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Val-d'Or, Quebec--(Newsfile Corp. - October 7, 2021) - Val-d'Or Mining Corporation (TSXV: VZZ) ("Val-d'Or Mining" or the "Company") announces that it has entered into an agreement with Snowy Owl Gold Corporation ("SNOW") for the sale of the Riviere Lois Prospect. The transaction is subject to the approval of the Canadian Securities Exchange (the "Exchange").
Property Sale Agreement for the Riviere Lois Prospect
In consideration for a 100% interest in the Riviere Lois Prospect (the "Property"), and upon receipt of Exchange approval, SNOW will issue 3,200,000 common shares to the Company (of which Golden Valley Mines & Royalties ("Golden Valley") will receive 640,000 common shares in accordance with the terms of an amended and restated option agreement between the Company and Golden Valley dated November 28, 2019). The Company will be granted a royalty of 2.5% of the net smelter returns from the Property, whereby 1% of the net smelter return may be purchased by SNOW for $500,000. In addition, the Company will receive $80,000 in cash and the Company will complete a geophysical exploration program, which is currently underway on the Riviere Lois Prospect (see news release dated August 24, 2021).
The Riviere Lois Prospect is located in northwestern Québec between the villages of Taschereau and Poularies. A number of researchers (Gibson, 1990, Lichtblau, 1989, Mortensen, 1993 & Mueller, 2001) have described the Central Noranda caldera (14.6 Moz gold, 2.2 Mt copper & 1.3 Mt zinc) 85 kilometres to the southeast. Historically the largest concentration of base-metal mineralization discovered and exploited in the HMG are the Hunter Mine and Lyndhurst Mine to the west and east along strike respectively of the company's property. The Hunter Mine reported production of 117,000 tonnes grading 0.99% Cu in 1957 and reserves of 127,000 t grading 1.06% Cu and 82,000 t of probable ore at 1.06% Cu in 1973. At the Lyndhurst Mine, production of 156, 362 t grading 1.93% Cu and 12.72 g/t Ag was reported in 1957. Current reserves have been stated as 125,000 t at 1.75% Cu (source: SIGEOM - Metallic deposit Descriptions historical reserves are non-compliant with National Instrument (NI) 43-101¹).
(1) Historical "resources" and/or "reserves" should not be relied upon as it is unlikely they conform to current NI 43-101 criteria or to CIM Standards and Definitions, and they have not been verified by Golden Valley Mines Ltd to determine their relevance or reliability. They are included in this press release for illustrative purposes only and should not be disclosed or interpreted out of context.
Michael P. Rosatelli, P.Geo. (OGQ Special Authorization Permit; PGO #0855), the Vice President of Exploration of Val-d'Or Mining is the Qualified Person (as that term is defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects) who approved the technical disclosures included in this news release.
About Snowy Owl Gold Corp.
Snowy Owl Gold Corp. is a mineral exploration company focused on acquiring, exploring, and developing gold projects in Quebec, Canada. Snowy Owl has 100% interest in the Panache Property, which consists of 12 map designated claims ("CDC") covering a total of 678 hectares, and the Golden Eagle Property, which consists of 161 map designated claims ("CDC") covering a total of 8,887.65 hectares (88.87 km2) within the Abitibi region located in Quebec, Canada. Additional information on Snowy Owl Gold Corp. is available at http://www.snowyowlgold.com/.
About Val-d'Or Mining Corporation
Val-d'Or Mining Corporation is a junior natural resource issuer involved in the process of acquiring and exploring its mineral property assets, most of which are situated in the Abitibi Greenstone Belt of NE Ontario and NW Quebec. To complement its current property interests, the Company regularly evaluates new opportunities for staking and/or acquisitions. Outside of its principal regional focus in the Abitibi Greenstone Belt, the Company holds several other properties in Northern Québec (Nunavik) covering different geological environments and commodities (Ni-Cu-PGE's).
The Company has an expertise in the identification and generation of new projects, 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. After the initial value creation in the 100%-owned, or majority-owned properties, the Company seeks option/joint venture partners with the technical expertise and financial capacity to conduct more advanced exploration projects.
For additional information, please contact:
Glenn J. Mullan
2864 chemin Sullivan
Val-d'Or, Québec J9P 0B9
Tel.: 819-824-2808, x 204
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/98861