(TheNewswire)
VANCOUVER, BC – TheNews w ire – May 1,2024 - STELLAR AFRICAGOLD INC . (TSXV: SPX) (the“ Company ” or “ Stellar ”) announcesthat it has been granted the Zuénoula Gold exploration permit inCôte d’Ivoire
The Zuénoula Gold Permit, Côted’Ivoire
The Zuénoula permit was officially granted in theministerial meeting held April 17, 2024 and pursuant to normalprocedures was publicly announced on nationally televised broadcast.Stellar is awaiting final documentation which will follow the issuanceof a presidential decree. The highly prospective Zuénoula Goldexploration permit was acquired November 27, 2020 as a then‘pending’ permit application ( see news releases dated June 29, 2020,November 27, 2020 and February 6, 2023) andStellar has steadfastly pursued its final issuance.
The final 250,000 shares owed to TSX -V listed Elemental Altus Royalties Corp., which was contingent upon final granting of thepermit, have been issued and will be released to Elemental AltusRoyalties Corp. as soon as the final documentation for the permitgrant is received. The permit is subject to a 1% Net Smelter ReturnRoyalty and a final payment of $500,000 (payable either in cash orwith shares) upon the project reaching 1,000,000 ounces of goldresources with at least 500,000 ounces in the Indicated category, bothbeing in favour of Elemental Altus Royalties Corp.
The Zuénoula Gold exploration permit, which covers atotal of 395.8 square kilometers, is located in the margin betweengranitoids and the Birimian greenstone belt along a regional NE–SWtrending shear zone. ( Seelocation map figure 1) The Zuénoula GoldProject will target a 22 km long E-NE trending shear zone interpretedby historic air magnetic data. Artisanal activities along the N-NEshear zone have been identified from satellite imagery.
The Zuénoula Gold permit is located in the centre ofrecent major gold discoveries in Côte d’Ivoire, including:
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100 kilometers to the South-East the Yaouré Gold Mine operated by Perseus Mining Ltd. (TSX: PRU) commenced production in2021.
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150 kilometers to the North-East the Lafigué Gold Mine is under construction by Endeavour Mining Corporation (TSX: EDV) withproduction scheduled for Q3 2024 2024.
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120 kilometers to South-West the Abujar Gold Mine operated by Tietto Minerals Limited (ASX: TIE) commenced production in2023.
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100 kilometers to the North-West the éguéla Gold Mine operated by Fortuna Silver Mines Inc. (TSX: FVI) commenced productionin May 2023.
Zuénoula Location Map - Figure1
“I am pleased that Stellar’s persistence andpatience have been rewarded, and that Côte d’Ivoire’s Authoritieshave officially awarded Stellar this exploration permit. Stellar iskeen to pursue Zuénoula ’s exploration alongside exploration of our advancingTichka Est Gold Project in Morocco. Our exploration programs are readyto be restarted in Morocco and initiated in Côte d’Ivoire in2024” commented J. Francois Lalonde, President& Director.
Tichka Est Update
Following a series ofmeetings, Stellar submitted an updated exploration budget and extendedearn-in period to Morocco’s Office National des Hydrocarbures etdes Mines (ONHYM) pending approval. On April 25, 2024, representatives of ONYHMtogether with members of Stellar’s Moroccan exploration teamconducted a site visit to Tichka Est to review the explorationprogress.
About Stellar AfricaGold Inc.
Stellar AfricaGold Inc . is a Canadian precious metalexploration company listed on the TSX Venture Exchange symbol TSXV: SPX , theTradegate Exchange TGAT: 6YP1 and the Frankfurt Stock Exchange FSX: 6YP1 .
Stellar’s principal exploration project is itsadvancing gold discovery at the 82 squarekilometre Tichka Est Gold Project in Morocco.
The technical content of this press release has beenreviewed and approved by M. Yassine Belkabir, MScDIC, CEng, MIMMM, a Stellar director and a QualifiedPerson as definedin NI 43-101.
The Company is head officed in Vancouver, BritishColumbia. The Company also has a representative office in Casablanca,Morocco.
Stellar’s Presidentand CEO J. François Lalonde can be contacted at514-994-0654 or by email at lalondejf@stellarafricagold.com
Additional information is available on the Company’swebsite at www.stellarafricagold.com .
On Behalf of the Board
J. François Lalonde
President & Director
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
Disclaimer &Forward-Looking Statements:
This release contains certain"forward-looking information" under applicable Canadiansecurities laws concerning the Arrangement. Forward-lookinginformation reflects the Company’s current internal expectations orbeliefs and is based on information currently available to theCompany. In some cases forward-looking information can be identifiedby terminology such as "may", "will","should", "expect", "intend","plan", "anticipate", "believe","estimate", "projects", "potential","scheduled", "forecast", "budget" or thenegative of those terms or other comparable terminology. Many of theseassumptions are based on factors and events that are not within thecontrol of the Company, and there is no assurance they will prove tobe correct or accurate. Risk factors that could cause actual resultsto differ materially from those predicted herein include, withoutlimitation: that the business prospects and opportunities of theCompany will not proceed as anticipated; changes in the global pricesfor gold or certain other commodities (such as diesel, aluminum andelectricity); changes in U.S. dollar and other currency exchangerates, interest rates or gold lease rates; risks arising from holdingderivative instruments; the level of liquidity and capital resources;access to capital markets, financing and interest rates; mining taxregimes; ability to successfully integrate acquired assets;legislative, political or economic developments in the jurisdictionsin which the Company carries on business; operating or technicaldifficulties in connection with mining or development activities; lawsand regulations governing the protection of the environment; employeerelations; availability and increasing costs associated with mininginputs and labour; the speculative nature of exploration anddevelopment; contests over title to properties, particularly title toundeveloped properties; and the risks involved in the exploration,development and mining business. Risks and unknowns inherent in allprojects include the inaccuracy of estimated reserves and resources,metallurgical recoveries, capital and operating costs of suchprojects, and the future prices for the relevant minerals.
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