Mr. Maurice Giroux reports: Stellar Pacific Ventures Samples 15.35 g/t Au on its Monster Gold Project in Chibougamau, Quebec.
NEWS RELEASE
For immediate release:
Montreal, Quebec, Canada
Mr. Maurice Giroux reports:
Stellar Pacific Ventures Samples 15.35 g/t Au on its Monster Gold Project in Chibougamau, Quebec.
Montreal, June 29th, 2010 - Stellar Pacific Ventures Inc. (TSX-V:SPX) ("Stellar" or the "Company") s pleased to announce that work has begun on its Chibougamau Monster Lake property. Preliminary sampling returned values as high as 15.35, 8.7 and 5.38 g/t Au. New zones have been located, specifically the Mégane showing with gold values of 2.68 and 2.21 g/t Au.
Stellar has field crews on the Monster property conducting relocation and verification work on the numerous historical drill holes and trenches produced by past operators. As previously announced (Stellar press release of March 23, 2010), the Monster project is an advanced-stage project with 142 holes drilled for nearly 20,000 meters of diamond drill core. Numerous trenches have been excavated along a 4 kilometer long gold mineralized corridor. The principal showings, Monster, Zone IV & III and Zone 52, have been underdrilled and several economic intersections remain wide open. Stellar is also conducting geochemical test work and is preparing to begin a trenching and channel sampling program in preparation for a late summer drilling program.
Prospecting along the known mineralized trends has outlined a new zone, the Megane showing (table 1 below) where gold values of 2.68 and 2.21 g/t were obtained from black quartz vein material containing sulfides in a shear zone. The limits are unknown due to overburden cover but the Mégane showing is scheduled for trenching in the near future. This showing is located 400 meters south and on strike with a recent discovery (last year), the 325 showing, consisting of a strong, well-mineralized shear zone some 5 meters wide with values of up to 13.09 g/t Au (obtained in 2009 by G. L. Geoscience Inc. GM 64665).
| Table 1 – STELLAR PRELIMINARY VERIFICATION SAMPLING | |||||||
|---|---|---|---|---|---|---|---|
| No Ech _ | Au g/t | Description | Updated by | ||||
| 18560 | 5.38 | Near Monster: 0.5 meter wide rusty band | SOQUEM | ||||
| 18561 | 8.7 | Monster showing: Bluish‐black quartz vein | SOQUEM | ||||
| 18562 | 18562 | 15.35 | 15.35 | Monster showing area: (Trench 86‐20): | |||
| Quartz vein |
| 18570 | 0.545 | 4 Chemins showing Area ‐ 10G showing trench | SOQUEM | |||
| 94‐04. Black quartz vein material | ||||||
| 18574 | 1.32 | Trench by GL Geoscience (TR‐4): Graphite, | GL Géoscience | |||
| pyrite and pyrrhotite zone | ||||||
| 18575 | 0.624 | 3 Chemins showing: Sulphide bearing quartz | SOQUEM | |||
| vein. | ||||||
| 18576 | 0.499 | 3 Chemins showing extension: Grey quartz | SOQUEM | |||
| vein with sulphides | ||||||
| 18598 | 2.21 | Mégane showing: Ankerite schist with black | Stellar | |||
| quartz vein with pyrite and chalchopyrite. | ||||||
| 18599 | 2.68 | Mégane showing | Stellar | |||
| 18580 | 18580 | 0.271 | 0.271 | Composite angular blocks of ankeritized | Stellar | Stellar |
| diorite with quartz and pyrite vein |
In the northern portion of the property, prospecting revealed blocks of highly carbonated angular diorite with sulphides and quartz veinlets. A composite sample returned anomalous gold values (271 ppb). This is a new unexplored sector and other mineralized diorite zones have been discovered. Assay results are pending.
Some 700 meters west of the “4 Chemins” showing or main mineralized trend, trenching in 2009 by G. L Geoscience Inc (TR-4) exposed a 5-meter-wide altered shear zone containing a graphite/ sulphide rich horizon. A verification grab sample by Stellar returned 1.32 g/t Au. This is a new showing which has never been properly channel sampled. Such sampling will be done once the trenching program begins.
The Monster Lake showing (“Monster”) consists of a high grade bluish-black quartz vein containing visible gold. The Monster vein, which has been extensively exposed and drilled, is about one meter wide, contained in a strongly ankeritized 4-meter-wide shear zone. Channel sampling by SOQUEM returned 17.07 g/t Au over 1.85 meters (GM 46027). Verification sampling by Stellar of the Monster showing and other parallel zones (Table 1) confirmed the gold content with values in grab samples of 15.35, 8.7 and 5.38 g/t Au. Lower grade values have also been observed in the verification sampling of the 3 Chemins showing.
Assays are pending for much of the verification sampling conducted by Stellar. These values will guide the forthcoming trenching and channel sampling program. Due to a prolonged dry spell and numerous forest fires, the use of heavy machinery is prohibited until further notice.
Stellar Pacific Ventures is looking forward to beginning a 1,500 meter drilling program scheduled for late summer 2010.
About Stellar Pacific Ventures
Stellar Pacific Ventures (TSX-V: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 has been reviewed and approved by Mr. Maurice Giroux, a qualified person as defined in NI 43-101 regulations.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Maurice Giroux, President and CEO
Stellar Pacific
1155 University Street, suite 812 Montreal, Quebec H3B 3A7 Tel.: 514-866-6299 Fax: 514-866-8096