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Stellar AfricaGold shares surge on recovery of 1st gold from Balandougou

Stellar AfricaGold Inc.'s shares were up nearly 38% at market close on June 14 after it announced the recovery of first gold from the gravity mill at its Balandougou operation in Guinea.

The company processed 21.5 tonnes of gold mineralized oxide during a comprehensive mill operations test and subsequently recovered 49 grams of gold, representing a 2.28 g/t of gold recovery rate.

Stellar also said it started full-time milling operations at Balandougou, processing the previously stockpiled 15,000 tonnes of bulk sample oxide gold mineralization obtained from several locations at the site.

"The 2.28 g/t recovery rate from the mill demonstration test gives us increased confidence as we proceed with the bulk sampling program and our goal of achieving a 1.5 g/t average rate of recovery across our 15,000 tonnes bulk sample," Stellar President and CEO John Cumming said.

Meanwhile, Stellar said it is exploring options for its Opawica gold project in Quebec, including a potential sale or joint venture, after a noncore asset review determined that the property should be divested.