Stellar AfricaGold Awarded 50.2 Km2 Namarana Prospecting Authorization in Mali

2021-04-27 / @thenewswire

(TheNewswire)

Vancouver – TheNewswire - April 27, 2021 – J. François Lalonde, President and Chief Executive Officer of Stellar AfricaGold Inc., (TSXV:SPX) ("Stellar" or the "Company") is pleased to announce that Stellar has been awarded a 50.2 km2 Gold Autorisation d’Exploration (Authorization to Prospect) in southwest Mali.

NAMARANA PROJECT MALI

Stellar, through its 100% subsidiary Stellar Pacific Mali SARL, has secured a 50.2 km2 Autorisation de Prospection Gold Permit in southwest Mali. The Namarana Authorization is located near the village of Namarana, Circle of Kangaba, region of Koulikoro, near the boarder with Guinea approximately 100 km W-SW west of Bamako, the capital.

By way of background, in 2018, Stellar’s exploration interest and substantially all its financial resources were focussed on the development of its Balandougou project just across the international boundary in Guinea. Although Stellar had originally acquired the old Namarana permit because it was geographically contiguous to and geologically along strike from Balandougou, Stellar did not apply for the final three-year renewal of Namarana because the mandatory exploration expenditures required in Mali had not been completed by the deadlines required as substantially all of Stellar’s management attention and financial resources were being devoted to Balandougou. However, the Namarana area is as geologically interesting now as it was then, and with Stellar refocussing on exploration and in a much stronger financial position now than it was then, Namarana has once again become an area of considerable interest.

In 2012 Newmont Mining, in association with Stellar, conducted a field reconnaissance and an airborne magnetic survey over the original 132 km2 Namarana permit owned by Stellar Pacific Mali SARL. The motives and the objectives of this geophysical survey was the interpretation of the local geology. All of this historical data was retained by Stellar.

In December 2020 Stellar’s local geologist conducted a field visit to the newly awarded Namarana Authorization. Within the 50km2 area of interest Stellar’s geologist reported 4 producing artisanal gold mines sites and observed exposed gold bearing quartz veins extending along geological and geophysical structures consistent with Stellar previous work. During the 2012 geophysical survey Newmont reported 4 significant grab sample assay results (48.4, 1.33, 2.16, and 1.14 g/t Au) taken from quartz veins in the northern-most artisanal mine site. This site is at the contact of a small diorite intrusion clearly visible on the magnetic survey and is a priority target for Stellar.

With preliminary work completed and mineralized structures identified, Namarana is considered near drill ready.

In Mali the Autorisation d’Exploration is a preliminary prospecting authorization granted for a 3-month term to allow an interested applicant to conduct a more robust sampling of zones of interest on the property and is a precursor title to the grant of a full Exploration Permit. Upon completion of this program and subject to the results received, Stellar will complete the application for the full Exploration Permit.

ABOUT STELLAR AFRICAGOLD INC.

Stellar AfricaGold Inc. is a Canadian precious metal exploration company with offices in Vancouver, BC and in Montreal, QC. Stellar President François Lalonde can be contacted at 514-992-0929 or by email at lalonde@stellarafricagold.com.

The technical content of this press release has been reviewed and approved by M. Yassine Belkabir a Qualified Person as defined in NI 43-101.

On Behalf of the Board

J. François Lalonde,

President and CEO

This release contains certain "forward-looking information" under applicable Canadian securities laws concerning the Arrangement. Forward-looking information reflects the Company’s current internal expectations or beliefs and is based on information currently available to the Company. In some cases forward-looking information can be identified by terminology such as "may", "will", "should", "expect", "intend", "plan", "anticipate", "believe", "estimate", "projects", "potential", "scheduled", "forecast", "budget" or the negative of those terms or other comparable terminology. Assumptions upon which such forward-looking information is based includes, among others, that the conditions to closing of the Arrangement will be satisfied and that the Arrangement will be completed on the terms set out in the definitive agreement. Many of these assumptions are based on factors and events that are not within the control of the Company, and there is no assurance they will prove to be correct or accurate. Risk factors that could cause actual results to differ materially from those predicted herein include, without limitation: that the remaining conditions to the Arrangement will not be satisfied; that the business prospects and opportunities of the Company will not proceed as anticipated; changes in the global prices for gold or certain other commodities (such as diesel, aluminum and electricity); changes in U.S. dollar and other currency exchange rates, interest rates or gold lease rates; risks arising from holding derivative instruments; the level of liquidity and capital resources; access to capital markets, financing and interest rates; mining tax regimes; ability to successfully integrate acquired assets; legislative, political or economic developments in the jurisdictions in which the Company carries on business; operating or technical difficulties in connection with mining or development activities; laws and regulations governing the protection of the environment; employee relations; availability and increasing costs associated with mining inputs and labour; the speculative nature of exploration and development; contests over title to properties, particularly title to undeveloped properties; and the risks involved in the exploration, development and mining business. Risks and unknowns inherent in all projects include the inaccuracy of estimated reserves and resources, metallurgical recoveries, capital and operating costs of such projects, and the future prices for the relevant minerals.

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.