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Stellar AfricaGold L-K Gold Property TSX-V Approves Fundamental Acquisition; Shares-For-Debt Closed
(via TheNewswire) Vancouver, BC - TheNewswire - March 6, 2020 - John Cumming...
About this update from Stellar Africagold, Inc.
[{"type":"text","content":"Stellar AfricaGold L-K Gold Property TSX-V Approves Fundamental Acquisition; Shares-For-Debt Closed(via TheNewswire)\n \n \nVancouver, BC - TheNewswire - March 6, 2020 - John Cumming, President and Chief Executive Officer of Stellar AfricaGold Inc., (TSXV:SPX) (\"Stellar\" or the \"Company\") announces;\n\n \n \nAcquisition of L-K Gold Property, Quebec\n\n \n \nStellar has closed the January 22, 2020 Lullwitz-Kaepelli gold property (the \"L-K Property\") purchase agreement dated with Guy Galarneau, the TSX-V having approved the transaction as a Fundamental Acquisition. The aggregate purchase price of $5,000 has been paid and 300,000 shares issued. The shares are subject to a hold period expiring July 7, 2020. The vendor retained a 1.5% Net Smelter Return royalty which Stellar can purchased at any time for $500,000.\n\n \n \nThe L-K Property is comprised of 4 contiguous mineral claims totaling 231.4 hectares in Lacoste and De Sales township in the Charlevoix Area of Quebec.\n\n \n \nConsulting geologist Benoit Violette, P.Geo., in a March 5, 2020 report* to Stellar reported \"The L-K Property is located within the Grenville Geological Province which displays a high degree of metamorphism and high temperature intrusive rocks. The property is underlain by the Charlevoix charnockitic complex, mainly made-up of mixed gneisses and hosts the folded La Galette Formation, which is composed of garnet-bearing pink migmatites. The property is at the northern edge of the deformation zone caused by the Charlevoix meteoritic impact crater during the Devonian Era, which induced concentric ring faults on the Grenville sequences.\n\n\n \nThe historical gold and PGM mineralization was reported as found in mafic veins, referred to as \"black veins\" are made up of tourmaline and hornblende and micas. High and continuous gold and iridium values in the order of 0.23 and 0.12 oz/t, respectively, were obtained, along with 22 g/t of gallium over widths of up to 30 feet. A summer field study and sampling of the exposed sequences are required for a better comprehension of the deposit types that may occur on the property.\"\n\n \n \nA two-phase exploration program totaling $205,500 is proposed with Phase I ($105,500) consisting of surface sampling and geophysical surveys and, contingent upon the results of Phase I, a Phase II program ($100,000) of trenchin...