- Stelmine (STH) released the results of 1,950 metres of drilling from 13 holes in the Meridian Zone of the Mercator property, located in Caniapiscau mining district
- This first phase of exploration drilling confirmed the presence of gold mineralized system extending at least 1.7 km by 500 metres to a depth of 200 metres
- The best core intercepts were 17.8 metres at 2.62 g/t Au m, including 5.6 metres at 4.87 g/t Au as well as 9.75 metres at 1.13 g/t Au, including 1.70 metres at 3.21 g/t Au
- Stelmine Canada Ltd. was down 2.78 per cent, trading at $0.175 per share as of 2:00 pm ET
Stelmine (STH) released the results of 1,950 metres of drilling from 13 holes in the Meridian Zone of the Mercator property, located in the Caniapiscau mining district.
This first phase of exploration drilling confirmed the presence of a gold mineralized system extending at least 1.7 km by 500 metres to a depth of 200 metres.
The best core intercepts were 17.8 metres at 2.62 g/t Au m, including 5.6 metres at 4.87 g/t Au as well as 9.75 metres at 1.13 g/t Au, including 1.70 metres at 3.21 g/t Au.
Hole MCT22-08 had the best gold intersection, characterized by high chargeability values where most of the surface high gold assays were obtained in grab and channel samples. The team has found a strong correlation between drillcore gold intercepts and low resistivity/high chargeability zones and intends to focus its upcoming drilling campaign on this sector.
The company’s President and CEO, Isabelle Proulx called the results of the maiden drill impressive, confirming an extensive mineralized system within the Meridian Zone exposed at the surface and continuing at depth of over 100 metres.
“In light of the surface and drillcore results, Stelmine believes the mining potential of the Mercator property resides in a high tonnage moderately rich gold mineralization. We only have started our exploration at Mercator and are already planning our second drilling campaign for the summer of 2023. We acknowledged only 6 % of the Mercator property has undergone systematic exploration and sampling, leaving additional high-potential targets to investigate. For instance, several high chargeability/low resistivity anomalies northwest of the Meridian zone still need to be drilled.”
| 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 |
Based out of Québec, Stelmine is a junior mining exploration company focused on pioneering the Caniaspiscau gold district east of James Bay. The region is an underexplored part of the Opinaca metasedimentary basin where the geological context is like the Eleonore mine. The company has 100 per cent ownership of the metasedimentary basin.
Stelmine Canada Ltd. was down 2.78 per cent, trading at $0.175 per share as of 2:00 pm ET.
