Business
Acquisition of a strategic gold property in the Val d'Or mining camp
Acquisition of a strategic gold property in the Val d'Or mining camp.
About this update from Stellar Africagold, Inc.
[{"type":"text","content":"\n\n\n\n\nMONTREAL, Oct. 11 /CNW Telbec/ - Stellar Pacific Ventures (SPX) is\npleased to announce the signing of an agreement which enables the company to\nearn a 51% interest in the Vassan property located within the Val d'Or mining\ncamp. The company can earn its interest by issuing 600,000 of its share\ncapital over a period of three years, including 200,000 shares upon signing of\nthe agreement, and completing $1,000,000 in exploration work over that same\nperiod.\nThe property, which consists of 7 claims totalling 280 hectares in range\n2 of Vassan Township, is strategically located near several present and past\nproducers including the Siscoe mine, directly to the south of the property,\nthe Kiena mine, located 5 km to the south-west of the property and the\nSullivan mine, located 3.5 km to the south-east of the property and finally\nthe Wesdome development project located some 3 km to the west of the project.\nThe main interest of the property consists in an extensive gold-copper\nbearing quartz-sulphide vein structure called the Hamelin Zone. Within the\npast twenty years, numerous holes have been drilled on this prospect but it's\nonly in the past few years that the mineralizing system has been understood.\nSo far, over twenty drill holes have intersected the structure which can be\ntraced laterally for over 300 meters and vertically for 500 meters. The latter\nremains open in all directions.\nThe structure consists of an east-west striking sub-vertically dipping,\nquartz vein (locally two), hosting massive to semi-massive sulphides\n(pyrrhotite, pyrite, and chalcopyrite). Gold grades are almost proportional to\nthe sulphide content. Massive sulphides will usually return around 30 g/t Au\nand between 0.1 and 2% Cu. The thickness of the structure averages about\n1 metre. The structure is being interpreted as a tension fracture within mafic\nvolcanic units as only minor shearing and alteration are usually observed. Two\nsignificant gold intersections have also been obtained in 1998 in ultramafic\nrocks at depth of over 400 metres, within the same structure system. No follow\nup was done.\n\nThe best drill results from 1997 to 2003 are as follows:\n\nHoles From To Length (m) Au g/t Cu %\n\nAB-97-07 167.70 168.00 0.30 50.47 2.28\nAB-97-10 161.00 163.50 2.50 12.89 0.85\nAB-97-12 136.30 137.50 1.20 12.38 0.19\nAB-97-14 166.23...