Vancouver, March 17, 2020– John Cumming, President and Chief Executive Officer of Stellar AfricaGold Inc., (TSX-V: SPX) (“Stellar” or the “Company”) announces:
Despite the impacts of the global pandemic public health emergency on the financial markets and our personal lives, Stellar is fortunate to be able to report that the Company is in solid financial condition as a result of the October 2019 sale of the Balandougou project, Guinea, for the considerable sum of $5.13 million.
Although foreign travel for Stellar management is suspended until further notice, Stellar has very qualified representatives in all its jurisdictions of interest and all essential work to advance Stellar’s property acquisition program is continuing uninterrupted from the Company’s branch office in Marrakech, Morocco.
The Path Forward for Stellar AfricaGold is Unchanged
As previously announced Stellar is actively reviewing and evaluating new exploration opportunities in Ivory Coast and in Morocco to assemble a solid portfolio of new projects.
As announced on January 7, 2020 Stellar optioned up to a 100% interest in Birimian Geology Exploration SARL (“BGE”), a Côte d’Ivoire company. BGE holds two well-located gold exploration permits still pending totaling approximately 471 km2, the Bocanda permit (97 km2) and the Djekanou permit covering (374 km2). As required, this acquisition is subject to the TSX-V approval and Stellar’s local team is working to secure outstanding signatures from the Côte d’Ivoire authorities to complete the granting of the two permits. Stellar is currently discussing budgets and logistical requirements to start an initial reconnaissance, prospecting and mapping program over the 471 km2 surface area of both permits.
Stellar is also advancing ongoing discussions to acquire a gold project in Morocco. The field visit by Maurice Giroux, V.P. Exploration and COO of Stellar originally scheduled for this week has been adjourned to a future date to be determined. However, as previously stated, all necessary procedural and technical actions will be handled by local Stellar Director Yassine Belkabir assisted by Dr. Ali Saquaque, Stellar’s technical advisor for Africa. Stellar does not anticipate that the acquisition process will be delayed by current public health situation.
Stellar has also begun the process to renew its Namarana Exploration permit, Mali. Namarana is located along the Mali and Guinea international boundary adjacent eastward of the former Stellar Balandougou Project, Guinea. In past years Namarana was under-explored while financial resources were directed to Balandougou. The Namarana permit was originally secured because of its potential to host extensions of the gold mineralization discovered at Balandougou, and Stellar has a historical database detailing surface gold showings and gold grades warranting this permit renewal effort and subsequent exploration. The renewal process is being supervised from Canada with all local requirements being handled directly by Stellar’s Malian representative in Bamako.
As announced on March 6, 2020 Stellar has closed on the purchase of the L-K Property, Quebec. A two-phase exploration program totaling $205,500 is planned for the 2020 summer exploration season.
Stellar Africagold Inc. will continue to take all necessary steps to pursue its acquisition program and assemble a solid portfolio of high potential African exploration projects as originally planned. Our talented team of business and technical professionals in Canada and in Africa have instituted an excellent capability to work at distance enabling Stellar to pursue its stated objectives in spite of the current crisis.
Lastly, Stellar management will keep shareholders informed on a regular basis and on any new development as they happen. We thank you for your continuing support during these uncertain times.
ABOUT STELLAR AFRICAGOLD INC. Stellar AfricaGold Inc. is a Canadian exploration company with offices in Vancouver, BC and Montreal, QC.
For a pdf copy of the complete March 17, 2020 corporate update click here.
