NEWS!!!!Sep 10, 2009 10:26 ET
Golden Valley Mines Intersects Significant Near Surface Gold Mineralization and Depth Extension at the Jeffrey Zone
Osisko reports results from Malartic CHL property including 86.9 metres averaging 1.20 g/t Au
VAL-D'OR, QUEBEC--(Marketwire - Sept.10, 2009) - Golden Valley Mines Ltd. ("Golden Valley Mines" or the"Company") (TSX VENTURE:GZZ) is pleased to announce the initial resultsfrom the 2008 drill program targeting the Jeffrey Zone on the MalarticCHL property, currently optioned to Osisko Mining Corporation(TSX:OSK)(FRANKFURT:EWX).
The Jeffrey Zone is a gold-mineralized environment located alongthe southern extremity of the CHL porphyry, approximately 3.5 km eastof the center of the Canadian Malartic deposit, currently underdevelopment by Osisko. The Jeffrey Zone was tested with a series oftwenty-eight (28) drillholes (CHL08-2063 to CHL08-2090 for 5,601m)testing the northwestern boundary and depth extension of themineralized zone at a drill section spacing of 50 metres, over a 400 x100 metre area. All of the holes in the Jeffrey Zone were oriented tothe northeast, north and/or south, perpendicular to the regional E-Wfabric and were inclined from -45 to -78 degrees.
All of the holes intersected mineralization along each sectiondrilled. The most significant near-surface drill results include 86.9maveraging 1.20g/t Au (CHL08-2079) including 6.0m averaging 7.35g/t Au.The depth extension of the Jeffrey Zone was also confirmed with drillintercepts of 33.5m averaging 0.78g/t Au (CHL08-2088) and 12.6maveraging 1.14g/t Au (CHL08-2090). Assay highlights from the nineteennew drillholes are summarized in the table below and on the attacheddrillhole compilation map:
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Hole No. Section Dip/Az. From (m) To (m) Length (m) Au g/t
CHL08-2066 717145 -72/47 degrees 22.0 28.0 6.0 1.26
CHL08-2071 717166 -72/47 degrees 19.5 22.5 3.0 3.65
CHL08-2073 717216 -64/47 degrees 14.5 31.0 16.5 0.76
and 48.0 57.8 9.8 0.57
CHL08-2074 717216 -72/47 degrees 38.0 41.2 3.2 7.32
including 40.2 41.2 1.0 20.9
CHL08-2075 717251 -45/47 degrees 15.5 49.0 33.5 1.0
including 38.5 41.5 3.0 3.49
CHL08-2076 717248 -64/47 degrees 16.0 76.5 60.5 0.85
including 46.0 53.5 7.5 2.58
CHL08-2077 717249 -72/47 degrees 6.4 9.5 3.1 1.02
and 18.5 78.5 60.0 0.82
including 27.5 32.0 4.5 2.45
CHL08-2078 717300 -45/2 degrees 8.4 80.9 72.5 1.25
including 74.0 75.0 1.0 16.5
CHL08-2079 717300 -64/2 degrees 8.6 95.5 86.9 1.20
including 43.0 49 6.0 7.35
including 43.0 44.5 1.5 23.4
CHL08-2080 717350 -45/2 degrees 11.5 70.6 59.1 1.07
including 11.5 13.0 1.5 22.3
CHL08-2081 717350 -64/2 degrees 21.0 31.5 10.5 0.73
and 55.5 89.2 33.7 0.85
and 191.5 194.5 3.0 2.12
and 203.5 236.5 33.0 0.89
CHL08-2082 717350 -72/2 degrees 11.0 102.5 91.5 0.95
including 75.0 86.5 11.5 2.6
CHL08-2083 717400 -45/2 degrees 11.1 13.5 2.4 0.79
and 40.5 71.9 31.4 0.90
CHL08-2084 717401 -64/2 degrees 12.7 72.0 59.3 1.42
including 49.0 53.5 4.5 7.71
CHL08-2085 717450 -45/182 degrees 10.0 70.0 60.0 1.01
including 55.0 62.5 7.5 5.51
CHL08-2086 717450 -45/182 degrees 63.0 101.5 38.5 1.28
and 131.5 172.1 40.6 0.42
CHL08-2088 717500 -60/182 degrees 111.5 124.5 11.3 0.62
and 147.5 153.5 6.0 1.86
and 167.0 200.5 33.5 0.78
CHL08-2089 717500 -78/182 degrees 141.1 179.0 37.9 0.68
including 203.0 208.8 5.8 2.81
CHL08-2090 717550 -45/182 degrees 183.9 196.5 12.6 1.14
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Note: Drillholes CHL08-2063 to 2065 (section 717105E), CHL08-2067-2068
(Section 717145E), CHL08-2069-2070 (Section 717166E), CHL08-2072 (Section
717217E) and CHL08-2087 (Section 717450E) did not intersect significant
gold mineralization.
Mineralization at the Jeffrey Zone consists of disseminatedpyrite-gold in strongly potassic altered (quartz-feldspar porphyrydikes in contact with a predominately ultramafic flow sequence, and insubordinate gabbro and sedimentary units. Narrower, higher-grademineralization is hosted in quartz veined (silicified) porphyry ortalcose and chlorite altered ultramafic schists.
Presently, the Jeffrey Zone has been traced continuously by surfacediamond drilling over a strike length of 400 metres and to maximumdepths of less then 150 metres. True average width of the zone isestimated at 42.0 metres. The mineralized system remains open to theeast along strike and down dip, as was highlighted from the resultsfrom a 9-hole, 2,400 metre program completed in 2007 (see April 17,2008 press release). This program returned significant near-surface andhigher-grade, deeper intersections as far as 565 metres further east(CHL07-2027 and CHL07-2029) of the area tested in the 2008 drilling,for a total cumulative east-west strike extent of some 965 metres.
Significant near-surface drill results from the 2007 programinclude 53.9m averaging 1.25 g/t Au (CHL07-2022) and 40.5m averaging1.39g/t Au (CHL07-2021).
Higher-grade, deeper drilling results from these areas located tothe east 375 and 565 metres respectively, include 1.5m averaging109.5g/t Au (CHL07-2027) and 1.5m averaging 14.65g/t Au (CHL07-2029)(see attached drillhole compilation map for hole locations and assayhighlights).
Results from the 2007 and 2008 drill programs warrant a significantfollow-up definition drill program to be completed with the objectiveof completing, if warranted, a NI 43-101 resource estimate. Due to verywet ground conditions in the area of the Jeffrey Zone this definitiondrill program is currently planned for the winter of 2009-2010.
Currently, results remain outstanding for seventy-three (73)drillholes representing approximately 14,145 metres from the 2008program. Additional results are to be released in the next 4-8 weeks inbatches for the reconnaissance drilling completed along the prospectiveCHL porphyry-volcanic contact and the Shaft Zone.
Osisko has the right to acquire a 70% interest in the Malartic CHLProperty in consideration for $150,000 in cash payments over a fouryear period (paid) and by completing a minimum $2,000,000 inexploration work over a four year period. Upon earning its 70%interest, Golden Valley will maintain a free-carried interest of 30% toproduction. Drilling completed to date by option/joint venture partnerand operator Osisko included 19,746 metres (101 drillholes) on theproperty in 2008 and 15 holes totalling 6,544 metres in 2007 (totaldrilling to date: 26,290-metres). Also, Osisko purchased a claim blockfrom Golden Valley Mines located immediately southeast of the CanadianMalartic Mine. Terms of acquisition, included a cash payment of$100,000 at signing to allow Osisko to earn a 100%-interest subject toa 2% net smelter royalty payable to Golden Valley Mines.
About Golden Valley Mines Ltd.: The Company typically tests initialgrassroots targets while owning a 100% interest and then seeks partnersto continue exploration funding. This allows the Company to continueits generative programs and systematic exploration efforts at othermajority-owned grassroots projects. As of September 10, 2009, theCompany holds majority property interests in 137 projects consisting of4,120 mining titles (241,934 hectares or 242 sq kms) in Quebec,Ontario, and Saskatchewan in Canada, and 3 projects consisting ofapproximately 710 sq-km in the Republic of Sierra Leone.
Mr. Michael P. Rosatelli, P.Geo and Vice-President of Golden ValleyMines and Mr. Glenn Mullan, P. Geo. and President of Golden ValleyMines, are the Qualified Persons who have reviewed this news releaseand are responsible for the technical information reported herein.
Forward-Looking Statement: This news release contains certainforward-looking statements. These forward-looking statements aresubject to a variety of risks and uncertainties beyond the Company'sability to control or predict and are not to be interpreted asguarantees for future performance. These forward-looking statementscould cause actual events or results to differ materially from thoseanticipated in such forward-looking statements. All forward-lookingstatements speak only as of the date of this news release and theCompany does not undertake any obligation to update or publicly releaseany revisions to such forward-looking statements to reflect events,circumstances, or changes in expectations after the date hereof, exceptas required by law. Accordingly, readers should not place unduereliance on such forward-looking statements.
A map of the Malartic CHL Prospect is available at the following address:
https://media3.marketwire.com/docs/malarticpdf.pdf
NeitherTSX Venture Exchange nor its Regulation Services Provider (as that termis defined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this release.