Business
Stellar Pacific double his land position in the Otish Mountains uranium play
Stellar Pacific double his land position in the Otish Mountains uranium play.
About this update from Stellar Africagold, Inc.
[{"type":"text","content":"\n\n\n\nLAVAL, QC, May 29 /CNW/ - Stellar Pacific Ventures Ltd. (SPX) is pleased\nto announce the acquisition of 100% interest in 40 Cells covering\n2,120 hectares located in the middle of the uranium play in the Northern\nQuebec's Otish Mountains.\n\n\nThis area is well known for its uranium potential and this new property\nis located 9.0 km east of Strateco Resources Inc. Matoush property where\nsignificant uranium results have been reported by Strateco with 2.1% U3O8 over\n12.4 metres (Strateco press release: 22/12/2006), 2.13% U3O8 over 15.2 metres\n(Strateco press release: 20/02/2007) and recently 2.0% U3O8 over 16 metres\nrepresenting 40 pounds per ton U3O8 over 53 feet (Strateco press release\n10/04/2007).\n\n\nStellar's management, is very proud of this acquisition which brings its\ntotal 100% owned land position in the area to 4,115 hectares considering the\ntwo previously acquired nearby properties announced on February 26-2007.\n\n\nThe company is now compiling data available from previous work in the\narea and planning an extensive exploration program to test the uranium\npotential of its 3 Otish Mountain properties.\n\n\nThe program which will be carried-out during the months of June and July\n2007, will most likely include a low altitude helicopter-borne combined\nradiometric, magnetic and VLF electromagnetic survey which will be followed\nby, lake bottom sampling, line-cutting, ground scintillometer surveying,\nprospecting, geological mapping and sampling.\n\n\nThe total estimated budget for this first phase of a two program will be\nin the $300,000 to $400,000 range. Pending on the results of the first phase\nthe second phase of the program would include additional prospecting and\nsampling along with a diamond drilling on potential targets, this second phase\nwould cost approximately $600,000.\n\n\nThe Company is earning its interest by paying $20,000.00 and issuing\n300,000 common shares of the company to two prospectors following the approval\nof the TSX-Venture Exchange.\n\n\nThis press release has been reviewed by Benoit M Violette, geo,\nconsulting geologist and a qualified person under a Qualified Persons under\nNational Instrument 43-101,\n\n\nFurthermore, Stellar wish to advise its shareholders that the spin-off\nactivities with Stelmine Canada Ltd is progressing positively, an update shall\nbe announced...