LAVAL, QC, March 3 /CNW/ -
VASSAN PROJECT
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The management of Stellar is pleased to report that the 2007 drilling
program on Vassan was successful as the Company demonstrated that the main
structure (H-3) is still present around the 600 metre level and that two new
parallel structures (H-1 and H-2) appear below the 400 metre level.
The 2007 drilling program demonstrated two important facts:
1. The Hamelin zone (H-3) reappears below 500 meters (V2007-04:
5.82 g/t Au over 8,90 m,)
2. Two new veins appear below 400 meters (H-1 and H-2: V2007-02:
10.52 g/t Au over 2.20 m,) Vein H-1 can sporadically be traced
so far for 200 metres vertically by 200 metres laterally.
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It becomes clear that the Hamelin vein system plunges vertically and that
it consist of a multiple vein system at depth compared to a single vein
from surface down to the 400 metres level.
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The company announced in its press release dated October 03, 2006, the
first resource estimate on the Vassan property covering the surface down to
the 400 meter level. The estimate was produced by independent geologist and
qualified person Yves Gagnon (P. Ing.) from Val d'Or. Mr Gagnon's report
states that the mineral inventory of the Vassan property is estimated at
385 054 tons grading 5.01 g/t Au, 0.19 % Cu and 3.41 g/t Ag within the drill
indicated category. An inferred resource is also estimated at 62 600 tons
grading 4.15 g/t Au, 0.10 % Cu and 1.32 g/t Ag.
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The indicated resources would then contain 67 509 ounces of gold and the
inferred resources would contain 8 343 ounces of gold plus credits for
copper and silver.
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Numerous mineral occurrences and past producing mines are located in the
immediate surrounding of the Vassan property including the Sullivan Mine
located 3.5 km away (production of 2.5 millions ounces of gold with a
972 meter deep shaft), the Siscoe Mine located 2.7 km away (production of
2.0 millions ounces of gold with a 754 meter deep shaft) and the Kiena Mine
located 5 km to the south.
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It is important to note that;
a) Stellar own 100% interest in the mining right of the property
(7 claims) and 100% of the surface rights above the
Hamelin zone (3 lots)
b) The property is located within the Val d'Or mining camp, closed
to existing processing plants and is directly accessible
by highway 111 linking Val d'Or to Amos
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HEVA PROPERTY
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Stellar's partner on the Heva project, Vantex Resources Ltd (VTX),
announced on February 20, 2007 the conclusion of the agreement with Aurizon
Mines in which Aurizon Mines is purchasing its 75% interest in Heva property
located some 20 km east of Rouyn-Noranda.
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The management of Stellar is very pleased with this announcement in which
the company is entering into a partnership with a gold producer. Stellar
holds the remaining 25% interest in the Heva property.
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OBJECTIVES FOR 2008
Vassan project:
With the recent increase in the price of gold (950$/oz), the management of
Stellar is evaluating the construction of an access ramp from surface down to
the 400 meter level to continue the exploration and the definition drilling of
the mineralized structures and the execution of a bulk sample. The company is
conducting an evaluation of entering into a joint venture with a producer to
follow with its exploration and bulk sampling programs.
Heva property:
The company will work closely and participate if necessary to Aurizon
Mines's exploration programs on its two bloc's property. The company will
examine and analyse all events on this project that will ensure a valuable
alternative to the shareholders.
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 passed on the merits of the
proposed transaction and has neither approved or disapproved the contents
of this press release.