Update on Cheechoo from GZZ"Cheechoo gold project -- James Bay, Que.
The company and its joint venture partner, Sirios Resources Inc., have commenced a soil sampling and ground magnetic survey along the southwest corner of the Cheechoo B prospect. Contingent on these results, a follow-up "boot and hammer" prospecting and mapping program is expected to commence in mid-August with the objective of defining drill targets. The southwest sector of the Cheechoo B prospect is adjacent to the Eleonore South property currently being explored by Eastmain Resources Inc. (35 per cent), Les Mines Opinaca Ltee. (35 per cent) and Azimut Exploration Inc. (30 per cent), who have just recently announced the commencement of a $1.6-million exploration program designed to drilln test the extensions of a sedimentary-hosted discovery at the JT gold zone, as well as three other priority targets on the Eleonore South property.
The Cheechoo (A, B and C) prospect and Sharks prospect are subject to joint ventures with Sirios effective March 31, 2009, and under which the company has to date a 60-per-cent stake in each of the Cheechoo and Sharks prospects. Pursuant to the terms of the joint venture agreements, the company may earn an additional 20-per-cent interest in each of the properties provided that it give notice to Sirios, prior to March 31, 2012, of its intent to complete at its sole cost a bankable feasibility study and that it pay to Sirios the sum equal to double the amount of expenditures incurred by Sirios under the joint venture agreements from the effective date to the date of delivery of the bankable feasibility study.
Golden Valley completed field programs over the properties from 2005 to 2007. In 2008 and 2009, the company completed detailed compilations for all the previous work carried on the properties for future exploration planning and joint venture reporting. A management committee is now in place for each joint venture and the parties are currently in discussions with respect to determining if, and when, an exploration program will be carried out next on the properties."
For those of you who are not aware of the above, it is part of a news release from Golden Valley Mines on June 30, 2010 updating its James Bay Region exploration, Cheechoo gold project joint venture partner with Sirios Resources. At least it shows something is moving along!
GH