GZZI need a little help from the experts here
I have a unexplainable urge to load up on more GZZ but I would like some opinions on the upside potential based on this press release ( copied below ). I can't tell if they have sold the farm or could greatly benifit from this. I am not a geologist nor profesional trader.
Just looking for opinions
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Golden Valley JV partner Osisko to drill test Jeffrey
2007-10-29 13:15 ET - News Release
Mr. Glenn Mullan reports
Golden Valley Mines Ltd. has received a report from its joint venture partner Osisko Exploration Ltd. at the Malartic CHL prospect.
The report states the following.
Continuing compilation work has outlined a new porphyry-hosted gold mineralized zone (referred to as the Jeffrey zone), located approximately 3.6 kilometres east of the centre of the Canadian Malartic deposit and 2.1 kilometres east of the recently announced drill hole CM07-2008 (see Stockwatch news for Osisko on Oct. 23, 2007).
Compilation of historical drilling performed by East Malartic Mines Ltd. in the 1930s and by Lac Minerals Ltd. in the 1980s has outlined a zone of disseminated mineralization hosted within the CHL porphyry intrusion, where it comes into contact with the southern edge of the Cadillac fault. Notable historical intersections are provided in a table.
NOTABLE HISTORICAL INTERSECTIONS
Hole No. From (m) To (m) Length (m) Au (g/t)
EMS-106 139.3 200.4 61.1 0.57
EMS-107 118.2 196.9 78.7 0.62
EMS-110 170.8 205.6 34.8 1.00
G82-01 69.6 94.8 25.2 1.63
G82-02 13.7 88.4 74.7 1.30
G82-03 91.1 169.1 78.0 1.33
G82-05 143.3 216.4 73.1 0.83
The east-west-oriented Jeffrey zone appears to extend over a distance of 800 metres and has a true thickness from 20 to 60 metres. Several of the historical holes stopped in disseminated mineralization and the system is open to depth beyond 150 metres. The porphyry body and the surrounding peripheral dikes that are hosted in volcanic rocks contain higher-grade, shear-hosted vein mineralization at deeper levels, including the following intersections (true widths unknown):
1.5 metres averaging 28.0 grams per tonne Au (DDH EMS-240 from 127.0 to 128.5 metres);
14.0 metres averaging 10.2 g/t Au (DDH EM88-17 from 863.2 to 875.4 metres);
4.1 metres averaging 9.0 g/t Au (DDH G83-07 from 179.6 to 183.7 metres).
The Jeffrey zone constitutes a new, highly favourable exploration target for low-grade, bulk-tonnage mineralization in the Malartic gold camp. Osisko plans to drill test this target in the first quarter of 2008 (for a total of 2,000 metres of diamond drilling). As previously announced, other targets that will be drilled before year-end include the Southeastern extension of the Canadian Malartic deposit as well as the Western porphyry zone.
Osisko has the right to acquire a 70-per-cent interest in the Malartic CHL property in consideration for $150,000 in cash payments over a four-year period ($70,000 paid to date) and by completing a minimum of $2-million in exploration work over a four-year period. Upon earning its 70-per-cent interest, Golden Valley will maintain a free-carried interest of 30 per cent to production.
Osisko Exploration is currently evaluating the Canadian Malartic gold deposit and adjacent areas for a large-scale open-pit, bulk-tonnage mining operation.