Stellar AfricaGold Inc. Regains Control & Management of Balandougou Project in Guinea & Launches Resources Calculation & Pref...
April 02 2014 - 10:44AM
Marketwired
Stellar AfricaGold Inc. Regains Control and Management of
Balandougou Project in Guinea and Launches Resources Calculation
and Prefeasibility Study
MONTREAL, QUEBEC--(Marketwired - Apr 2, 2014) - 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 Au/t/m) |
B1-11- 04 |
0 |
29 |
0.90 gr Au/t/30 m |
B1-11- 05 |
0 |
66 |
0.58 gr Au/t/66 m |
B1-11-06 |
0 |
66 |
0.28 gr Au/t/66 m |
B1-11-09 |
42 |
44 |
5.25 gr Au/t/2 m |
B1-11-10 |
6 56 |
8 60 |
2.46 gr Au/t/2 m 0.5 gr Au/t/4 m |
B1-11-11 |
10 52 |
16 62 |
1.0 gr Au/t/6 m 1.46 gr Au/t/10 m |
B1-11-12 Incl. |
1 13 |
48 28 |
1.64gr Au/t/47 m 3.15 gr Au/t/15 m |
B1-11-13 |
0 |
5 |
0.92 gr Au/t/5 m |
B1-11-20 |
0 |
4 |
0.98 gr Au/t/4 m |
B1-11-21 |
25 36 |
26 45 |
1.29 gr Au/t/1 m 1.0 gr Au/t/9 m |
B1-12-03 |
2 4 |
4 6 |
0.57 gr Au/2m 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 Au/t/m) |
B3-11- 02 |
1 |
3 |
1.24 gr Au/t/2 m |
B3-11- 05 |
39 |
59 |
2.0 gr Au/t/19 m |
Incl. |
40 |
46 |
3.44 gr Au/t/6 m |
B3-11- 06 |
44 |
47 |
2.48 gr Au/t/3 m |
Incl. |
45 |
46 |
6.79 gr Au/t/1 m |
B3-11- 08 |
0 |
12 |
2.27 gr Au/t/12 m |
Incl. |
0 |
5 |
3.10 gr Au/t/5 m |
|
9 |
10 |
6.44 gr Au/t/1 m |
B3-11- 09 |
0 |
8 |
1.26 gr Au/t/8 m |
Incl. |
3 |
4 |
5.48 gr Au/t/1 m |
|
7 |
8 |
3.32 gr Au/t/1 m |
B3-11- 12 |
1 |
30 |
1.15 gr Au/t/29 m |
Incl. |
24 |
29 |
2.5 gr Au/t/5 m |
B3-11- 13 |
0 |
10 |
0.89 gr Au/t/10 m |
Incl. |
9 |
10 |
3.55 gr Au/t/1 m |
B3-11- 14 |
5 |
6 |
2.83 gr Au/t/1 m |
|
33 |
34 |
1.52 gr Au/t/1 m |
B3-11- 18 |
3 |
9 |
2.20 gr Au/t/6 m |
B3-11- 21 |
11 |
12 |
1.89 gr Au/t/6 m |
B3-11- 22 |
33 |
37 |
1.13 gr Au/t/4 m |
|
53 |
64 |
1.27 gr Au/t/12 m |
Incl. |
60 |
61 |
9.97 gr Au/t/1 m |
B-2 23 |
7 |
22 |
1.63 gr Au/t/15 m |
Incl. |
11 |
16 |
2.82 gr Au/t/5 m |
B3-11- 24 |
0 |
4 |
4.22 gr Au/t/4 m |
Incl. |
0 |
1 |
15.8 gr Au/t/1 m |
|
40 |
43 |
1.50 gr Au/t/3 m |
B3-11- 26 |
0 |
35 |
1.47 gr Au/t/35 m |
Incl. |
9 |
11 |
2.52 gr Au/t/2 m |
|
17 |
24 |
2.72 gr Au/t/7 m |
|
28 |
30 |
4.09 gr Au/t/2 m |
|
33 |
35 |
5.16 gr Au/t/2 m |
|
55 |
58 |
5.35 gr Au/t/2 m |
B3-11- 27 |
16 |
26 |
2.0 gr Au/t/10 m |
Incl. |
22 |
26 |
4.24 gr Au/t/4 m |
B3-11- 30 |
9 |
23 |
2.76 gr Au/t/14 m |
Incl. |
9 |
12 |
5.0 gr Au/t/3 m |
|
16 |
20 |
4.54 gr Au/t/4 m |
|
56 |
61 |
3.51 gr Au/t/5 m |
B3-11- 31 |
36 |
43 |
4.1 gr Au/t/7 m |
|
52 |
53 |
16.5 gr Au/t/1 m |
|
56 |
57 |
7.13 gr Au/t/1 m |
|
63 |
66 |
3.04 gr Au/t/3 m |
B3-11- 33 |
12 |
21 |
4.41 gr Au/t/9 m |
Incl. |
14 |
17 |
6.0 gr Au/t/3 m |
B3-11- 36 |
27 |
29 |
1.23 gr Au/t/2 m |
B3-11- 43 |
18 |
19 |
2.61 gr Au/t/1 m |
B3-12- 05 |
42 44 52 54 62 |
44 46 54 56 64 |
1.73 gr Au/t/ 2 m 0.47 gr Au/t/ 2 m 0.96 gr Au/t/ 2 m 1.18 gr Au/t/
2 m 1.24 gr Au/t/ 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 1.49 g Au/4.0 m |
8 m to 12 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 including |
0.6 g Au/8.0 m 1.74 g Au/20.0 m 3.53 g Au/8.0 m |
4 to 12 m 32 to 52 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 1.80 g Au/8.0 m |
4 to 8 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.
Maurice Giroux, President and CEOStellar AfricaGold
Inc.514-866-6299514-866-8096Ress.stellar@bellnet.cawww.stellarafricagold.ca
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