Stellar Pacific Ventures Drills 18.36 g/t Gold Over 1.0 Meters at Monster Lake, Chibougamau
Posted on February 23, 2011 at 10:00 AM EST
MONTREAL, QUEBEC--(Marketwire - Feb. 23, 2011) - Stellar Pacific Ventures Inc. (TSX VENTURE:SPX) ("Stellar" or the "Company") announces drill results on Monster Lake Project in Chibougamau Quebec. Hole M-16-10 cuts 5.54 g/t gold over 4.6 metres including 1.0 meter grading 18.36 g/t gold. The mineralized zone has been cut between depth of 38.8 to 50.6 metre totalling 11.8 metre grading 2.44 g Au/t.
Hole M-16-10 was drilled to confirm the vertical extension of newly discovered "Showing 325" where surface channel sampling done by the company in the summer 2010 program reported grades of 7.26 g Au/t/1.6 m, and 2.10 g Au/t/2.1 metre.
It is also important to note that Hole M-16-10 is located just 100 meters north of Hole M-18-10 announced 2011-02-01. Hole M18-10 also cuts a substantial 5 meters zones grading 5.38 g Au over 5.0m including 11.3 gAu over 1.0m and 8.6 g Au over 2.0 m.
M. Maurice Giroux, CEO and also a qualified person as defined in NI 43-101 regulation declares: "These two subsequent intersections are significant and demonstrate that the Monster Lake 5.0km long gold mineralized structures contains high grade and wider zones susceptible of delivering an economic gold resource. We are aware of the coarse nature of the gold contained in the Monster Structure and, for a more comprehensive analysis of gold in rock/core, the company selected the Pulp Metallic procedure for 185 samples, all selected from the mineralized shear zone. This procedure is able to partially overcome the "Nugget Effect" of gold by increasing the sub-sample size to 1,000g and physically collecting the free gold within the system using a 150 mesh (106 micron) sieve. This procedure is most effective when the whole sample is used for the analysis. The sub-sample is pulverized to approx.90% -150 mesh (106 micron) and subsequently sieved through a 150-mesh (106 micron) screen. The entire +150 metallic portion is assayed along with two duplicate sub-samples of the -150 pulp portion. Results are reported as a weighted average of gold in the entire sample. A comparison of the results will be made with conventional analysis to determine future analytical method to be applied"
The Company will provide more drill results as they come available in the following weeks. After compilation of the current campaign, the company will undertake a second 3,000 metres drilling phase with the objective of calculating a gold resources before the end of 2011.
ABOUT MONSTER LAKE PROPERTY
The Monster Lake property is located 44 kilometers South-West of the town of Chibougamau in northern Quebec. It is easily accessible by road and has a major power line nearby. From 1984 to 1995 SOQUEM drilled 142 holes for nearly 20,000 meters of diamond drill core and excavated several trenches along this 4 kilometer long mineralized corridor. Before the current drilling, there were more than 45 known intersections of greater than 1 g/t Au from drill core or channel samples. The 3 principal showings, Eratix, Zone IV & III and Zone 52, have been drilled at 50 meter line spacing, but for the most part with only one hole per section, leaving several now economic intersections wide open, along strike and at depth. At current gold prices, many of these gold intersections which in the mid-1990's were not judged economical at $US300.00 per ounce, now become very promising.
About Stellar Pacific Ventures
Stellar Pacific Ventures (TSX VENTURE:SPX) is a Canadian-based mining exploration company whose primary mission is to target, explore and develop gold deposits in Canada and Africa.
Stellar is dedicated to creating growth by discovering and mining the earth's resources in an efficient and environmentally responsible manner.
The technical content of this press release have been reviewed and approved by Mr. Maurice Giroux, a qualified person as defined in NI 43-101 regulation.Neither 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.
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