Stellar AfricaGold Inc Announces the Acquisition of "PHILIBERT-I Gold Showing" from Vanstar Mining
January 15 2014 - 11:03AM
Marketwired
Stellar AfricaGold Inc Announces the Acquisition of "PHILIBERT-I
Gold Showing" from Vanstar Mining
MONTREAL, QUEBEC--(Marketwired - Jan 15, 2014) - Mr. Maurice
Giroux, President and CEO of Stellar AfricaGold Inc.
(TSX-VENTURE:SPX) ("Stellar" or the "Company") and a Qualified
Person as defined in NI 43-101, is pleased to announce the
acquisition of 100% interest in the "PHILIBERT-I" property from
Vanstar Mining.
The property consists of 4 mining cells covering 224 hectares in
Gamache Township, 45 km south of the town of Chapais, Quebec.
The "PHILIBERT-I" showing was discovered in 1983 by prospection
and consists in a gold mineralization associated to
quartz-tourmaline-sulphides veins. Historical exploration reported
grades of 31.6 g/t Au and 2.54 g/t Ag in channel sampling across
exposed quartz veins and of 18.66 g/t Au/0.6 m cuts in a drill
hole.
This property is located in the same environment than previously
announced company's OPAWICA Property and 6,5 km N/NE of Vanstars'
LIAM discovery.
The consideration payable by the company for 100% interest in
the Philibert I property consists of a cash payment of $5,000, and
the issuance of 160,000 common shares. Vanstar will keep a 1,5% NSR
from which, 0,5% can be buyback for the sum of $500,000.
That transaction is subject to regulatory approval, and the
common shares issued will be subject to a hold period of four
months and one day.
Maurice Giroux, the president and CEO of "Stellar
AfricaGold" declares: "Being located in the same geological trend
than our company's Opawica property, the acquisition of Philibert I
is a complement and is adding positive impact into the play that
Stellar is starting in an area that is familiar to Stellar. We look
forward to start a full geophysical coverage of all the Opawica and
Philibert-I property in February in order to be able to start a
ground prospection as soon as weather allows."
The Opawica property is located within the
Tomagold/Iamgold-Vanstar-Soquem working area which is to date the
most active exploration camp in Quebec. Among the most important
gold occurrences reported in the area, the company notes Soquem
Meston Lake deposit (1.2 million tonnes at 6.25 grams per tonne
(g/t) gold (Au)), Soquem Philbert deposit (1.3 million tonnes at
5.32 g/t Au), as well as numerous high-grade drill and channel
sampling reported by Tomagold, Vanstar, Murgor and Soquem as well
as the former Joe Man gold mine that produced over one million
ounces of gold.
About OPAWICA Property:
The OPAWICA Property consist of three blocs totalling 80 mining
cells recently acquired by the Stellar in the area of the new Liam
gold discovery on the Nelligan Project of Vanstar. It is located
approximately 45 kilometres south of the village of Chapais and is
accessible year-round by several forestry roads. A power line
crosses the South block of the Opawica property.
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.
Maurice Giroux, President and CEOStellar AfricaGold
Inc.514-866-6299514-866-8096Ress.stellar@bellnet.cawww.stellarafricagold.com
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