Stellar AfricaGold Inc. Regains Control and Management of Balandougou Project in Guinea and Launches Resources Calculation an...
April 02 2014 - 9:43AM
Marketwired Canada
Maurice Giroux, President and Chief Executive Officer 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 that following a constructive discussion
with its joint-venture partner Ultragold Holdings LLC., it has been agreed that
Stellar will regain the control position (51%) and the management of the
Balandougou project in Guinea. Effected by the signature of the "Third Amended
and Restated JV Agreement", this decision was motivated by both parties' desire
to resume work on Balandougou and keep developing the potential of that
outstanding project.
C.E.O Maurice Giroux says he is pleased that Stellar has regained the control of
the Balandougou project. "This agreement confirms the excellent relationship we
have developed with UltraGold, and I thank them for their confidence in Stellar
to run and upscale our project in Guinea. As partners, we will keep joining our
efforts to develop this project into a profitable mining operation. The past two
years have been tough for junior explorers, but the recent firming of gold price
brings renewed hope to our sector. Thus, we truly believe that the time has come
to give the Boulandougou project new momentum and trigger the prefeasibility
work that will confirm Balandougou's potential to become a profitable mining
operation. To date, our joint venture has invested more then US$5 million in
exploration and identified a potential sector that comprises a cluster of gold
bearing structures including the B1 and B3 zones and many other gold occurrences
still under investigation. As announced in a press release on April 22, 2013,
the B3 and B1 deposits have reached the prefeasibility stage. Stellar is fully
dedicated to the success of this project, the Company's core asset, which has
demonstrated so far that it has the potential to become a mine."
As was recommended in March 2013 in an Independent Person Report written by Dr.
Pierre Trudel of AECOM, the Company plans to start a field work program in April
2014, which will consist of 48 drill holes totalling 3,200 linear metres of RC
drilling and 1,750 metres of trenching into B1 and B3 deposits. This program
will complete the drilling and surface trenching necessary to proceed to a
43-101 compliant measured resources and probable reserves calculation. The
Company will also collect a representative composite bulk sample in the
mineralized zones exposed in the trenches. This bulk will be used to do a
detailed metallurgical test.
A favourable conclusion of the resource calculation within the 0 to 50 metres
horizon of the B1 and B3 deposits would trigger the completion of the
prefeasibility study, including a detailed mine and mill design, a preliminary
environmental and social impact study, a financial analysis and a sensitivity
study.
ABOUT THE BALANDOUGOU PROJECT
The Balandougou project in Guinea is a 51% / 49% joint venture owned by Stellar
AfricaGold Inc. and Ultragold Holding of Denver, Colorado. The Balandougou
property is located 100 kilometres north of Siguiri in Upper Guinea at the Mali
border. In June 2013, the Company renewed three licences covering a substantial
216 km2.
To date, 16,000 metres of core and RC drilling were done on the property. This
work led to the discovery of three extensive gold mineralized structures,
namely, the Solotomo, B3 and B1 zones. These three structures total 2,000 linear
metres of gold mineralization and all three of them remain open in all
directions.
As a reminder, the following table shows the best drill intercepts in the B1, B3
and Solotomo structures:
BEST RC INTERSECTION ON B1 ZONE
----------------------------------------------------------------------
HOLE # FROM TO INTERSECTION
----------------------------------------------------------------------
(m) (m) (gr Aum)
----------------------------------------------------------------------
B1-11- 04 0 29 0.90 gr Au30 m
----------------------------------------------------------------------
B1-11- 05 0 66 0.58 gr Au66 m
----------------------------------------------------------------------
B1-11-06 0 66 0.28 gr Au66 m
----------------------------------------------------------------------
B1-11-09 42 44 5.25 gr Au2 m
----------------------------------------------------------------------
B1-11-10 6 8 2.46 gr Au2 m
56 60 0.5 gr Au4 m
----------------------------------------------------------------------
B1-11-11 10 16 1.0 gr Au6 m
52 62 1.46 gr Au10 m
----------------------------------------------------------------------
B1-11-12 1 48 1.64gr Au47 m
Incl. 13 28 3.15 gr Au15 m
----------------------------------------------------------------------
B1-11-13 0 5 0.92 gr Au5 m
----------------------------------------------------------------------
B1-11-20 0 4 0.98 gr Au4 m
----------------------------------------------------------------------
B1-11-21 25 26 1.29 gr Au1 m
36 45 1.0 gr Au9 m
----------------------------------------------------------------------
B1-12-03 2 4 0.57 gr Au/2m
4 6 4.08 gr Au/2m
----------------------------------------------------------------------
B1-12-07 12 22 1.24 g Au/10m
----------------------------------------------------------------------
B1-12-10 16 18 3.97 g Au/2m
----------------------------------------------------------------------
BEST RC INTERSECTION ON B3 ZONE
----------------------------------------------------------------------
HOLE # FROM TO INTERSECTION
----------------------------------------------------------------------
(m) (m) (gr Aum)
----------------------------------------------------------------------
B3-11- 02 1 3 1.24 gr Au2 m
----------------------------------------------------------------------
B3-11- 05 39 59 2.0 gr Au19 m
----------------------------------------------------------------------
Incl. 40 46 3.44 gr Au6 m
----------------------------------------------------------------------
B3-11- 06 44 47 2.48 gr Au3 m
----------------------------------------------------------------------
Incl. 45 46 6.79 gr Au1 m
----------------------------------------------------------------------
B3-11- 08 0 12 2.27 gr Au12 m
----------------------------------------------------------------------
Incl. 0 5 3.10 gr Au5 m
----------------------------------------------------------------------
9 10 6.44 gr Au1 m
----------------------------------------------------------------------
B3-11- 09 0 8 1.26 gr Au8 m
----------------------------------------------------------------------
Incl. 3 4 5.48 gr Au1 m
----------------------------------------------------------------------
7 8 3.32 gr Au1 m
----------------------------------------------------------------------
B3-11- 12 1 30 1.15 gr Au29 m
----------------------------------------------------------------------
Incl. 24 29 2.5 gr Au5 m
----------------------------------------------------------------------
B3-11- 13 0 10 0.89 gr Au10 m
----------------------------------------------------------------------
Incl. 9 10 3.55 gr Au1 m
----------------------------------------------------------------------
B3-11- 14 5 6 2.83 gr Au1 m
----------------------------------------------------------------------
33 34 1.52 gr Au1 m
----------------------------------------------------------------------
B3-11- 18 3 9 2.20 gr Au6 m
----------------------------------------------------------------------
B3-11- 21 11 12 1.89 gr Au6 m
----------------------------------------------------------------------
B3-11- 22 33 37 1.13 gr Au4 m
----------------------------------------------------------------------
53 64 1.27 gr Au12 m
----------------------------------------------------------------------
Incl. 60 61 9.97 gr Au1 m
----------------------------------------------------------------------
B-2 23 7 22 1.63 gr Au15 m
----------------------------------------------------------------------
Incl. 11 16 2.82 gr Au5 m
----------------------------------------------------------------------
B3-11- 24 0 4 4.22 gr Au4 m
----------------------------------------------------------------------
Incl. 0 1 15.8 gr Au1 m
----------------------------------------------------------------------
40 43 1.50 gr Au3 m
----------------------------------------------------------------------
B3-11- 26 0 35 1.47 gr Au35 m
----------------------------------------------------------------------
Incl. 9 11 2.52 gr Au2 m
----------------------------------------------------------------------
17 24 2.72 gr Au7 m
----------------------------------------------------------------------
28 30 4.09 gr Au2 m
----------------------------------------------------------------------
33 35 5.16 gr Au2 m
----------------------------------------------------------------------
55 58 5.35 gr Au2 m
----------------------------------------------------------------------
B3-11- 27 16 26 2.0 gr Au10 m
----------------------------------------------------------------------
Incl. 22 26 4.24 gr Au4 m
----------------------------------------------------------------------
B3-11- 30 9 23 2.76 gr Au14 m
----------------------------------------------------------------------
Incl. 9 12 5.0 gr Au3 m
----------------------------------------------------------------------
16 20 4.54 gr Au4 m
----------------------------------------------------------------------
56 61 3.51 gr Au5 m
----------------------------------------------------------------------
B3-11- 31 36 43 4.1 gr Au7 m
----------------------------------------------------------------------
52 53 16.5 gr Au1 m
----------------------------------------------------------------------
56 57 7.13 gr Au1 m
----------------------------------------------------------------------
63 66 3.04 gr Au3 m
----------------------------------------------------------------------
B3-11- 33 12 21 4.41 gr Au9 m
----------------------------------------------------------------------
Incl. 14 17 6.0 gr Au3 m
----------------------------------------------------------------------
B3-11- 36 27 29 1.23 gr Au2 m
----------------------------------------------------------------------
B3-11- 43 18 19 2.61 gr Au1 m
----------------------------------------------------------------------
B3-12- 05 42 44 1.73 gr Au 2 m
44 46 0.47 gr Au 2 m
52 54 0.96 gr Au 2 m
54 56 1.18 gr Au 2 m
62 64 1.24 gr Au 2 m
----------------------------------------------------------------------
BEST RC INTERSECTION ON SOLOTOMO PIT ZONE
----------------------------------------------------------------------------
SECTION HOLE # GRADE G/T AU INTERVAL
----------------------------------------------------------------------------
250 N SO 17 1.84 g Au/4.0 m 8 m to 12 m
1.49 g Au/4.0 m 20 m to 24 m
----------------------------------------------------------------------------
200 N SO 14 0.49 g Au/40.0 m 0 to 40.0 m
----------------------------------------------------------------------------
SO 15 1.66 g Au/8.0 m 4 to 12 m
----------------------------------------------------------------------------
SO 16 1.30 g Au/8.0 m 52 to 60 m
----------------------------------------------------------------------------
150 N SO 11 0.6 g Au/8.0 m 4 to 12 m
1.74 g Au/20.0 m 32 to 52 m
including 3.53 g Au/8.0 m 32 to 40 m
----------------------------------------------------------------------------
SO 12 0.98 g Au/25 m 16 to 41 m
----------------------------------------------------------------------------
100N SO 08 1.20 g Au/4 m 34 to 40 m
----------------------------------------------------------------------------
SO 10 1.23 g Au/4 m 76 to 80 m
----------------------------------------------------------------------------
050N SO 05 3.47 g Au/4.0 m 74 to 78 m
----------------------------------------------------------------------------
SO 06 1.61 g Au/4.0 m 4 to 8 m
1.80 g Au/8.0 m 16 to 28 m
----------------------------------------------------------------------------
000 SO 01 1.20 g Au/4.0 m 4 to 8 m
----------------------------------------------------------------------------
SO 02 1.09 g Au/4.0 m 28 to 32 m
----------------------------------------------------------------------------
For further details on BALANDOUGOU project, please consult Stellar AfricaGold
Inc.'s website at: www.stellarafricagold.com
ABOUT STELLAR AFRICAGOLD INC.
Stellar AfricaGold Inc. is a Canadian mine exploration company based in
Montreal, Quebec, with operations concentrated mainly in West Africa. Stellar
AfricaGold Inc. is the former and consolidated Stellar Pacific Ventures.
The Company is currently developing the promising gold potential of the
Balandougou project in Guinea, which is at an advanced exploration stage, as
well as the Namarana project in Mali. The exploration licences held by Stellar
and its partners are located entirely on the West African Birimiam Gold Belt.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Maurice Giroux, President and CEO
Stellar AfricaGold Inc.
514-866-6299
514-866-8096 (FAX)
Ress.stellar@bellnet.ca
www.stellarafricagold.ca
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