Ms. Isabelle Proulx reports

STELMINE DISCOVERS A NEW MINERALIZED ZONE 3KM NE OF THE T-REX ZONE AT MERCATOR

Stelmine Canada Ltd. has discovered a highly mineralized sulphide zone located three and five kilometres from the T-Rex and Meridian zones, respectively. The new zone has essentially identical geological and geophysical characteristics to those of the Meridian zone, indicating significant gold potential. Note that drilling carried out on the Meridian zone returned up to 2.62 grams per tonne gold over 17.8 metres, including 4.87 g/t Au over 5.6 m (press release of May 11, 2023). Mercator (100 per cent STH) is located in the northeastern part of Quebec, approximately 160 km west of Fermont. The mapping and sampling program currently under way on the Mercator project has led to the discovery of a new mineralized zone (visual), lying approximately two km beyond the limits of the recently completed induced polarization survey in this area (press release of Aug. 8, 2023).

This new discovery now allows following the horizons of interest over more than eight km, that is, from the Meridian zone to the T-Rex zone (press release of Aug. 8, 2023) up to the new zone. Grab and channel samples have been sent to the assay lab and results are pending.

Similarities between the new zone and the Meridian zone include:

• The new stripped areas, generally oriented east-west, show mineralization with a minimum lateral continuity of 600 metres. The structural elements observed, as well as the magnetic patterns, suggest the presence of a fold hinge in this sector;
• Abundant sulphide mineralization consisting predominantly of pyrrhotite, with subordinate arsenopyrite-lollingite and traces of chalcopyrite.
• A positive magnetic anomaly generated by pyrrhotite plus or minus magnetite, associated with gold mineralization;
• A highly metamorphosed lithological assemblage including metasediments with altered and metamorphosed mafic intrusions, as well as tonalitic intrusive rocks;
• Siliceous zones that may correspond to metamorphosed cherts and/or alteration zones, locally associated with gold mineralization.

Qualified person

The technical information contained in this press release has been reviewed and approved by Friedrich Speidel, PGeo, MSc and vice-president, exploration, of the company. Mr. Speidel is the qualified person responsible for the scientific and technical information contained in this document under National Instrument 43-101 standards.

About Stelmine Canada Ltd.

Stelmine is a junior mining exploration company that is pursuing the development of the new Caniapiscau gold district (east of James Bay), in the underexplored eastern part of the Opinaca metasedimentary basin. Stelmine owns 100 per cent of the 1,784 claims or 917 square kilometres in this part of Northern Quebec, highlighted by the Mercator and Courcy projects.

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