OSISKO OUTLINES NEW GOLD ZONE AT MALARTIC CHL PROSPECT
(Montreal, October 29, 2007) Golden Valley Mines Ltd. (TSX-V symbol: GZZ) is pleased to provide the following report received from its joint venture partner Osisko Exploration Ltd. (OSK: TSX-V, EWX: Deutsche Boerse) at the Malartic CHL Prospect:
"Ongoing 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 center of the Canadian Malartic deposit and 2.1 kilometres east of recently announced drill hole CM07-2008 (see Osisko's October 23, 2008 press release).
Compilation of historical drilling performed by East Malartic Mines Ltd. in the 1930's and by Lac Minerals Ltd. in the 1980's 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 include:
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 meters and have 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 meters. The porphyry body, as well as surrounding peripheral dykes 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 g/t 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) and 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-te
st this target in Q1 2008 (total of 2,000 m 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% 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 $2,000,000 in exploration work over a four year period. Upon earning its 70% interest, Golden Valley will maintain a free-carried interest of 30% to production.
Osisko Exploration Ltd. is currently evaluating the Canadian Malartic gold deposit and adjacent areas for a large-scale open pit, bulk-tonnage mining operation."
About Golden Valley Mines Ltd.: The Company typically tests initial grassroots targets while owning a 100% interest and then seeks partners to continue exploration funding. Thi
s allows the Company to continue its generative programs and systematic exploration efforts at other majority-owned grassroots projects. As of October 29, 2007, the Company holds majority property interests in 136 projects consisting of 4,279 mining titles (234,820 hectares) in Saskatchewan, Ontario and Qu�bec.
Michael P. Rosatelli, P. Geo. is a "Qualified Person" as defined in National Instrument 43-101 and has reviewed the technical information presented in this news release.
Forward Looking Statement: This news release contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond the Company's ability to control or predict and are not to be interpreted as guarantees for future performance. These forward looking could cause actual events or results to differ materially from those anticipated in such forward-looking statements. All forward looking sta
tements speak only as of the date of this news release and the Company does not undertake any obligation to update or publicly release any revisions to such forward-looking statements to reflect events, circumstances, or changes in expectations after the date hereof. Accordingly, readers should not place undue reliance on such forward-looking statements.
For additional information please contact:
Glenn J. Mullan
President and CEO
#800, boul. Ren� Lev�sque Ouest; Suite #1525
Montr�al, Qu�bec H3B 1X9
Toll Free: 877.879.1688, ext. 222
Email: glenn.mullan@goldenvalleymines.com
Michael P. Rosatelli
Vice President - Exploration
#2772 chemin Sullivan.
Sullivan (Val-d'Or), Qu�bec J0Y 2N0
Toll Free: 866.219.4678, ext. 230
Email: micha
EL.ROSATELLI@GOLDENVALLEYMINES.COM
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VanEck Vectors Global Alternative Energy ETF
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EXPLORATION STAGE |
CODE : GZZ.V |
ISIN : CA3812381042 |
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Golden Valley Mines is a gold exploration company based in Canada. Golden Valley Mines holds various exploration projects in Canada. Its main exploration properties are BEARTOOTH ISLAND, ABITIBI GROUP and MALARTIC CHL GOLD PROPERTY in Canada. Golden Valley Mines is listed in Canada and in United States of America. Its market capitalisation is 592.6 millions as of today (US$ 476.1 millions, € 411.6 millions). Its stock quote reached its lowest recent point on February 07, 2014 at 0.03, and its highest recent level on November 05, 2021 at 12.49. Golden Valley Mines has 47 442 200 shares outstanding. |