IP/Resistivity Survey Increases the Gold-Prospective Zone on Mercator

Stelmine Canada (“Stelmine”) (TSXV: STH) is pleased to announce the results of an IP/Resistivity Survey on its gold-mineralized Meridian Zone at its Mercator Property in northeast Quebec (Caniapiscau District) that increased the gold-prospective area, extending the zone to 3.6 km along a NE/SW strike with a 700 meters width at the southwestern end.

The survey also reveals at least three distinct high gold-prospective layers branching from the NE probably representing different shallow-dipping (<40° NW) stacked bands of sulphide-rich iron formations (Figure 1).

Isabelle Proulx CEO of Stelmine commented: “Based on previous channel sampling results, gold is associated with disseminated sulphide-rich rocks at Mercator. This type of mineralization responds well to IP surveys, facilitating the location of current drill holes. The survey should also allow the discovery of new potential zones to be drilled.”

The survey highlights several high chargeability and low resistivity zones coinciding in large part to positive MAG anomalies identified by the 2021 high resolution heliborne survey (50 meters line spacing). On the ground, the geophysical anomalies reflect the occurrence of gold-mineralized sulphide-rich (pyrrhotite-pyrite-lollengite/arsenopyrite±chalcopyrite) granulitic iron formations, migmatized metasediments and mafic metavolcanic rocks. Channel sampling of these lithologies generated significant gold intervals (eg: 2.07 g/t Au over 27.50 m; 2.16 g/t Au over 16.0 m; and 2.13 g/t Au over 12.50; see July 27, 2022 press release) and Stelmine interprets the survey data as the signature and continuation of these prospective rock assemblages to at least 100 meters in depth

The survey, conducted by TMC Geophysics of Val d’Or Quebec, covered 25 linear km with 200 meters spacing and helped establish the current drill hole location of Stelmine’s 2000 meters maiden program.

Figure 1. Contour map of the apparent chargeability determined by an IP/Resistivity survey completed on the Meridian Zone of the Mercator property. The IP axes and location of the channel sampling sites are reported on the map.

To view FIGURES and LOCALIZATION MAP, please click here

The technical contents of this release were prepared and approved by Michel Boily, PhD, geo, a Qualified Person (QP) as defined by National Instrument 43-101.

About Stelmine Canada

Stelmine is a junior mining exploration company pioneering a new gold district (Caniapiscau) east of James Bay in the under-explored eastern part of the Opinaca metasedimentary basin where the geological context has similarities to the Eleonore mine. Stelmine has 100% ownership of 1,277 claims or 655 km² in this part of northern Quebec, highlighted by the Courcy and Mercator Projects.

For further information, contact:

Isabelle Proulx, President and CEO

Email: iproulx@stelmine.com
Tel: 581-998-1222

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