Business
Stellar Pacific finds gold in Guinea
Stellar Pacific finds gold in Guinea.
About this update from Stellar Africagold, Inc.
[{"type":"text","content":"\n\n\n\nLAVAL, QC, Oct. 19 /CNW/ - Stellar Pacific Ventures Inc. (SPX) is pleased\nto announce the results of a reconnaissance mapping and sampling program on\nhis Siguri Gold Property in Guinea West Africa.\n\n\nWithin the Property, a total of twelve (12) artisan mining sites in\nactivity have been visited along the Semou River and its effluents. The Semou\nRiver flows east west on over 10 km across the property into the Niger River\nto the East. Each of these sites are operated by small groups of workers\ndigging gold out of the alluviums and in some cases from crushed quartz bock,\ndug out from circular pits of 10 to 15 meters deep.\n\n\nIn the course of this reconnaissance program, 200 samples averaging\n2.5 kg in weight of soil, rocks, and stream sediments were collected and send\nto SGS, Siguri Laboratory for Fire Assay analysis. A number of 22 samples\nreturned anomalous values ranging between 0.10 and 3.52 g. Au/t.\n\n\nStructurally, the property shows the same patterns then the Cassidy's\ngold bearing structures, some 35 km to the SE. In a news release dated\n2006 - 09 - 19, Cassidy announced an Indicated resource of 337,000 ounces and\nan Inferred resource of 364,000 ounces of gold.\n\n\nThe compilation of these anomalous gold values has allow the company to\nidentified a zone of priority which totaled 28 km2 , where more detailed\n(200m x 50m) soil sampling is justified and recommended to localize the\nsources of the gold present in the hydrographic basin of the Semou River.\n\n\nThe Siguri Gold Property covers an area of 107 km2 in the well renowned\nSiguri Gold Camp of northeastern Guinea. The Siguri basin is underlain by\nvolcano-sedimentary rocks. The property is advantageously located in the\nsurrounding of all Guinea operated gold mines, namely, the Semafo's Jean and\nGobele 500,000 ounces mine as well as of the Lero 4,25 million ounces mine and\nthe Anglo/Ashanti 3,1million ounces Siguri mine.\n\n\nStellar Pacific Venture signed an option to acquire up to 90% of the\nSiguri Property by paying $100,000 and 1,500,000 shares to the vendor and in\ncontributing to $400,000 in exploration expenditure over a period of\n24 months.\n\n\nStellar Pacific Venture Inc. also has the option to buy back the\nremaining interest of 10% in the Permits for a total consideration of\n$2.0 million.\n\n\nStellar Pacific Venture Inc. i...