Golden Valley Mines Ltd./Abitibi ("AGB") Grassroots Exploration Project Update: 109 g/t Gold, 91 g/t Silver and 1.90% Molybde...
December 21 2011 - 9:32AM
Marketwired Canada
Golden Valley Mines Ltd. ("Golden Valley" or the "Company")(TSX VENTURE:GZZ) is
pleased to report on the Company's exploration activities in the Abitibi
Greenstone Belt, Quebec and Ontario.
Abitibi ("AGB") Grassroots Exploration Project - Quebec and Ontario, 100%-owned
Prospects:
The exploration budget for the Company's AGB "Grassroots Exploration Project"
for 2011 is approximately $615,000. Exploration activities for the 2011 program
have been focused primarily on preliminary fieldwork consisting of "boot and
hammer" prospecting and sampling, grid establishment and follow-up ground
geophysical surveys with the objective of upgrading and advancing each property
to the group of "drill-ready" prospects for the Company's self-funded AGB
Project. The 2011 exploration program is mainly directed towards gold and/or
copper-rich volcanogenic massive sulphide (VMS) ore deposit model-type targets.
To date, a total of seventeen (17) grids have been established on separate
properties for a total of 255.5 line kilometres; and eighteen (18) individual
property geophysical surveys (ground magnetic: 216.0 line kilometres, horizontal
loop electromagnetic: 85.9 line kilometres and induced polarization: 95.4 line
kilometres) have been completed. Based on these geophysical results (including
additional geophysical survey data results from the 2010 exploration program),
fifty-two (52) "higher priority targets" were interpreted and have been proposed
for drill testing (approximately 6,915 metres of drilling).
In addition, a summer 2011 prospecting and sampling program was completed
targeting geophysical anomalies and historical surface showings, over the
Company's 100%-owned properties acquired by the Company over the last several
years. A total of twenty-four (24) prospects and/or areas of interest were
prospected and sampled. As a result, a total of 102 rock samples were collected
and submitted for assaying. Highlights from the prospecting and sampling program
include 109.0 g/t Au & 22.8 ppm Ag from the Baden Prospect, 5.81 g/t Au & 19.4
ppm Ag from the Gosselin Prospect, 91.0 ppm Ag; 2.10 % Zn; 7670 ppm Pb from the
Jonsmith Prospect, 20.4 g/t Au from the Oregon Prospect and 1.900% Mo & 2.9 ppm
Ag from the Steeloy Prospect. Rock assay results from the program are summarized
in the table below:
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Property Region Sample Number and Description Assay Result
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Baden Matachewan 3938-Blastrock from historic trench. 3.47 g/t Au;
Contains quartz carbonate and 1.6 ppm Ag
feldspar. 2% sulphides.
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Baden Matachewan 3964-Quartz carbonate vein in 109.0 g/t Au;
historic trench. 12 inches wide. 22.8 ppm Ag
Contains cubic pyrite.
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Baden Matachewan 3965-Wallrock in historic trench. 4.23 g/t Au;
Altered syenite. Sulphide 3.1 ppm Ag
mineralization.
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Baden Matachewan 3966-Wall rock in historic trench. 2.42 g/t Au;
Altered syenite with quartz 2.6 ppm Ag
carbonate. Sulphide mineralization.
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Baden Matachewan 3969-Blastrock from historic trench. 3.88 g/t Au;
Quartz. Albitized and chloritized. 1.4 ppm Ag
Contains cubic pyrite.
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Baden Matachewan 3670-Blastrock from historic trench. 3.91 g/t Au
Quartz with dark mineral.
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Gosselin Shiningtree 3911-Overburden stripped area. Quartz 5.81 g/t Au;
vein. Chloritized. 1% cubic pyrite. 19.4 ppm Ag
Trace chalcopyrite.
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Gosselin Shiningtree 3912-Overburden stripped area. Mafic 0.250 g/t Au
volcanic. 1% fine cubic pyrite.
Quartz-carbonate alteration.
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Gosselin Shiningtree 3913-Overburden stripped area. Rusty 0.7 g/t Au;
quartz with mafic volcanic rock 2.3 ppm Ag
included. 2% disseminated pyrite.
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Gosselin Shiningtree 3915- Overburden stripped area. 0.390 g/t Au
Quartz vein. Less than 1%
disseminated pyrite.
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Gosselin Shiningtree 3916- Historic drillcore from core 0.638 g/t Au
dump. Rusty. Quartz-carbonate
alteration. 1% disseminated pyrite.
Contains a black mineral.
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Jonsmith Shiningtree 3923-Blastrock from historic trench. 91.0 ppm Ag;
Mafic volcanic. 3% cubic pyrite. 1% 2.10 % Zn;
chalcopyrite. Galena in blebs. 7670 ppm Pb
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Blue Kirkland 12711-Blastrock from muckpile at Blue 4480 ppm Pb;
Mountain Lake Mountain shaft. Intermediate 9970 ppm Zn
volcanic with quartz. 2% to 3%
pyrite.
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Blue Kirkland 12714-Blastrock from muckpile at Blue 9820 ppm Pb;
Mountain Lake Mountain shaft. Intermediate 4990 ppm Zn
volcanic with quartz. 2% pyrite.
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Blue Kirkland 12715-Blastrock from muckpile at Blue 5030 ppm Pb;
Mountain Lake Mountain shaft. Intermediate 3290 ppm Zn
volcanic with quartz. Trace pyrite.
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Oregon Val-d'Or 3777-Outcrop. Fractured granodiorite. 1.585 g/t Au
1% coarse cubic pyrite.
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Oregon Val-d'Or 3780-Blastrock from pit. Granodiorite 5.76 g/t Au
with some quartz. Less than 1% cubic
pyrite.
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Oregon Val-d'Or 3781-Outcrop. Granodiorite with rusty 4.75 g/t Au.
quartz. 3% pyrite.
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Oregon Val-d'Or 3861-Blastrock from historic trench. 2.64 g/t Au
Altered granodiorite with quartz.
Trace pyrite.
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Oregon Val-d'Or 3907-Blastrock from historic trench. 0.994 g/t Au
Rusty quartz. 4% to 5% cubic pyrite.
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Oregon Val-d'Or 3908-Outcrop. A patch of rusty quartz 20.4 g/t Au
on granodiorite outcrop. 3-4%
pyrite.
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Oregon Val-d'Or 3909-Outcrop. Granodiorite. 0.380 g/t Au
Silicified. 2% to 3% pyrite.
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Steeloy Cadillac 12701-Outcrop. Granite. Highly 1.900% Mo;
mineralized quartz vein. 8% 2.9 ppm Ag
molybdenite. 1% pyrite.
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(i) 1ppm = 1g/t per silver values
Ground follow-up programs as part of the Company's 2012 Abitibi "Grassroots
Exploration Project" are currently in the process of being formulated on these
properties.
All rock sample assays results reported above were completed by ALS Chemex with
sample preparation in Val-d'Or, Quebec and analyses at ALS Chemex in Vancouver,
British Columbia. A standard 33 multi-element, ICP-AES analysis was completed on
all samples with over limits (greater then 10,000 ppm) for zinc and molybdenum
determined by a Four Acid Digestion with ICP-AES (Zn-OG62 and Mo-OG62) ore-grade
analysis. Gold values were determined by 30g FA-AA finish with over limits
(greater than 10g/t Au) determined by a 30g FA-GRAV finish.
Integra Gold Corp. Joint Venture - Abitibi Grassroots Exploration Project:
At the Abitibi joint venture with Integra Gold Corp. (formerly Kalahari
Resources Inc., hereinafter "Integra"), exploration work during 2011 has been
focused on the Claw Lake Prospect where grid (51.3 line kilometres) and ground
geophysical (magnetic: 58.8 line kilometres and induced polarization: 53.78 line
kilometres) surveys were completed. Based on these geophysical results, four (4)
"higher priority targets" were interpreted and have been proposed for drill
testing (approximately 555 metres of drilling).
In 2008, the Company earned a 70% interest in a group of nine properties located
in the AGB region (Quebec and Ontario) and a joint venture was formed thereon
with Integra. Golden Valley is the operator during the joint venture phase.
New Opportunities - Property Acquisitions:
Golden Valley through its in-house project generation activities has staked a
total of 30 new 100%-owned claims covering approximately 1,632 ha that included
three (3) new properties. These properties were generated following a
comprehensive review and interpretation of the Ministere des Ressources
naturelles et de la Faune (MRNF) publication release of MegaTEM(R) II Surveys of
the Abitibi Greenstone Belt, Quebec, prospective for copper-rich VMS and
lode-gold deposits, located in the Abitibi Greenstone Belt within the La Sarre,
Val-d'Or and Chibougamau mining camps.
Big North Capital Inc. - Luciana Prospect - Lebel-sur-Quevillon, Quebec:
On December 13, 2011, Big North Capital Inc. ("Big North") announced the closing
of its qualifying transaction involving the acquisition from Golden Valley on
August 30, 2011 (the "Effective Date") of an option to acquire a 70% interest
(the "Option") in the Luciana prospect gold property located in
Lebel-sur-Quevillon, Quebec.
In order to exercise the Option, Big North must: (i) incur aggregate exploration
expenditures of $2,000,000 over a three year period ($250,000 in year-1;
$500,000 in year-2 and $1,250,000 in year-3); (ii) complete a definitive
feasibility study at its sole cost on or before the 10th year anniversary of the
Effective Date; (iii) issue to Golden Valley 396,000 shares in the capital of
Big North; (iv) make cash payments of $10,000 in the aggregate; and (iv)
reimburse Golden Valley for legal expenses incurred with respect to the grant of
the Option. Golden Valley is the operator during the option phase. Upon Big
North exercising the Option, Golden Valley will retain a 30% free carried
interest to production.
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 Quebec) and in the
Republic of Sierra Leone in West Africa.
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.
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 map is available at the following address:
http://media3.marketwire.com/docs/GZZ_AbitibiProspects_8x11-2.pdf
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