This drill program is made in accordance with Stellar's commitment
towards Carbon2Green Agreement to spend $700,000 of flow through money on
the Quebec Properties before the end of 2011.
This Phase II program consists of 20 to 25 holes totalling 2,500 to
3,000 metres. The program will test extensions of zones Mégane, 52, 325,
Nouvelle and Eratix. Zones Mégane, 52 and 325 reported good gold
intersections in previous drilling done in January and February 2011 by
the company and will be tested at depth.
Hole M-16-10 at Showing 325 cuts 5.54 g/t gold over 4.6 metres
including 1.0 meter grading 18.36 g/t gold. The mineralized zone has been
cut between depths of 38.8 to 50.6 metre totalling 11.8 metre grading 2.44
g Au/t. This hole was drilled to confirm the vertical extension of newly
discovered "Showing 325" where surface channel sampling done by the
company in the summer 2010 program reported grades of 7.26 g Au/t/1.6 m,
and 2.10 g Au/t/2.1 metre.
Hole M-18-10 located 100 metres South West of surface showing Zone 325
cut a 5 metres zones grading 5.38 g Au / 5,0m including 11.3 g Au /1,0m
and 8.6 g Au / 2,0 m. The mineralized structure at depth is
consistent with the surface showings and consists of silicified schist
containing 3 to 15% sulphide mainly Pyrite and Pyrotite with minor
Chalcopyrite.
The following table is showing partial results from Phase I drilling
program:
Hole # |
From: |
To: |
Width |
Grade
g Au/T |
M-16-10 |
46.0 |
50.6 |
5.54
m. |
4.6 |
Zone 325 |
|
|
|
|
M-18-10 |
67.7 |
69.0 |
1.3
m. |
1.17 |
Zone 325 |
78.0 |
79.0 |
1.0
m. |
6.79 |
|
79.0 |
80.0 |
1.0
m. |
0.153 |
|
80.0 |
81.0 |
1.0
m. |
11.31 |
|
81.0 |
82.0 |
1.0
m. |
5.92 |
|
82.0 |
83.0 |
1.0
m. |
2.86
|
M-15-10 |
79.0 |
80.0 |
1.0
m. |
2.03
|
Zone 52 |
80.0 |
81.0 |
1.0
m. |
7.51
|
|
81.0 |
82.0 |
1.0
m. |
2.12
|
|
82.0 |
83.0 |
1.0
m. |
1.08
|
M-01-10 |
33.2 |
34.1 |
0.9
m. |
3.76
|
Zone
Mégane |
|
|
|
|
M-02-10 |
49.0 |
50.0 |
1.0
m. |
3.80
|
Zone
Mégane |
54.20 |
55.20 |
1.0
m. |
2.22
|
M-06-10 |
23.0 |
24.0 |
1.0
m. |
3.87
|
Zone
Mégane |
24.0 |
25.0 |
1.0
m. |
1.11
|
M-11-10 |
159.0 |
160.0 |
1.0
m. |
1.36
|
Zone 52 |
165.0 |
165.9 |
0.9
m. |
1.83
|
|
166.4 |
168.0 |
1.6
m. |
1.18
|
|
|
|
|
|
M-17-10 |
62.4 |
63.0 |
0.6
m. |
2.11
|
Zone 325 |
69.5 |
70.7 |
1.2
m. |
1.00
|
|
70.7 |
71.4 |
0.7
m. |
|
As previously announced, Stellar has signed a Letter of Intent to sell
its Quebec assets to Carbon2green who will change name and become Toma
Gold Corporation. The selling price of the Quebec properties was
established at $3,300,000 which will be payable through the issuance of
22,000,000 shares of Carbon2Green Corporation, at the deemed price of
$0.15 per share, at the closing of the transaction. As part of the
agreement, Stellar will have to spend approximately $700,000 in
exploration expenses on the sold properties. This will assure that
Stellar fulfills its obligations in regards to the previously completed
flow-through financing. Pursuant to the transaction, Carbon2Green
will change its name to TomaGold Corporation. It is a condition of
the sale that TomaGold complete a financing of a minimum amount of
$750,000 and the maximum amount of $1,500,000.
Once the sale is completed, Stellar will distribute a minimum of
16,000,000 shares of TomaGold received, to its shareholders, representing
approximately 75% of such shares received (the "Distribution"). This
Distribution will be considered a return of capital in the form of the
distributed shares and a reduction in the Company's stated capital will
take place. The Distribution is subject to the passing of a special
resolution which requires 66 2/3% of the votes cast. The Distribution
will be made to shareholders of record on the day that is prior to the
Closing of the Transaction. The shareholders of Stellar will not be
required to pay for any of the TomaGold shares that they receive under the
Distribution nor will they be required to surrender or exchange their
common shares of Stellar in order to receive the TomaGold
shares. Stellar makes no representations as to the tax consequences
of the Distribution and each Shareholder should seek appropriate advice
from their professional advisor.
In accordance with Policy 5.3 of the TSX Venture Exchange ("TSXV), this
sale of assets is subject to Shareholder approval which will be vote at
Company's annual meeting on June 30th 2011.
About Stellar Pacific Ventures
Stellar Pacific Ventures (News
- Market
indicators) is a Canadian-based mining exploration company whose
primary mission is to target, explore and develop gold deposits in Canada
and Africa.
Stellar is dedicated to creating growth by discovering and mining the
earth's resources in an efficient and environmentally responsible
manner.
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 regulation.
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.