(TheNewswire)
VANCOUVER, BC – (TheNews w ire – May 28,2024 ) STELLAR AFRICAGOLD INC . (TSXV: SPX) (the“ Company ” or “ Stellar ”) announcesthat it has received the final decree granting the Zuénoula goldexploration permit in Côte d’Ivoire
Presidential Decree Granted forZuénoula Gold Permit, Côte d’Ivoire
The Zuénoula exploration permit was officially grantedin the ministerial meeting held April 17, 2024, and pursuant to normalprocedures was publicly announced on nationally televised broadcast.The final presidential decree has now been received.
Commentary
“While our advancing Tichka Est Gold Project inMorocco remains Stellar’s primary exploration project I neverthelessam excited to discover what exploration at Zuénoula will reveal. This region ofCôte d’Ivoire is geologically promising, and Stellar has receivedinterest from several parties attracted by the size and location ofthe Zuénoula permit. Alldiscussions are early-stage conversations, and no decision has beenmade whether Stellar will pursue the exploration of Zuénoula alone or with an industry partner ” commented J. Francois Lalonde, President & Director.
About the Zuénoula GoldPermit
The Zuénoula exploration permit, which is held byStellar subsidiary Aucrest SARL, is valid for a term of four (4) yearsfrom April 17, 2024, with two three-year extensions possible uponapplication.
To maintain the Zuénoula permit explorationexpenditures totalling 710,000,000 francs CFA (approximatelyC$1,650,000*) over the four-year first term of the permit are requiredas follows:
Francs.CFA $ Canadian*
Year I 100,000,000 225,000
Year 2 165,000,000 375,000
Year 3 235,000,000 530,000
Year 4 210,000,000 475,000
(*Canadian dollar equivalents are estimations onlybased upon currency exchange rates at the date hereof. Currencyexchange rates will vary during the currency of the permitterm.)
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 highly prospective Zuénoula Gold explorationpermit, which covers a total of 395.8 square kilometers, iswell-located in the margin between granitoids and the Birimiangreenstone belt along a regional NE–SW trending shear zone.( See location map figure 1) The Zuénoula Gold Project will target a 22 kmlong E-NE trending shear zone interpreted by historic air magneticdata. Artisanal activities along the N-NE shear zone have beenidentified 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.
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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
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 Company also hold the highly prospective 395.8 square kilometerZuénoula exploration permit in Côted’Ivoire.
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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