VAL-D’OR, Québec, July 10, 2018 (GLOBE NEWSWIRE) -- Val-d’Or Mining Corporation (“Val-d’Or Mining” or the
“Company) (TSX-V:MZZ) is pleased to announce an update on its exploration activities located in the Abitibi Greenstone Belt.
Initial ground exploration work is planned on three (3) priority gold projects located in NW Québec and NE
Ontario, including line cutting (grid establishment), geophysical surveying (ground magnetic and induced polarization),
geological/structural mapping, sampling and outcrop stripping. The primary objective of this work is to resolve drill targets for
Fall 2018 campaigns.
Oregon Prospect – Val-d’Or, Québec
The Oregon Prospect covers an elongated granodiorite intrusion that dips to the northeast and lies along a
northwest southeast axis. The granodiorite part of the property hosts the historic Oregon Showing (Corps Minéralisé 32/C05-0011.
MRNF SIGEOM). This mineral occurrence occurs within a fracture zone that hosts a series of parallel quartz stringers
mineralized with pyrite. It has been traced out by previous exploration programs over a strike length of one hundred and twenty
metres.
An assay result of 1.980 opt Au from a 3 foot long channel sample within the showing area was taken in 1985 (GM
42404). DDH 80-7, a 60.4 metre vertical hole that was drilled into the showing in 1980, encountered a 0.4 metre intersection of
bleached rock that carried 0.10 opt Au (GM 36410).
In 2010 and 2011, Golden Valley Mines sampled the historic Oregon Showing pit. The Oregon Showing was
first discovered in 1935 (GM 66328). A sample of granodiorite blast rock containing quartz and trace pyrite carried 5.76 g/t
Au. A grab sample from the adjacent granodiorite outcrop that contained rusty quartz with up to 4% pyrite returned an assay value
of 20.4 g/t Au.
In 2014, channel sample 423312 was cut into a quartz vein located approximately 75 metres west of the Oregon
Showing. The 0.80 metre long sample carried 1.85 g/t Au. Other channel samples cut into the granodiorite surrounding the Oregon
Showing were anomalous in gold with the highest assayed gold value being 6.19 g/t Au.
Approximately 1.6 kilometres to the northwest there are a series of historic trenches within the granodiorite
intrusion. Grab samples of fly rock taken in 1985 returned gold values of 2.15 opt Au and 0.423 opt Au (GM 42404).
A sample of blast rock from one of these trenches was collected by Golden Valley Mines in 2011. This grab sample
of altered granodiorite with trace pyrite carried 2.64 g/t Au (GM 66328).
The primary metallogenic target at the Oregon Prospect is an intrusive-hosted, bulk tonnage gold deposit.
Magoma Prospect – Val-d’Or, Québec
The property overlies the felsic volcanic rocks of the Hunter Mine Group and is situated midway between the
Rouyn-Noranda and Normetal mining camps. The Magoma gold showing occurs within an extensive network of quartz veins controlled by
intense shearing that cuts through tuffacaeous and porphyritic units of rhyolite. This geological setting is proximal to a fault
splay from the regional gold bearing Macamic Deformation Corridor that passes through the northeast part of the
property.
In 1950, Preston East Dome Mines Ltd. discovered three gold occurrences within this extensive quartz vein system
(GM 10303).
In 1963, Magoma Mines Ltd. drilled a closely spaced pattern of eight vertical drillholes into the Preston East
Dome #1 showing (GM 14923). Significant gold values ranging from 0.17 to 2.80 opt Au over varying widths of
between 2.4 to 6.9 feet were encountered in some of these drillholes.
An old core dump of small diameter core is located several hundred feet southeast of the #1 showing. Three grab
samples of quartz material from this abandoned core pile taken in 1973 by Noranda Exploration Company Ltd. carried encouraging
metal values. One sample assayed 1.51 opt Au with 0.81 opt Ag while another carried 0.47 opt Au
and the third assayed 0.38 opt Au with 0.09 opt Ag (GM 29754).
In 2010, Golden Valley Mines completed a reconnaissance prospecting program over parts of the present Magoma
Prospect. The three (3) Preston Dome Mines Ltd. showings were located and sampled as well as the old core dump. A grab sample from
a quartz vein at the main or #1 showing carried 0.604 g/t Au (GM 65543).
In 2014, Golden Valley Mines carried out a more comprehensive sampling of the main or #1 showing. Grab
sample 423325 carried 2.54 g/t Au and sample 423328 of blast rock from the showing carried 1.635 g/t
Au.
The primary metallogenic target at the Magoma Prospect is an orogenic gold deposit spatially related to a
deformation zone hosted in altered and mineralized metavolcanic rocks.
Baden Prospect – Matachewan, Ontario
The gold showings on the property occur in quartz veins associated with mineralized syenite porphyry dikes. The
showings are located approximately thirteen kilometres north-northwest of Young Davidson Mine (Alamos Gold) that occur within a
stockwork of quartz veinlets and narrow quartz veins, rarely greater than a few centimetres thick that are within a broader halo of
disseminated pyrite and potassic alteration.
In 1937, the No. 2 Vein or discovery vein (Fondewa Gold Mines) was extensively trenched. Four grab
samples of quartz from this vein are reported on in dollar values based on gold at $35.00 an ounce. They are listed as follows:
$10.50, $3.50, $4.90 and $2.80 (Robson, 1938; KL 2155).
Also in 1937, the No. 2 Vein was cut at shallow depths by seven
drill holes along a strike length of 500 feet with the following
results (McCannell, 1976 AFRO 63.3327).
DH 2
(1937) / 0.18 opt Au over 4 feet
DH 5 (1937) / 0.07 opt Au
over 3 feet
DH 6 (1937) / 0.35 opt Au
over 1.58 feet
DH 7 (1937) / 0.38 opt Au
over 4 feet
DH 8 (1937) / 0.11 opt Au
over 5.25 feet
DH 10 (1937) / 0.31 opt Au
over 2.5 feet
In 1976, diamond drilling was carried out on the No. 7 Vein (Manitou Gold Mines) located about 250
metres north-northwest of the No. 2 vein. The logs describe the geology as being made up of feldspar porphyry, felsite and
andesite. Highly anomalous gold values were encountered over narrow widths in some of the drillholes (McCannell, 1976, AFRO
63.3327).
DH 4 (1976) / 0.175 opt over 6.0 feet and 0.44 opt Au over 0.6 feet
DH 7 (1976) / 2.26 opt Au over 1.6 feet & 0.545 opt Au over 0.6 feet
DH 8 (1976) / 3.23 opt Au over 2.0 feet
DH 10 (1976) / 3.79 opt Au over 0.8 feet
The Quilty Showing is located 600 metres southwest of the No. 2 Vein. At this location an old
trench exposes white quartz veins containing 1-2 % pyrite cubes up to 5 mm across as well as ankerite veins. The metavolcanic host
rock is silicified near the veins (Kresz, 1993; OFR 5874). A channel sample from the trench was said to have assayed
0.45 opt Au (Lovell, 1967; GR 51).
The J.E. McVittie (French Vein) Showing consists of a quartz vein in the contact zone between massive volcanic
rocks (possibly tuffs) on the west and syenite porphyry on the east. A grab sample of red syenite porphyry containing quartz
stringers gave an assay of 0.14 opt Au. A loose sample of vein quartz containing a small amount of chalcopyrite
and pyrite gave an assay of 8.41 opt Au and 9.79 opt Ag (Lovell, 1967; GR51).
In 1973, Ronda Copper Mines Ltd. drilled DDH’s 73-01 and 73-02 under the J.E. McVittie (French Vein) Showing.
DDH 73-02 intersected 0.475 opt Au over 3 feet (Szetu and Ogden, 1978; AFRO 63.3554).
Prospecting of the No.2 vein by Golden Valley Mines in 2013 was successful in collecting many grab samples that
were highly anomalous in gold. The four best assay results were 31.90 g/t Au, 15.95 g/t Au,
15.75 g/t Au and 12.12 g/t Au.
Sampling of the Quilty Showing by Golden Valley Mines in 2013 returned assay results of 6.66
g/t Au, 2.17 g/t Au and 1.13 g/t Au.
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 Val-d’Or Mining Corporation
Val-d’Or Mining Corporation is a junior natural resource issuer involved in the process of exploring, evaluating
and promoting its mineral property assets. The Company holds an option to acquire a 100% interest in 61 grassroots properties
located in Ontario and Québec; in addition to which it holds a 100% interest in the Shoot-Out Prospect, which is the combination of
two properties, Shoot-Out East and Shoot-Out West, and consists of 63 claims located in the Raglan Belt of northern Québec, subject
to a 3% NSR; a 100% interest in the Fortin Prospect consisting of five contiguous mining claims located in the central part of
Ducros Township, approximatively 80 kilometres northeast of the city of Val-d’Or, Québec, subject to a 1.5% NSR; and holds a 100%
interest in the Chibougamau-Chapais Prospects, located in the Chibougamau area in central Québec, which were staked by the Company
in the second quarter of 2016.
For additional information, please contact:
Glenn J. Mullan
2864 chemin Sullivan
Val-d’Or, Québec J9P 0B9
Tel.: 819-824-2808, x 204
Email: 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.
