VAL-D'OR, QUÉBEC--(Marketwire - June 11, 2012) - Golden Valley Mines Ltd. ("Golden Valley" or the "Company")(TSX VENTURE:GZZ) provides the following update with respect to its property holdings in the Abitibi Greenstone Belt ("AGB"), located in Québec and Ontario.
Golden Valley's exploration activities over the past several years have been mainly focused on preliminary fieldwork conducted over the company's 100%-owned properties, with the objective of upgrading and advancing each property to the group of "drill-ready" prospects for the Company's AGB Project.
The preliminary fieldwork consisted of "boot and hammer" prospecting and sampling and where warranted, the establishment of mini grids over high priority target areas (i.e. surface showings and airborne geophysical anomalies) to facilitate the completion of ground geophysical surveys. The Company's AGB Grassroots exploration project is principally directed towards identifying prospective targets for both precious (Au-Ag, PGE) and base-metals (Cu-Zn, Co, Ni-Cu).
Presently, Golden Valley has identified drill targets on twenty-one (21) individual prospects, that in total include fifty-five (55) "higher priority targets" for an aggregate amount of approximately 7,445 metres of proposed diamond drilling. Table I includes both 100%-owned and recently optioned properties (to each of Monarch Energy Limited ("Monarch") and Golden Cariboo Resources Ltd. ("GCC") and in respect of which Golden Valley is the program operator.
A summary of the proposed drilling is as follows:
Table I
Property | Region | Ore Deposit Model | DDH Target Information | |
Lac Barry | Urban-Barry | Quartz-Carbonate-Gold Vein, Shear-zone related (Au) | 10 DDH's, 1,075m | |
Threshold-85 | Chapais | Chapais-type Cu-Au Sulphide-rich Vein | 6 DDH's, 800m | |
Dionne (GCC Option) |
Val-d'Or | Quartz-Carbonate-Gold Vein, shear-zone related (BIF-hosted) | 6 DDH's, 690m | |
Jonsmith | Shining Tree | Silver-Arsenide Veins (Co-Ni-As-Ag-Bi) Magmatic Ni-Cu-PGE |
2 DDH's, 250m 3 DDH's, 340m | |
Claw Lake (GCC Option) |
Shining Tree | Quartz-Carbonate-Gold Vein, Shear-zone related (intrusion-hosted porphyry Au±Cu±Mo) | 4 DDH's, 555m | |
Perestroika West | Val-d'Or | Quartz-Carbonate-Gold Vein, Shear-zone related | 3 DDH's, 475m | |
Bench Depth (South) |
Matachewan | Quartz-Carbonate-Gold Vein, Shear-zone related | 3 DDH's, 430m | |
Kharlamov | Chapais | VMS (Au-Cu-rich) | 2 DDH's, 400m | |
Oregon | Val-d'Or | Quartz-Carbonate-Gold Vein, Shear-zone related | 2 DDH's, 300m | |
Barraute | Val-d'Or | VMS (Au-Cu-rich) | 2 DDH's, 240m | |
Centermaque (MNL Option) |
Val-d'Or | Quartz-Carbonate-Gold Vein, Shear-zone related | 2 DDH's, 180m | |
Petite Lac Noir Sud | Val-d'Or | VMS (Au-Cu-rich) | 1 DDH, 200m | |
Petite Lac Noir Nord | Val-d'Or | VMS (Au-Cu-rich) | 1 DDH, 200m | |
Lac Guéguen | Val-d'Or | VMS (Au-Cu-rich) | 1 DDH, 200m | |
Township Line | Val-d'Or | Magmatic Ni-Cu-PGE and/or Quartz-Carbonate-Gold Vein, Shear-zone related |
1 DDH, 150m | |
Shamrock | Kirkland Lake | Quartz-Carbonate-Gold Vein, Shear-zone related | 1 DDH, 150m | |
Odie-Cleghorn | Val-d'Or | VMS (Au-Cu-rich) | 1 DDH, 150m | |
Lac Ducros | Val-d'Or | Magmatic Ni-Cu-PGE and/or Quartz-Carbonate-Gold Vein, Shear-zone related |
1 DDH, 120m | |
U-Turn | Val-d'Or | Magmatic Ni-Cu-PGE and/or Quartz-Carbonate-Au Vein, Shear-zone related |
1 DDH, 120m | |
Double Trouble | Duparquet | Quartz-Carbonate-Gold Vein, Shear-zone related | 1 DDH, 100m | |
Calamity | Duparquet | VMS (Au-Cu-rich) | 1 DDH, 100m |
Note: | GCC = Golden Cariboo Resources Ltd. |
MNL = Monarch Energy Limited |
In addition to the prospects listed in Table I above, a further sixty-three (63) follow-up drillholes with an aggregate amount of approximately 9,838 metres of diamond drilling is proposed on eight (8) separate properties, following the initial diamond drill programs operated by Golden Valley. Table II includes both 100%-owned and recently optioned properties (to each of GCC and Big North Graphite (formerly Big North Capital Inc. and in respect of which the Company is the program operator).
Table II
Property | Region | Ore Deposit Target Model | DDH Target Information | |
Perestroika (GCC Option) |
Val-d'Or | Quartz-Carbonate-Gold vein, shear-zone related | 30 DDH's, 4,000m | |
Blue Mountain | Kirkland Lake | Quartz-Carbonate-Gold vein, shear-zone related | 8 DDH's, 1,200m | |
Winnie Lake | Kirkland Lake | VMS (Au-Cu-rich) | 5 DDH's, 1,000m | |
Amikougami | Kirkland Lake | Quartz-Carbonate-Gold vein, shear-zone related | 5 DDH's, 1,000m | |
Richore | Matachewan | Quartz-Carbonate-Gold vein, shear-zone related | 5 DDH's, 700m | |
Munro | Matheson | VMS (Cu-Zn-Co-Ag) | 5 DDH's, 700m | |
Salve Lake (GCC Option) |
Matheson | Quartz-Carbonate-Gold vein, shear-zone related | 3 DDH's 1,000m | |
Luciana (NRT Option) |
Lebel-sur-Quévillion | Quartz-Carbonate-Gold vein, shear-zone related | 2 DDH's, 238m |
Note: | GCC = Golden Cariboo Resources Ltd. |
NRT = Big North Graphite Corp. |
Golden Valley also has a portfolio of thirteen (13) properties that warrant further exploration work based on encouraging results obtained by the Company in its initial drilling campaigns.
A summary of the prospects warranting additional exploration work is outlined as follows:
Table III
Property | Region | Ore Deposit Target Model |
Bearmac | Chibougamau | Chibougamau-type Cu-Au sulphide-rich vein |
Bejopipa | Chibougamau | VMS (Au-Cu-rich) |
Cadillac High | Cadillac-Malartic | Quartz-Carbonate-Gold Vein, Shear-zone related |
Dubuisson | Val-d'Or -Malartic | Quartz-Carbonate-Gold Vein, Shear-zone related |
Golden Jet | Duparquet | Quartz-Carbonate-Gold Vein, Shear-zone related |
Lock-Out | Cadillac | Quartz-Carbonate-Gold Vein, Shear-zone related |
Lac Laverdiere | Val-d'Or | Quartz-Carbonate-Gold Vein, Shear-zone related |
Mindoka | Kirkland Lake | Cu-Au sulphide-rich Vein? |
Mona Lisa | Duparquet | Quartz-Carbonate-Gold Vein, Shear-zone related |
Pascalis Cu-Zn | Val-d'Or | VMS (Au-Cu-rich) |
Pascalis West | Val-d'Or | VMS (Au-Cu-rich) |
Rivière Heva | Cadillac-Malartic | Quartz-Carbonate-Gold Vein, Shear-zone related |
Rivière Lois | Duparquet | VMS (Au-Cu-rich) |
Additionally, and in reference to the Company's news release of May 10, 2012 in which Golden Valley provided an update in respect of Calone Mining Company (S.L.) Ltd. ("Calone SL"), the Company advises that it has been agreed to between Calone Mining Ltd. ("Calone Canada"), Golden Valley's wholly owned subsidiary, and K&K Investment GMBH ("K&K"), that the closing of the transactions contemplated by the share purchase agreement, as it has been amended and restated, and pursuant to which K&K is to acquire all of Calone Canada's shareholdings in its Sierra Leonean subsidiary Calone SL, shall take place on or before July 2, 2012, or on such later date as may be determined between Calone Canada and K&K ("Closing").
Mr. Glenn J. Mullan, P. Geo., (OGQ) and (APGO (Temporary)), is the Qualified Person (as that term is defined in National Instrument 43-101) who has reviewed this news release and is responsible for the technical information reported herein.
About Golden Valley Mines Ltd.: The Company typically tests initial grassroots targets while owning a 100% interest therein and then seeks partners to continue exploration funding. This allows the Company to carry on its generative programs and systematic exploration efforts at other majority-owned grassroots projects. The Company (together with its various subsidiaries) holds majority property interests in projects in Canada (Saskatchewan, Ontario and Québec) and until Closing, in the Republic of Sierra Leone.
Forward-Looking Statement: This news release contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond the Company's ability to control or predict and are not to be interpreted as guarantees for future performance. These forward-looking statements could cause actual events or results to differ materially from those anticipated in such forward-looking statements. All forward-looking statements speak only as of the date of this news release and the Company does not undertake any obligation to update or publicly release any revisions to such forward-looking statements to reflect events, circumstances, or changes in expectations after the date hereof, except as required by law. Accordingly, readers should not place undue reliance on such forward-looking statements.
A figure is available at the following link: http://media3.marketwire.com/docs/GZZ_2012-06-11_Exploration_Update_AGB_Figure.pdf.
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.
Contact Information:
Glenn J. Mullan
Chairman, President, and CEO
819.824.2808 ext. 204
glenn.mullan@goldenvalleymines.com