Oct 21 2010
Stellar Pacific Ventures Inc. (TSX VENTURE:SPX) announces a strategic land acquisition by the Stellar-Ultragold Joint Venture.
The new licence will be referred to as the «SUIGURI II» and covers an extra 187 km2 adjacent to the current BALANDOUGOU Project in Guinea, West Africa. This additional ground covers the south-western extension of the Solotomo mineralised area which is currently under advance investigation by the company. A detailed geochemical program recently completed over the Solotomo area by the Stellar/Ultragold tandem demonstrates that strong gold anomalies were exceeding the boundaries of the Balandougou property. This strategic acquisition brings to 606 km2 the size of the Balandougou Project and to 967 km2 the total stakes to date by Stellar Pacific Ventures in Guinea.
The Balandougou Project is the Company's flagship project in West Africa. A recent and successful trench sampling program confirmed the intersection of larges mineralized sheared zones in 5 trenches. Let's recall outstanding trenches sampling results announced in a press release dated September 8th 2010:
An extensive drilling program is planned to start over this particular area in November 2010 and will consist of 100 holes that will be drilled at a 50 meter spacing over three gold anomalies where gold structures were observed and sampled.
Maurice Giroux, President and CEO and qualified person as per NI 43-101 regulations said: "we are all very impatient to drill that new discovery. The grades, as well as the size of the anomalies and the width and grades of the structures cut in the trenches suggest that we have all parameters to rapidly build-up tonnage close to surface. The company intends to take advantage of its infrastructure and long expertise in Africa to pursue his aggressive acquisition strategy and intend to increase his position considerably in the near future in order to figure out as an important player in one of the most prolific and underdeveloped gold region in the world.
The Balandougou property is located 100 kilometers to the North of Siguiri, in Upper Guinea, close to the Mali border. It is composed of four contiguous permits covering an extensive area of 606 km2. From North to South, the three permits are referred as to Niagassola, Socosgui, Siguri II and Sirakoro permits.
In 2007, GoldenFrank Resources Inc., now a wholly-owned subsidiary of Stellar Pacific Ventures Inc., bought an 80% interest in the property.
In Upper Guinea, the Birimian formations belong to the Siguiri Basin composed mainly of fine grained sedimentary rocks (argillites and siltstones) with late granitic intrusions. The Siguiri Basin hosts the three producing gold mines in Upper Guinea: Koron (Anglo-Ashanti), Lero-Karta (Kenor) and Kiniero (SEMAFO), as well as two other major gold mines in neighbouring Mali: Kangaba and Kéniéba.
On the Niagassola permit, the main gold occurrence is the Kéniébani Artisan gold mine. This active gold digging site extends for at least 800 metres along a major quartz veins system. The veins are estimated to strike N 55°E with a sub vertical dip. Eight quartz blocks samples collected on this site yielded gold concentrations ranging between 7.2 and 465 g/t Au.
East of the Kéniébani artisanal mine site, a quartz vein is exposed in a trench on the side of a hill, where grab samples returned grades of 2.26 and 20.7 g/t Au.
On the SOCOSGUI permit, ten (10) gold occurrences were visited. Three (3) of them (Fadaninda, Mawren and Solotomo) are considered as high priority targets.
Fadaninda consists of a quartz vein estimated to strike N10°E with a subvertical dip. Two samples collected on this site yielded 62 and 108 g/t Au. Mawren is a quartz vein estimated to strike N25°E with a subvertical dip. A sample from the artisan mine tailings returned 154 g/t Au.
At Solotomo an artisanal mine site, exposes a stockwork of quartz veinlets in a fine grained granitic rock and the overlying laterite. Three samples collected on this occurrence gave 33.9, 21.1 and 12.3 g/t Au. Solotomo has been the site of a large gold rush between November 2006 and April 2007, when some 14,000 artisan miners were working on this gold occurrence.
The company also owned a major interest in the Siguiri, Saraya and Mandiana Permits, covering 361 km2 bringing their land position in Guinea to an extensive 780 km2 of prolific gold terrain.
The technical content of this press release have been reviewed and approved by Mr. Maurice Giroux, a qualified person as defined in NI 43-101 regulation.
Source: Stellar Pacific Ventures Inc.