Baie James, Quebec. These new acquisitions bring to 4 the numbers of properties owns by Stellar in this specific area.
The 4 properties will be referred to as:
- Option Terrax 31 claims 1 625 hectares 33A09 et 23D12
- Eastmain N 16 claims 840 hectares 23D05
- Eastmain S 37 claims 1 950 hectares 33A08
- 23M13 15 claims 892 hectares 22M13
The Terrax Option, Eastmain N and S blocks are located some 350 km north of the town of Chibougamau Quebec.
Terrax Option and Eastmain N both border the North and the South boundaries of the Lac Harbour SOQUEM's property where an important drilling program currently takes place. The 2 properties are also adjacent to the Virginia property located to the West. Eastmain N 16 claims overlay the southern contact of the volcano-sedimentary formation that host Lac Harbour SOQUEM's gold discovery.
Eastmain S is composed of 37 claims just north and adjacent to Eastmain Gold Mines that is a gold-copper-silver deposit originally discovered by Placer Dome.
Finally, 23M13 property is strategically located and targets the south contact of a volcano-sedimentary formation at km 107 on the Stornoway new access road where Visible Gold reported discovery of high grade gold and base metal boulder collected near the road..
This whole area is part of Quebec "Plan Nord" and is now accessible from Chibougamau by the new 243-kilometre-long all-season road to Stornoway's Renard Diamond Mine. Interest in the potential of this area was recently revived by Visible Gold Mine Inc. who discovered numerous mineralized boulders of high grade gold, silver, copper and zinc at different location along the road side. That discovery reinforce the high probability of the presence of important Chibougamau type polymetallic deposits in this area.
C.E.O Maurice Giroux states; "At Stellar, we are confident that this area will soon become an active mining exploration camp in Quebec. The recent opening of that territory by the Quebec Plan Nord initiative will attract more Companies interested in this perspective area. SOQUEM's Lac Harbour gold showing as well as the Eastmain Gold Mine Project nearby Stellar' acquisition are both located within the volcanic belt that already demonstrate an excellent potential for some new discoveries. We are currently preparing a summer program that should start not long after the spring break-up."
ABOUT STELLAR AFRICAGOLD INC.
Stellar AfricaGold Inc. is a Canadian mine exploration company based in Montreal, Quebec, with operations concentrated mainly in West Africa and in the Chibougamau Area in Quebec.
FORWARD LOOKING STATEMENTS
This document contains forward-looking statements concerning future development contingent upon uncertain factors including financing revenues, progress and results of activities and operations, and environmental factors that are in some cases considered forward-looking statements. These statements are based on numerous assumptions including commodity prices, exploration results, resource availability, and other assumptions that management believes are reasonable based on currently available information, however management's assumptions and the Company's future performance are subject to a wide range of business risks and there is no assurance that these goals and projections can or will be met.
The technical content of this press release have been reviewed and approved by Mr. Maurice Giroux, a Qualified Person as defined in NI 43-101.
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.
