Vancouver, March 6, 2020– John Cumming, President and Chief Executive Officer of Stellar AfricaGold Inc., (TSX-V: SPX) (“Stellar” or the “Company”) announces;
Acquisition of L-K Gold Property, Quebec
Stellar has closed the January 22, 2020 Lullwitz-Kaepelli gold property (the “L-K Property”) purchase agreement dated with Guy Galarneau, the TSX-V having approved the transaction as a Fundamental Acquisition. The aggregate purchase price of $5,000 has been paid and 300,000 shares issued. The shares are subject to a hold period expiring July 7, 2020. The vendor retained a 1.5% Net Smelter Return royalty which Stellar can purchased at any time for $500,000.
The L-K Property is comprised of 4 contiguous mineral claims totaling 231.4 hectares in Lacoste and De Sales township in the Charlevoix Area of Quebec.
Consulting geologist Benoit Violette, P.Geo., in a March 5, 2020 report* to Stellar reported “The L-K Property is located within the Grenville Geological Province which displays a high degree of metamorphism and high temperature intrusive rocks. The property is underlain by the Charlevoix charnockitic complex, mainly made-up of mixed gneisses and hosts the folded La Galette Formation, which is composed of garnet-bearing pink migmatites. The property is at the northern edge of the deformation zone caused by the Charlevoix meteoritic impact crater during the Devonian Era, which induced concentric ring faults on the Grenville sequences.
The historical gold and PGM mineralization was reported as found in mafic veins, referred to as “black veins” are made up of tourmaline and hornblende and micas. High and continuous gold and iridium values in the order of 0.23 and 0.12 oz/t, respectively, were obtained, along with 22 g/t of gallium over widths of up to 30 feet. A summer field study and sampling of the exposed sequences are required for a better comprehension of the deposit types that may occur on the property.”
A two-phase exploration program totaling $205,500 is proposed with Phase I ($105,500) consisting of surface sampling and geophysical surveys and, contingent upon the results of Phase I, a Phase II program ($100,000) of trenching and 500 meters of diamond drilling.
*Technical Evaluation Report of the Gold Exploration Potential of the Lullwitz-Kaeppeli Project, La MalBaie Area, Charlevoix Region NTS 21M16, Province of Quebec, March 5, 2020 by Benoit M. Violette, P.Geo.
Shares for Debt
Further to Stellar’s news release of November 5, 2019 Stellar has issued 3,060,000 shares to four creditors to settle $153,000 of debt. The shares are subject to a hold period expiring July 7, 2020
Birimian Geology Exploration SARL, Côte d’Ivoire
Stellar is still pursuing the acquisition of Birimian Geology Exploration SARL, Côte d’Ivoire which has been delayed due to timing uncertainty of the final issuance of the underlying mineral permits by the Côte d’Ivoire government. The Company will refile the proposed acquisition of Birimian Geology Exploration SARL for required TSX-V approval once the permits are issued and other required preconditions to closing can be satisfied.
A copy of the March 6, 2020 news release is available here.
ABOUT STELLAR AFRICAGOLD INC.
Stellar AfricaGold Inc. is a Canadian gold company with offices in Vancouver, BC and Montreal, QC. Stellar President John Cumming can be contacted at 604-618-4262 or by email at cumming@stellarafricagold.com.
The technical content of this press release has been reviewed and approved by independent consultant Benoit Violette, P. Geo, a Qualified Person as defined in NI 43-101.
