Business
Stellar increases its interest to 100% in Vassan property
Stellar increases its interest to 100% in Vassan property.
About this update from Stellar Africagold, Inc.
[{"type":"text","content":"\n\n\n\nLAVAL, QC, June 6 /CNW/ - Stellar Pacific Ventures Inc. (SPX) (the\n"Corporation" or "Stellar") is pleased to announce that it has signed an\nagreement with arm's length parties pursuant to which the Corporation\nincreased its interest to 100% of the mining rights of the Vassan property\n(the "Vassan Property"), located within the mining camp of Val-d'Or.\n\n\nSubject to the approval of the regulatory authorities and the TSX Venture\nExchange, Stellar will earn its interest by issuing 2,000,000 common shares of\nits share capital and by paying a cash consideration of $100,000 over an\neighteen month period. Upon commercial production of the Vassan Property, if\nany, Stellar will pay an additional $100,000 and issue 1,000,000 common shares\nof its share capital or make a cash payment of $600,000, at Stellar's\ndiscretion.\n\n\nStellar also owns the surface rights of 3 lots of the Vassan project.\nThese lots are located on the west end of the Vassan Property and cover the\nHamelin zone where significant results were obtained with a mineral inventory\nof 385,054 tons grading 5.01 g/t Au, 0.19 % Cu and 3.41 g/t Ag within the\nindicated category. An inferred resource is also estimated at 62 600 tons\ngrading 4.15 g/t Au, 0.10 %% Cu and 1.32 g/t Ag. (See press release dated\n03.10.2006)\n\n\nWith this acquisition, Stellar becomes an important contributor of the\nmining development in the Val-d'Or mining camp.\n\n\nThe Vassan Property consists of 7 claims totalling 280 hectares in the\nVassan Township, Province of Quebec. The Vassan Property is located along the\nCadillac main fault, and is strategically located near several present and\npast producers including the Siscoe mine, directly to the south of the Vassan\nProperty, the Kiena mine, located 5 km to the south-west of the Vassan\nProperty, the Sullivan mine, located 3.5 km to the south-east of the Vassan\nProperty and finally the Wesdome development project located some 3 km to the\nwest of the Vassan Property.\n\n\nThe main interest of the Vassan Property consists in an extensive\ngold-copper bearing quartz-sulphide vein structure called the Hamelin Zone.\nWithin the past twenty years, numerous holes have been drilled on this\nprospect but it is only in the past few years that the mineralizing system has\nbeen understood. So far, over twenty...