Nov 6 2013
Mr. Maurice Giroux, President and Chief Executive Officer of Stellar AfricaGold Inc. ("Stellar" or the "Company") and a Qualified Person as defined in NI 43-101, just returning from a field trip to Balandougou in Guinea is pleased to report the discovery of two new significant gold zones located in the extension of the existing Solotomo and Fadaninda Artisan mine.
The Solotomo new discovery is located 1,3 km south of Solotomo artisan pit where in 2009, the company drilled 23 RC holes and confirmed an open 300 metres of gold mineralization underneath artisan shallow works. The new zone discovered also lies inside the same 4 km long corridor hosting the Solotomo mine and identified by the Company Airborn Magnetic Survey. This magnetic corridor is also associated to a strong potassium-thorium (K,Th) Radiometric anomaly, which is a strong indicator used in gold exploration. Finally, the discovery also coincides to a gold in soil anomaly outlined in the detailed geochemistry of 2010.
The mineralization observed in the new discovery is very similar to the one of the Solotomo pit 1,3 km to the North. Observed in a limited opening, the gold is associated to a strockwork of quartz veinlets containing considerable amount of flatten gold nuggets up to 3 mm in size as observed on site.
A new gold bearing quartz vein system has also been discovered just 2.0 km west of the prolific Fadaninda artisan mine site. That new system seems to be associated to some east-west trending magnetic anomalies also showing strong potassium-thorium alteration. That system is very similar to the one observed at Fadaninda with frequently visible gold in a brittle quartz associated to black manganese oxide along fracture planes in Birimian schist. Limited exposure did not allow Company's geologist to take any measurement so far but works are progressing in this area.
Maurice Giroux, the president and CEO of "Stellar AfricaGold" declares: "I am always very much impressed by the outstanding potential of the Balandougou Project. The discovery of those two new gold zones in some areas of extensive work by the company is significant in the exploration of the overall potential of the Solotomo and Fadaninda sites. The Solotomo-related new discovery confirms the importance and the significant potential of the 4 km long corridor that now hosts 2 significant high grade gold occurrences. Moreover, this new discovery adds up to the existing B1, B3 and Solotomo, therefore increasing potential gold reserves and resources in this area.. The Fadaninda-related new high grade quartz vein discovery in a 5km east-west corridor just re-enforces the company's intention to investigate this area with a different approach in order to better understand the structural control of this area."
The Company is currently entertaining advanced discussions with four different groups of investors all interested with the increased potential of Balandougou. Stellar, in spite of the painful financial situation that persists in the junior mining sector, distances itself favorably compared to others by the quality of its projects, particularly Balandougou. Shareholders must be reassured that all means are put in place to improve the Company's short term position and to proceed shortly with the pre-feasibility study of B1 and B3 gold zones as recommended in AECOM report.
ABOUT STELLAR AFRICAGOLD INC.
Stellar AfricaGold Inc., formerly Stellar Pacific Ventures Inc., is a Canadian mine exploration company based in Montreal, Quebec, with operations concentrated mainly in West Africa. The Company is currently developing the promising gold potential of the Balandougou property in Guinea, which is at an advanced exploration stage, as well as the Namarana project in Mali. The exploration licences held by Stellar and its partners cover an extensive area entirely on the West African Birimiam Gold Belt.
Stellar also holds a significant interest in TomaGold Corporation Inc., a Canadian mining company active in the exploration of gold properties in Northern Quebec.
Press release avilable from http://www.marketwired.com/
Source: http://www.stellarafricagold.com/