Val-d'Or Mining Corp. Announces the Start of its 2020 Field Exploration Program on the Magoma Gold Prospect
Val-d'Or, Sept 10, 2020 - Val-d'Or Mining Corporation (TSXV: VZZ) ("Val-d'Or Mining" or the "Company) is pleased to announce the start of its 2020 exploration fieldwork season on the Magoma Prospect. 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. With the 2020 exploration program, Val-d'Or Mining is following up on its initial 2018 exploration program, which included line cutting, magnetic and induced polarization ground geophysical surveys. This follow-up program will consist of prospecting, preliminary geological / structural mapping and sampling. The primary objective is to resolve targets for surface stripping, detailed mapping and sampling, as the Company prepares for its maiden drill campaign on this property.
The property overlies the felsic volcanic rocks of the Hunter Mine Group and is situated midway between the Rouyn-Noranda and Normetal mining camps (see figure 1 - area map). The historic 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 (see figure 2 - Magoma Prospect map).
Encouraging results were reported from several historic exploration programs on the property, including:
- 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 13 holes to test the Preston East Dome Mines gold showings, of which 11 holes, including a closely spaced pattern of eight vertical drillholes tested the Preston East Dome #1 showing (GM 14923 - see right top insert map on figure 2). 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 - see right top insert map on figure 2).
Leading up to the Company's systematic exploration efforts starting in 2018, there were two reconnaissance prospecting programs carried out by Golden Valley Mines in 2010 and 2014. In 2010, Golden Valley Mines completed an initial 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 Preston East Dome #1 showing carried 0.604 g/t Au (GM 65543 - see right top insert map on figure 2). In 2014, Golden Valley Mines carried out a more comprehensive sampling program of the Preston East Dome #1 showing (main showing). Grab sample 423325 carried 2.54 g/t Au and sample 423328 of blast rock from the showing carried 1.64 g/t Au (see right top insert map on figure 2).
Glenn J. Mullan P.Geo., the President and Chief Executive officer of Val-d'Or Mining is the Qualified Person (as that term is defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects) who approved the technical disclosures included in this news release.
Figure 1: Magoma Area Map
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/7049/63549_VZZ%202020-09-10%20Figure%201.jpg
Figure 2: Magoma Prospect
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/7049/63549_VZZ%202020-09-10%20Figure%202.jpg
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 and commodities (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 to conduct more advanced exploration on the 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.
