Option Agreement with Golden Valley – Year-1 Milestone Met
Enhanced Board of Directors, Corporate and Exploration Team
Golden Valley Mines Ltd. Increased Ownership to 32.5%
VAL-D’OR, Québec, Jan. 29, 2019 (GLOBE NEWSWIRE) -- Val-d’Or Mining Corporation (VZZ.V) (the “Company”) is pleased to confirm that it has fulfilled its contractual obligations in respect of the first year’s exploration requirements related to the Option Agreement dated April 18, 2017 with Golden Valley Mines Ltd. (GZZ.V).
Option Agreement with Golden Valley Mines Ltd.
The Company spent in excess of $500,000 during 2018 on related exploration expenditures on such properties that are part of the 61 properties that were optioned from Golden Valley Mines. Based on results obtained, the Company intends to continue the earn-in process. Golden Valley Mines Ltd. now owns 13,187,443 common shares of the Issuer representing approximately 32.5% of the Issuer’s issued and outstanding common shares.
Enhanced Board of Directors, Corporate and Exploration Team
During the year, Dr. C. Jens Zinke was appointed as the Company’s Chief Operating Officer, Rico de Vega, CA was appointed the Company’s Chief Financial Officer, and Michael P. Rosatelli, P.Geo. was appointed as the Company’s Vice President Exploration. The Company also announced that Frank Mariage, a partner at Fasken Martineau DuMoulin LLP, was appointed a director of the Company. Mr. Mariage joined Fasken Martineau’s global mining group in June 2012 and represents mining companies and guides them during the discovery, sale, and processing of mineral deposits in Canada and elsewhere. He was Chairman of the Board of the Québec Mineral Exploration Association from 2015 to 2018.
Program Details – Key Properties
The Company concentrated its 2018 efforts on the Oregon Prospect, Magoma Prospect, and Ducros Sill Prospects, all located in northwestern Québec. The objective was to advance each of the properties towards a drill program later in 2019, funded either internally or through a joint venture. Consequently, the Company conducted ground geophysical surveys on each of these, and other, properties.
Geological and prospecting programs are planned for further ground-truthing of defined geophysical anomalies, and together with the review of the historical mineralization and exploration activity, to assist with drill target selection.
Program Details – Other Properties
The Company carried out a reconnaissance prospecting campaign on several properties in the Chibougamau area. These properties were initially staked based on anomalies that were identified from government geophysical data sets. The results of the prospecting campaign improved the general understanding of the local geology, and the Company has identified the Bejopipa, Bearmac and Threshold 87 prospects as new priority exploration properties.
In addition, the Company completed remote sensing studies and reconnaissance exploration work over various other prospects amongst the optioned groups.
Prospecting of various geophysical anomalies and geological targets also caused the Company, in consultation with Golden Valley Mines Ltd., to drop 5 of the grassroots projects.
About Val-d’Or Mining Corporation
Val-d’Or Mining Corporation is a junior natural resource issuer involved in the process of exploring, evaluating and promoting its mineral property assets, most of which are situated in the Abitibi Greenstone Belt. The Company has an expertise in the generation of new projects (“project generator”) and in the early stages of exploration. The mineral interests are broad and range from gold, copper-zinc-silver, nickel-copper-PGE to industrial and energy minerals.
The Company’s regional focus is within the Abitibi Greenstone Belt of NE Ontario and NW Québec, where it holds multiple early-stage property interests. To complement its own 100%-owned property interests, the Company entered into an option agreement to acquire a 100% interest in an additional 61 grassroots properties which are all located within this prolific mining district.
Outside of its principal regional focus, the Company holds several other properties in Northern Québec (Nunavik) covering different geological environments (Ni-Cu-PGE’s).
For additional information, please contact:
Glenn J. Mullan
2864 chemin Sullivan
Val-d’Or, Québec J9P 0B9
Tel.: 819-824-2808, x 204
Forward Looking Statements:
This news release contains certain statements that may be deemed “forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
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