Val-d’Or Mining Corporation Enters into Property Sale Agreement
06 Enero 2020 - 8:00AM
Val-d’Or Mining Corporation (“
Val-d’Or
Mining” or the “Company) (TSX-V:VZZ) announces that it has
entered into an agreement with respect to the sale of its Luc
Bourdon property, which is located in the McFaulds Lake Area in the
James Bay region of northern Ontario. Val-d’Or Mining staked
the property based on its geological merits. The purchaser of
the property is privately-owned
Juno Corp.
(“
Juno”).
In consideration for a 100% interest in the
property, the Company will receive 1,500,000 shares in the share
capital of Juno, and the Company will be granted a royalty of 1.5%
of the net smelter returns from the property.
The Luc Bourdon property consists of 288 mining
claim cells (5,585 ha), and lies along the northern limb extension
of the favourable geological trend hosting nickel-copper-platinum
group elements, chromium and copper-zinc-silver mineralization,
known as the "Ring of Fire".
Previous drilling on the property in 2009
intersected volcanogenic massive sulphide mineralization
(Zn-Cu-Ag). Two separate mineralized Zn-Cu-Ag zones were
intersected, the G6 Zone and the G1
Zone. The G6 Zone was highlighted by an
intersection (G6-09-01) of 8.70 metres grading 1.40% Zn, 0.10% Cu
and 8.7 g/t Ag (OEFD: White Pine Resources-Noront Resources-Golden
Valley Mines_Luc Bourdon Project_2009 Drill Summary Report). The
hole was located just to the north of the original 501
Discovery made in 2008 by Metalex Ventures and White Pine
Resources. The discovery hole DDH5.01-06 intersected 102
metres averaging 6.5% Zn, 0.44% Cu, and 3 g/t Ag,
including 26m, averaging 13.8% Zn, 0.50% Cu, 0.05% Pb, and
2 g/t Ag. The high-grade Zn-Cu-Ag mineralized zone has
been delineated over a north-south strike length of 200 m and to a
vertical depth of 275 m from surface. The zone dips steeply at 75⁰
to the east and appears to have a steep 65⁰ plunge to the south.
Horizontal widths of the high-grade mineralized zone can reach up
to 22 m (MDI000000000912:501). Zone G1 is
located along the northwestern property boundary. The zone is
highlighted with an intersection (DDH G1-09-01) of 8.70
metres assaying 3.73% Zn, 0.90% Cu and 25.7 g/t Ag,
including 5.70 metres assaying 5.60% Zn, 0.90% Cu and 34.9
g/t Ag (OEFD: White Pine Resources-Noront Resources-Golden
Valley Mines_Luc Bourdon Project_2009 Drill Summary Report).
Glenn J. Mullan P. Geo., the President and Chief
Executive Officer of Val-d’Or Mining, and Michael P Rosatelli
M.Sc., P.Geo., the Vice-President Exploration of Val-d’Or Mining,
are the Qualified Persons (as that term is defined in National
Instrument 43-101 - Standards of Disclosure for Mineral Projects)
who approved the technical disclosure included in this news
release.
About Juno Corp.
Juno Corp. is a Canadian based junior
exploration company and an arm’s length private entity.
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 (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. Mullan2864 chemin
SullivanVal-d’Or, Québec J9P 0B9Tel.: 819-824-2808, x 204Email:
glenn.mullan@goldenvalleymines.com
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.
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.
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