5 of the 13 drillholes yielded significant intersections with gold values > 1.0 g/t ranging from 1.45 to 17.80 m in apparent thickness and depths varying from 9 to 194 m (Table 1). The grade and extent of the mineralization confirm the significant surface gold data obtained since 2018 from grab and channel samples yielding 15% of gold values > 1.0 g/t and 41% over 200 ppb. At the core of the property (
DDH # | From (m) | To (m) | Interval *(m) | Au (g/t) | DDH # | From (m) | To (m) | Interval *(m) | Au (g/t) | |
MCT22-01 | 9.30 | 15.67 | 6.37 | 1.22 | MCT22-11 | 29.00 | 30.00 | 1.00 | 1.50 | |
31.20 | 34.30 | 3.10 | 1.28 | 99.00 | 108.00 | 9.00 | 1.13 | |||
45.60 | 47.50 | 1.90 | 1.00 | Incl. | 105.60 | 108.00 | 2.40 | 2.68 | ||
MCT22-03 | 26.85 | 36.60 | 9.75 | 1.13 | 151.25 | 155.50 | 4.25 | 1.12 | ||
Incl. | 33.80 | 35.50 | 1.70 | 3.21 | 184.20 | 193.50 | 9.30 | 1.51 | ||
40.25 | 41.70 | 1.45 | 1.38 | Incl. | 184.20 | 186.00 | 1.80 | 2.90 | ||
42.70 | 43.25 | 0.55 | 1.35 | Incl. | 190.05 | 191.50 | 1.45 | 4.51 | ||
MCT22-04 | 24.25 | 26.00 | 1.75 | 0.84 | MCT22-12 | 85.45 | 88.15 | 2.70 | 1.07 | |
37.50 | 39.90 | 2.40 | 0.91 | 93.00 | 99.00 | 6.00 | 0.60 | |||
MCT22-08 | 47.15 | 64.95 | 17.80 | 2.62 | MCT22-13 | 100.50 | 102.00 | 1.50 | 0.70 | |
Incl. | 59.35 | 64.95 | 5.60 | 4.87 | 104.50 | 106.50 | 2.00 | 0.54 | ||
*Apparent thickness. The real thickness is not actually known. Table 1. Best intercepts from the core materiel drilled during the maiden Mercator drilling campaign. |
There is a strong correlation in drillcore gold intercepts and low resistivity/high chargeability zones. Several of these IP-derived anomalies are yet to be drilled, especially in the southwestern
Compelling results from Mercator over the last 2 years prompted Stelmine to acquire 165 new adjacent claims. The extended land package covers a sedimentary basin with similar geological and structural characteristics found in the original Mercator property providing Stelmine with a unique highly prospective portfolio in an under-explored terrain. Indeed, outside the immediate
Gold mineralization at Mercator occurs within faulted and folded granulite facies mafic rocks (basalts and gabbros) and iron formations (?) interlayered with a thick assemblage of migmatized paragneiss forming a large sedimentary basin within the La Grande/Opinaca subprovinces. Löllingite/arsenopyrite, pyrrhotite, pyrite, and chalcopyrite are the principal sulphide minerals associated with gold.
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Qualified Person
The technical information in this news release has been reviewed and approved by
QA/QC Protocol
Stelmine implemented a strict QA/QC protocol in processing all rock samples collected from the Mercator property. The protocol included the insertion and monitoring of appropriate reference materials, in this case high concentration and low concentration certified gold standards and blanks to validate the accuracy and precision of the assay results. All collected rock samples were put in sturdy plastic bags, tagged, and sealed in the field under the supervision of geologists in training. Sample bags were then put in rice pouches and kept securely in a field tent before being sent by floatplane to the city of
About
Stelmine is a junior mining exploration company pioneering a new gold district (Caniapiscau) east of
Forward-looking statements
Certain information in this press release may contain forward-looking statements, such as statements regarding the expected closing of and the anticipated use of the proceeds from the Offering, acquisition and expansion plans, availability of quality acquisition opportunities, and growth of the Company. This information is based on current expectations and assumptions (including assumptions in connection with obtaining all necessary approvals for the Offering and general economic and market conditions) that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Risks that could cause results to differ from those stated in the forward-looking statements in this release include those relating to the ability to complete the Offering on the terms described above. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in the Company’s filings with the Canadian securities regulators, which filings are available at www.sedar.com.
Cautionary statement
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Figure 1
![](https://ml.globenewswire.com/media/c28d68ba-3072-456e-a2c4-e28313c1d0ed/medium/figure-1.jpg)
Location of 2022 Stelmine drillholes and IP/Resistivity Survey at 75m depth.
Figure 2
![](https://ml.globenewswire.com/media/4eb2cab7-942f-49c5-b4c2-dfedd289bb0c/medium/figure-2.jpg)
Location of Stelmine properties in the northeastern province of Québec
Figure 3
![](https://ml.globenewswire.com/media/5227423a-8340-4d88-9c7b-161c723f5da9/medium/figure-3.jpg)
Location of Stelmine claims in the Caniapiscau mining district of northeastern Quebec .
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