Thursday, 13th April 2006 (2600 views)

Stellar Pacific Ventures has announced its acquisition of a complete stake in the Vauquelin Township in Abitibi, Quebec.

The purchase of the property represents Stellar's continued interest in breaking through in the gold production market, particularly in Quebec where the company is conducting widespread exploration for gold reserves.

The Abitibi land consists of 23 claims covering 368 hectares and, perhaps significantly, borders several mines and gold reserves that are historically highly productive.

On the southern border of Vauquelin are the Nordeau gold deposits, as well as a former mine at Chimo. The district has produced approximately 350,000 ounces of gold since first opening the Chimo mine in 1984.

Chimo, Nordeau and Vauquelin are all located along the Cadillac deformation zone, which has a solid history of gold reserves.

Data compilation, mapping and geochem sampling of the newly acquired property are scheduled to begin this summer, says Stellar. The purchase was completed on April 12th for $10,000, plus the issue of 400,000 shares to the two selling prospectors.

 

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