Stellar Africagold Updates Access Road Construction Progress at Tichka Est, Morocco; Grants Stock Options

2022-03-15 / @thenewswire

(TheNewswire)

Vancouver, B.C. - TheNewswire - March 15, 2022– Stellar AfricaGold Inc., (TSXV:SPX), (OTC: STLXF), (FSE:6YP1) ("Stellar" or the "Company") is pleased to announce:

Tichka Est, Morocco Access Road Construction Progress Update

Stellar is pleased to report that 2,850 meters of the 7.5 km access road at Tichka Est Gold Project has been completed to date and that construction is continuing without any impediments. The 7.5-kilometer heavy equipment road is a critical piece of infrastructure to provide access for drill rigs for Stellar’s planned 2022 drilling programs at Zones A and B, and for other mechanized exploration throughout the Tichka Est project area.

Figure 1 Tichka Est Access Road - Progress to March 13, 2022*

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* Yellow line – Completed since commencement of construction

Blue line – Completed during past week

Tichka Est access road under construction

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The road, which when completed will run for 7.5 kilometer along steep mountain terrain to the A and B mineralized zones, will open the Tichka Est Gold Project for drilling and for additional mechanized surface exploration.

At Tichka Est three gold-mineralized zones have been idenfied to date, zones A, B and C, with visually mapped structures having a combined total length of over 2,200 strike meters. Trenches in Zone B assayed as high as 3.40 g/t Au over 20 meters including intervals of 5.23 g/t Au over 11 meters and 8.14 g/t Au over 5 meters; 4.64 g/t Au over 14 meters including 11.16 g/t Au over 5 meters; 3.4 g/t Au over 17 meters including 9.55 g/t Au over 4 meters and 4.55 g/t Au over 15 meters including an internal of 7.47 g/t Au over 6.0 meters while trenches in Zone A assayed 3.36 g/t Au over 10 meters including an interval of 8.73 g/t Au over 3.0 meters and trenches in Zone C assayed as high as 5.81 g/t Au over 4 meters (See news releases April 21 and October 25, 2021, and February 21, 2022).

Stock Option Grants

The Company has granted 1,250,000 incentive stock options to directors and officers of the Company replacing an equivalent number of options which expired during the prior quarter, and 500,000 stock options to consultants. The options are exercisable at $0.05 per share and are granted pursuant to the Company’s approved Stock Option Plan.

About Stellar AfricaGold Inc.

Stellar AfricaGold Inc. is a Canadian precious metal exploration company listed on the TSX Venture Exchange symbol TSX.V: SPX, the OTCQB® Venture Market symbol OTCQB: STLXF and the Frankfurt Stock Exchange FSE: 6YP1.

The Company maintains offices in Vancouver, BC and in Montreal, QC and has a representative office in Casablanca, Morocco.

Stellar’s principal exploration project is its gold discovery at the Tichka Est Gold Project in Morocco, a grouping of seven permits covering an area of 82 km2. The Tichka Est Property lies within the High Atlas Western Domain about 80 km SSW of the city of Marrakech. The area is accessible year-round by road to the village of Analghi located near the mineralized gold zone. Stellar also holds the Namarana Gold Project in Mali and three permits pending in Côte d’Ivoire.

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

Stellar’s President J. François Lalonde can be contacted at 514-994-0654 or by email at lalondejf@stellarafricagold.com.

Additional information is available on the Company’s website at www.stellarafricagold.com.

On Behalf of the Board

J. François Lalonde

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. 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.