LAVAL, QC, Oct. 19 /CNW/ - Stellar Pacific Ventures Inc. (SPX) is pleased to announce the results of a reconnaissance mapping and sampling program on his Siguri Gold Property in Guinea West Africa.
Within the Property, a total of twelve (12) artisan mining sites in activity have been visited along the Semou River and its effluents. The Semou River flows east west on over 10 km across the property into the Niger River to the East. Each of these sites are operated by small groups of workers digging gold out of the alluviums and in some cases from crushed quartz bock, dug out from circular pits of 10 to 15 meters deep.
In the course of this reconnaissance program, 200 samples averaging 2.5 kg in weight of soil, rocks, and stream sediments were collected and send to SGS, Siguri Laboratory for Fire Assay analysis. A number of 22 samples returned anomalous values ranging between 0.10 and 3.52 g. Au/t.
Structurally, the property shows the same patterns then the Cassidy's gold bearing structures, some 35 km to the SE. In a news release dated 2006 - 09 - 19, Cassidy announced an Indicated resource of 337,000 ounces and an Inferred resource of 364,000 ounces of gold.
The compilation of these anomalous gold values has allow the company to identified a zone of priority which totaled 28 km2 , where more detailed (200m x 50m) soil sampling is justified and recommended to localize the sources of the gold present in the hydrographic basin of the Semou River.
The Siguri Gold Property covers an area of 107 km2 in the well renowned Siguri Gold Camp of northeastern Guinea. The Siguri basin is underlain by volcano-sedimentary rocks. The property is advantageously located in the surrounding of all Guinea operated gold mines, namely, the Semafo's Jean and Gobele 500,000 ounces mine as well as of the Lero 4,25 million ounces mine and the Anglo/Ashanti 3,1million ounces Siguri mine.
Stellar Pacific Venture signed an option to acquire up to 90% of the Siguri Property by paying $100,000 and 1,500,000 shares to the vendor and in contributing to $400,000 in exploration expenditure over a period of 24 months.
Stellar Pacific Venture Inc. also has the option to buy back the remaining interest of 10% in the Permits for a total consideration of $2.0 million.
Stellar Pacific Venture Inc. is a junior mining exploration company listed on the TSX-V whose primary objective is to develop and bring into production viable gold deposits.
"Michel Lemay"
Michel Lemay
President
The TSX Venture Exchange has in no way approved or disapproved the
contents of this press release.