MONTREAL, QUEBEC--(Marketwire - Nov. 14, 2011) - Stellar Pacific Ventures Inc. (TSX VENTURE:SPX) ("Stellar" or the "Company") is providing an update on the NAMARANA PROJECT exploration in Mali and will follow soon with an update on the ongoing exploration program on the BALANDOUGOU / SOLOTOMO PROJECT in Guinea.
The Namarana Project is a 120 km2 Prospection Authorization awarded to Stellar Pacific Mali SARL, a 100% Stellar Pacific Ventures subsidiary. The Namarana Project is adjacent and to the East of the Balandougou Project on the Mali side of the Guinea/Mali border.
Stellar Pacific Ventures Inc. has entered into a joint venture agreement with Newmont Ventures Ltd., a subsidiary of Newmont Mining Corp., whereby Newmont and Stellar will jointly participate in the exploration of the Namarana property in Mali and seek to acquire additional properties within the area. (2011-08-29, Stellar Pacific enters Namarana JV with Newmont)
The exploration and evaluation of the potential of the property by NEWMONT's geologists is progressing well and a first "Report of Activities" has been produced and presented to Stellar.
To date, stream sediments sampling by the BLEG method has been completed on the property as well as a rock sampling of an artisan mine site located in the centre of the property.
A total of 21 BLEG samples were taken, processed and sent to NEWMONT's laboratory in Perth in Australia. The results obtained showed anomalous gold values of greater then 2,6 ppb Au over the whole Permit and identified four different anomalous gold source within the Permit.
A total of 19 rock samples were collected within the area of an artisan mine site. Mafic volcanic rocks, sericite schists and volcano-sedimentary rocks oriented N140 degrees to N170 degrees were identified on the site. Four (4) significant gold value were obtained, namely 48.4 g Au / T obtained from an oxidized and brachiated quartz veins.
In conclusion to the significant BLEG results and not less significant rock samples results, Newmont have decided to push forward the exploration of Namarana Property and to proceed with an airborne Magnetic and Radiometric survey over the entire property. The survey has been done by Xcalbur Geophysics, a South African Company. The survey followed N-S flight lines spaced 100 metres.
The field portion of the survey has been completed on November 6th and interpretation of the data will follow. The interpretation of the airborne survey will allow a better orientation of the subsequent exploration phases that will consist in geochemistry, trenching and drilling of the best targets as well as a detailed mapping of anomalous zones.
Stellar Pacific is pleased the way the evaluation of Namarana Project is progressing in Mali. The Airborne Survey will add significantly to the data base and will provide, in association to the BLEG results, valuable targets to follow up.
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 West 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.