22:02:46 EST Wed 06 Dec 2023
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Stelmine Canada Ltd (2)
Symbol STH
Shares Issued 90,646,833
Close 2023-06-20 C$ 0.125
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Stelmine starts exploration program at Mercator

2023-06-20 16:25 ET - News Release

Ms. Isabelle Proulx reports


Stelmine Canada Ltd. has started its largest exploration program to date on the 100-per-cent-owned Mercator property located in northeastern Quebec.

The exploration program has already started and will be completed by mid-October. This first exploration phase has several objectives conductive to a second stage entirely devoted to drilling.

In detail, phase 1 of the program will include:

  • A definition induced polarity (IP)/resistivity survey on the 2.5-kilometre-by-500-metre gold-bearing Meridian zone to constrain the location of gold targets to drill. A complementary survey aimed at extending the areas of gold discoveries will be completed on the northern extension of the Meridian zone (T-Rex zone) where an important fold is suspected to deform iron formations.
  • Systematic/detailed geological and structural mapping of the Meridian zone to interpret the mineralized zones and characterize the nature of lithologies. Grab rock and channel sampling in the gold-prospective T-Rex zone north of Meridian.
  • Intensive exploration and grab rock/channel sampling of the 21 km long southwestern extension of the Meridian zone where preliminary prospecting identified gold- and arsenic-bearing iron formations.
  • Following a successful till survey campaign (C-Horizon) that identified new gold targets outside the Meridian zone, the company will carry out high-resolution soil surveys (100 by 200 m spacing) in the northern T-Rex zone and southwestern extension of the Meridian zone. Medium-resolution soil surveys (200 by 400 m spacing) on the northern and southwestern areas of the Mercator property will follow.
  • A particular attention will be given to the identification the lithium potential of granitic pegmatites and granites while exploring the property.

Qualified person

The technical information in this news release has been reviewed and approved by Michel Boily, PGeo, PhD. Mr. Boily is the qualified person responsible for the scientific and technical information contained herein under National Instrument 43-101 standards.

About Stelmine Canada Ltd.

Stelmine is a junior mining exploration company pioneering a new gold district (Caniapiscau) east of James Bay in the underexplored eastern part of the Opinaca metasedimentary basin where the geological context has similarities to the Eleonore mine. Stelmine has 100-per-cent ownership of a metasedimentary basin where the geological context has similarities to the Eleonore mine. Stelmine has 100-per-cent ownership of 1,782 claims, or 938 square km, in this part of Northern Quebec, highlighted by the Courcy and Mercator projects.

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