Vancouver – May 19, 2021 – J. François Lalonde, President and CEO of Stellar AfricaGold Inc., (TSXV:SPX) (“Stellar” or the “Company”) is pleased to provide an update on its exploration activities in Morocco and Mali to May 15th 2021.
“I am pleased with our progress since the completion of Stellar’s recent round of financing” commented Stellar President J. Francois Lalonde. “As detailed below, much progress has been made towards initiating an aggressive phase 1 drill program at the Tichka Est Gold Project in Morocco, towards finalizing Stellar’s option to acquire the Imiter Nord Silver Project and towards completing Stellar’s permit application process for the Namarana Gold Project in Mali. This is the first of many update reports which I will issue in the coming months which will be in addition to project and event specific news releases which will be made as acquisition and exploration events occur.”
Tichka Est Gold Project, Morocco
Stellar continued to evaluate trenching results from its Tichka Est Gold Project to determine more accurately the drill pad locations in Zone A and B for the forthcoming Phase 1 drill program. Design and construction of access road is challenging as it must traverse over six kilometers up steep mountain terrain along the valley contours, maximize site access for both Phase 1 drilling program and future programs, all while minimizing the overall construction and maintenance cost. (See Figure 1 below) Interested local contractors with good experience of these conditions were short listed and have been invited to make a site visit within the forthcoming week. Formal bids for the road and drill pad construction on an expedited basis are being requested and are expected to be tendered prior to the end of May. Management anticipates that the contractor will be selected and the construction contract issued shortly thereafter. Concurrently, bids for the drill program are also being sought. Details of the proposed Phase 1 drill program will be announced in the near future.
Figure 1 – Proposed Road Route to Zones A and B
Imiter Nord Silver Project, Morocco
Stellar’s due diligence evaluation reconnaissance mission on its pending acquisition of the Imiter Nord Silver Project in Morocco was completed successfully on May 11th, 2021. Imiter Nord is contiguous to Managem’s Imiter Silver Mine, and the results of this reconnaissance mission are an essential component of management’s evaluation of the exploration potential of Imiter Nord and will better inform management’s final decision regarding the option agreement which is still in its due diligence period. The samples collected during the reconnaissance mission were sent to the African Laboratory for Mining and Environment (AfriLab) in Marrakech for analysis. As soon as the assay results are received and evaluated, and management makes a final decision regarding the Imiter Nord option agreement shareholders will be notified. It is anticipated that this could occur as early as mid-June.
Namarana Gold Project, Mali
On April 27, 2021 Stellar AfricaGold Inc. announced that its wholly owned subsidiary Stellar Pacific Mali SARL had been awarded a 52 square-kilometre gold “Autorisation d’Exploration” (authorization to prospect) in southwest Mali. The authorization to prospect gives Stellar the exclusive right to conduct an exploration ‘look-see’ program within the permit area and, subject to the results of that program, to thereafter apply for a full exploration permit. A reconnaissance evaluation program was developed based on observations made by Stellar’s Malian technical crew during a recent field visit and on a review of Stellar’s prior early-stage prospecting results over this same exploration area. This program will assist management’s decision to complete Stellar’s application for the full exploration permit on its newly defined 52 square kilometers area. The budget for this program has been approved, necessary funds advanced and the program is expected to begin May 19, 2021.
For the benefit of its shareholders, Stellar will keep providing progress update report on a regular basis.
ABOUT STELLAR AFRICAGOLD INC.
Stellar AfricaGold Inc. is a Canadian precious metal exploration company with offices in Vancouver, BC and in Montreal, QC. Stellar President François Lalonde can be contacted at 514-994-0654 or by email at lalondejf@stellarafricagold.com.
The technical content of this press release has been reviewed and approved by Yassine Belkabir, MScDIC, CEng, MIMMM, a Stellar director and a Qualified Person as defined in NI 43-101.
On Behalf of the Board
J. François Lalonde,
President and CEO
This release contains certain “forward-looking information” under applicable Canadian securities laws concerning the Arrangement. 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. Assumptions upon which such forward-looking information is based includes, among others, that the conditions to closing of the Arrangement will be satisfied and that the Arrangement will be completed on the terms set out in the definitive agreement. 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: that the remaining conditions to the Arrangement will not be satisfied; that 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
