LAVAL, QC, June 6 /CNW/ - Stellar Pacific Ventures Inc. (SPX) (the
"Corporation" or "Stellar") is pleased to announce that it has signed an
agreement with arm's length parties pursuant to which the Corporation
increased its interest to 100% of the mining rights of the Vassan property
(the "Vassan Property"), located within the mining camp of Val-d'Or.
Subject to the approval of the regulatory authorities and the TSX Venture
Exchange, Stellar will earn its interest by issuing 2,000,000 common shares of
its share capital and by paying a cash consideration of $100,000 over an
eighteen month period. Upon commercial production of the Vassan Property, if
any, Stellar will pay an additional $100,000 and issue 1,000,000 common shares
of its share capital or make a cash payment of $600,000, at Stellar's
Stellar also owns the surface rights of 3 lots of the Vassan project.
These lots are located on the west end of the Vassan Property and cover the
Hamelin zone where significant results were obtained with a mineral inventory
of 385,054 tons grading 5.01 g/t Au, 0.19 % Cu and 3.41 g/t Ag within the
indicated category. An inferred resource is also estimated at 62 600 tons
grading 4.15 g/t Au, 0.10 %% Cu and 1.32 g/t Ag. (See press release dated
With this acquisition, Stellar becomes an important contributor of the
mining development in the Val-d'Or mining camp.
The Vassan Property consists of 7 claims totalling 280 hectares in the
Vassan Township, Province of Québec. The Vassan Property is located along the
Cadillac main fault, and is strategically located near several present and
past producers including the Siscoe mine, directly to the south of the Vassan
Property, the Kiena mine, located 5 km to the south-west of the Vassan
Property, the Sullivan mine, located 3.5 km to the south-east of the Vassan
Property and finally the Wesdome development project located some 3 km to the
west of the Vassan Property.
The main interest of the Vassan Property consists in an extensive
gold-copper bearing quartz-sulphide vein structure called the Hamelin Zone.
Within the past twenty years, numerous holes have been drilled on this
prospect but it is only in the past few years that the mineralizing system has
been understood. So far, over twenty drill holes have intersected the
structure which can be traced laterally for over 300 meters and vertically for
Deep holes drilling is underway at the Vassan Property. Two holes have
been completed to date and results are expected in the coming weeks.
Stellar Pacific Ventures Inc. is a junior mining exploration company
listed on the TSX-V whose primary objective is to develop and bring into
production viable gold deposits.
The TSX Venture Exchange has in no way passed on the merits of the
proposed transaction and has neither approved or disapproved the contents
of this press release.
For further information:
For further information: Michel Lemay, Stellar Pacific's office in
Laval, (450) 622-1533