Stellar AfricaGold Launches Preliminary Reconnaisance Program at Prikro Permit, Cote D'ivoire

2021-01-27 / @thenewswire

(TheNewswire)

Vancouver – TheNewswire - January 27, 2021 - John Cumming, President and CEO of Stellar AfricaGold Inc., (TSXV:SPX) ("Stellar" or the "Company") is pleased to announce that the Company has launched a preliminary reconnaissance program on the Prikro Permit in Côte d'Ivoire.

Prikro Permit Preliminary Reconnaissance Program

A preliminary reconnaissance program is underway at the Company’s Prikro Permit in Côte d’Ivoire, a 369.5 km2 exploration licence located in the Prikro and Koun-Fao Departments in eastern Côte d’Ivoire, approximately 240 km northeast of Abidjan. Originally, the licence was selected due to the presence of historical reported gold occurrences, prospective geology, and the existence of artisanal workings in the surrounding areas including along strike of a major NE-SW trending shear zone which is interpreted to traverse the licence area across its southern half. Birimian-age greenstone rocks reportedly crop out extensively across the Prikro licence which are the dominant host setting for gold deposits across West Africa.

The preliminary reconnaissance program is being conducted by a local team lead by Dr. Lionel Boya and under a daily supervision by Maurice Giroux, the Company’s COO and V.P. Exploration. This initial program has two main objectives:

a)to establish the social protocols with all local authorities in the region and to introduce Stellar as the new owner and operator on the Prikro permit, and
b)to conduct a preliminary prospection and a geological overview of the permit area with a special attention to any indication of present and past artisanal gold mining in the area.

The establishment of social protocols is essential to the smooth operation of all future exploration programs. Dr. Boya has met with all Préfets, Sous-Préfets and village Chiefs who were briefed about the new owners of the Prikro Permit and Stellar’s plans for future exploration programs were explained. Stellar’s delegation was warmly welcomed and permissions were granted for future exploration within the permit boundaries.

The technical objectives of this initial field visit are to survey for new or historical artisanal mining activities, to provide a general description of prevailing geology and to begin sampling the gold bearing structures observed in those historical mining sites. Dr. Boya reported observing and being informed of both significant mechanized gold dredging and artisanal placer mining activity along the Comoé River that transverses the Prikro Permit NW-SE dividing the Permit into the east and west sides. The presence of sufficient coarse gold in river sediments to warrant dredging and artisanal placer mining was encouraging for future exploration.

The conclusion and recommendations of this initial program will be the base of the planning for the next phase of a more extensive exploration program that Stellar intends to start as soon as sampling assay results and the final reconnaissance report is available.

ABOUT STELLAR AFRICAGOLD INC.

Stellar AfricaGold Inc. is a Canadian gold company with offices in Vancouver, BC and Montreal, QC. Stellar President John Cumming can be contacted at 604-618-4262 or by email at cumming@stellarafricagold.com.

The technical content of this press release has been reviewed and approved by Yassine Belkabir, MScDIC, CEng, MIMMM, a Stellar director and a Qualified Person as defined in NI 43-101.

On Behalf of the Board

John Cumming, LLM,

President & 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.