VAL-D'OR, Quebec, Jan. 06, 2020 (GLOBE NEWSWIRE) -- 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. 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.
