Stellar AfricaGold Inc is pleased to announce that it has completed a detailed reconnaissance program on the 51 Km2 Namarana Prospection Authorisation Licence located 130 km NW of Bamako, Mali.
The purpose of reconnaissance program was to evaluate the gold potential of the Namarana Authorisation area prior to filing an application for a full Exploration Permit over the same area. The entire 51 km2 was visited by Stellar’s senior consultant geologists and 11 artisan mine sites were visited, mapped and sampled within the Permit area.
A total of 172 grab samples were taken and sent to SGS Bamako laboratory for fire assay analysis. Twenty-five (25) samples returned gold grades greater than 0.30 g/t and 13 returned grades ranging between 1.0 g/t and 5.7 g/t Au primarily in some quartz veins running roughly north south. The samples were taken from either surface exposures or from below ground inside some of the artisan mine pits to as deep as 6 metres in quartz vein systems exposed by the artisan mining activity.
Mine sites 3,4,5 and 2 were considered priority as they all show primary mineralisation in quartz veins, some quartz veins still outcropping while others were observed at depth in artisanal pits. Although all surface showings and underground quartz veins had been extensively mined by orpailleurs, all 13 samples grading between 1.23 and 5.70 g/t Au were taken at those 4 sites.
In 2012, Newmont Mining, in association with Stellar, conducted a field reconnaissance and an airborne magnetic survey over the original 132-square-kilometre Namarana permit then owned by Stellar Pacific Mali SARL, a 100% subsidiary of Stellar. The motives and the objectives of this geophysical survey was to assist in the interpretation of the local geology. All the historical data were retained by Stellar and are very useful in evaluating the potential of this project.
According to Newmont’s 2012 geological interpretation of its airborne magnetic survey, mine sites 3 and 4 as well as sites 2 and 5 are all located along a regional NW-SE structures and secondaries NE-SW structures.
Maurice Giroux, Vice-President Exploration and COO commented: “The encouraging results obtained from Stellar’s 2021 reconnaissance program are consistent with past observations and with Newmont’s interpretation of its airborne mag survey, and warrant Stellar’s filing of an application for a full Exploration Permit. I consider sites 3 and 4 to be close to drill ready, and a drilling program could be initiated immediately following a short program of surface trenching to confirm the geological and structural features at those specific locations.”
About Stellar AfricaGold Inc.
Stellar AfricaGold Inc. is a Canadian gold company with offices in Vancouver, BC and in Montreal, QC. Stellar The technical content of this press release has been reviewed and approved by M. Yassine Belkabir MScDIC, CEng, MIMMM, a Stellar director and a Qualified Person as defined in NI 43-101.
This release contains certain “forward-looking information” under applicable Canadian securities laws. Forward-looking information reflects the Company’s current internal expectations or beliefs and is based on information currently available to the Company. In some cases forward-looking information can be identified by terminology such as “may”, “will”, “should”, “expect”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “projects”, “potential”, “scheduled”, “forecast”, “budget” or the negative of those terms or other comparable terminology. Forward-looking information is based upon many assumptions.
Many of these assumptions are based on factors and events that are not within the control of the Company, and there is no assurance they will prove to be correct or accurate. Risk factors that could cause actual results to differ materially from those predicted herein include, without limitation: the business prospects and opportunities of the Company will not proceed as anticipated; changes in the global prices for gold or certain other commodities (such as diesel, aluminum and electricity); changes in U.S. dollar and other currency exchange rates, interest rates or gold lease rates; risks arising from holding derivative instruments; the level of liquidity and capital resources; access to capital markets, financing and interest rates; mining tax regimes; ability to successfully integrate acquired assets; legislative, political or economic developments in the jurisdictions in which the Company carries on business; operating or technical difficulties in connection with mining or development activities; laws and regulations governing the protection of the environment; employee relations; availability and increasing costs associated with mining inputs and labour; the speculative nature of exploration and development; contests over title to properties, particularly title to undeveloped properties; and the risks involved in the exploration, development and mining business.
Risks and unknowns inherent in all projects include the inaccuracy of estimated reserves and resources, metallurgical recoveries, capital and operating costs of such projects, and the future prices for the relevant minerals.