Stelmine Canada: defines six new targets over 29 km at Mercator project – Zonebourse.com

October 11, 2023 at 4:27 p.m

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Stelmine defines six new targets over 29 kilometers in the Mercator project

Quebec, October 11, 2023 – Stelmine Canada (“Stelmine” or “the Company”) (TSXV: STH). The results of the latest till geochemical survey conducted on the Mercator Project (100% STH) allowed the definition of six new targets located primarily west of the T-Rex Zone, but also the confirmation of two gold exploration targets on T -Rex .This geochemical survey targeted extensions of known mineralized zones that have already been eroded and sampled. The results show a series of anomalies that now extend approximately twenty-nine (29) km as the crow flies, including fifteen (15) km

• west and southwest of the T-Rex target.

Highlights include:

• Eight zones (including six new) are characterized by Au and/or As and Cu anomalies
  1327 till samples (fine fraction) taken mainly west and north of the meridian zone;
• Confirmation that current exploration methodology, including airborne and ground geophysics, and till and rock geochemistry, works well beyond the meridional zone;
• Confirmation that these anomalies are located near more mafic (iron-rich) stratigraphic units favorable for gold mineralization (Figures 1 and 2), similar to those exposed in the Meridian Zone that yielded significant gold values ​​and intercepts (CP from August 8th). , 2023);
• Geochemical confirmation of the eight kilometers of favorable stratigraphy between the Meridian and Baleine zones, already defined by geophysics (CP dated September 20, 2023).

The six new till anomalies are comparable in amplitude and continuity to those known from the Meridian Gold Zone. The importance of the latter was underlined by the positive results of the surveys in 2022.

Cowardly. 1: Figure showing the distribution of till samples with results in Au (ppb) and an image of the 2Au+2AS+Cu model. Note the association of defined anomalies (ellipses) with iron-rich units and the distribution of the anomalies over a linear distance of approximately twenty-nine kilometers.

Cowardly. 2: Detailed view of the Meridian T-Rex sector and westward extensions. Taking into account the different sampling meshes between sectors (Meridian and T-Rex are narrower), the responses to the new sectors are comparable to those of the T-Rex and Meridian sectors, the latter having known gold deposits with mineralization.

To see the presentation of figures and PPT, click here

Formation of glacial sediments

The till sampled on Mercator is a sediment that was formed by glacial erosion thousands of years ago. As a glacier advances, any exposed mineralization is crushed, transported, and eventually deposited downstream as glacial sediment. Subsoil is a mixture of sediments that are generally transported over a limited distance and are not a point source. The till is therefore characteristic of a sampling area that is larger than a single outcrop, allowing the sampling grid to be enlarged. The presence of anomalies indicates a nearby glacial source upstream; However, the absence of an anomaly does not allow the conclusion that there is no mineralized source, since it is enough that it is at depth and therefore not subject to glacial erosion.

Quality assurance/quality control

Stelmine has implemented a strict QA/QC protocol for handling samples collected from the Mercator property. Burst samples of approximately 1 kilogram are generally collected from the C horizon at a depth of between 50 and 130 cm using a clean shovel or hand drill. The coarsest pieces of rock (more than sixteen millimeters) and organic materials such as roots are removed. The sample material is placed in a numbered disposable plastic bag and sealed with a plastic clip. For each sample collected, the sample number, acquired UTM coordinates (using a handheld GPS), and a brief description of the sample are reported by the geologist on an electronic tablet. The sacks are then transported to the base camp, dried there for at least 48 hours and then transferred into rice sacks. They are stored safely at base camp before being transported by seaplane to the Wabush base and then by trucks from reliable transport companies to the Actlabs laboratory in Ancaster, Ontario. The concentrations of Au and other elements were determined using the INAA+ICP_OES methods (Code 1H).

Qualified person

The technical information contained in this press release was prepared by Friedrich Speidel P. Géo, M.Sc. and Vice President of the company reviewed and approved. Mr. Speidel is the qualified person responsible for the scientific and technical information contained in this document in accordance with the standards of National Instrument 43-101.

ABOUT STELMINE

Stelmine is a young mining exploration company engaged in the development of a new Caniapiscau gold district (east of James Bay) in the under-explored eastern part of the Opinaca metasedimentary basin, where the context has geological similarities to the Éléonore mine, located very close at contact with the same pelvis. Stelmine owns 100% of the 1,784 claims or 917 km² in this part of Northern Quebec, most notably the Mercator and Courcy projects.

FORWARD-LOOKING INFORMATION

Cautionary Statement Regarding Forward-Looking Statements: This press release contains forward-looking statements that reflect the Company’s current expectations regarding future events related to results. To the extent that statements in this document contain information that is not historical in nature, such statements are essentially forward-looking and can often be identified by the use of words such as “believes,” “anticipates,” “predicts” or “estimates.” », “expects,” “projects,” “plans,” “potential,” “suggests” and “believes.” Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those expressed in such forward-looking statements Statements may differ from results expressed or implied. These risks and uncertainties are described in the quarterly and annual reports and securities filing documents available on the Sedar+ website. Although the Company believes that the forward-looking statements are based on them Assumptions are reasonable, undue reliance should not be placed on them. These statements speak only as of the date hereof. The Company disclaims any intention or obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

CAUTION

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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Stelmine Canada Ltd. published this content on October 11, 2023 and is solely responsible for the information contained therein. Distributed by the public, unedited and unaltered, on October 11, 2023 2:26:21 PM UTC.