Val-d’Or Mining Corporation Enters into Property Sale Agreement
FEBRUARY 18, 2020
Val-d’Or, Québec, February 18, 2020 — Val-d’Or Mining Corporation (“Val-d’Or Mining” or the “Company) (TSX-V:VZZ) announces the sale of its Powell Prospect, which is located in the Matachewan gold camp of the Abitibi Greenstone Belt region of Ontario. The purchaser of the property is Sparton Resources Inc. (“Sparton”).
In consideration for a 100% interest in the property the Company will receive 1,000,000 shares in the share capital of Sparton, and the Company will retain a 2% net smelter royalty from the respective property. 50% of the 2% net smelter royalty (1%) may be purchased by Sparton at any time after the acquisition of the claims for the sum of US$2.5 million.
The Powell Prospect consists of two (2) mining claim cells (43 ha). The claims were staked to cover the interpreted north extension of the historical gold zone explored by a shallow shaft with lateral workings and several short drill holes, completed by Sir Harry Oakes between 1934 and 1936. Gold mineralization was reported to be hosted in quartz veins in sheared and altered syenite porphyry similar to the mineralization and host rocks described at the currently producing Alamos Gold’s Young Davidson Mine located 4 kilometres to the south.
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 acquiring and exploring its diverse mineral property assets, most of which are situated in the Abitibi Greenstone Belt of NE Ontario and NW Québec. 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 early-stage exploration. The mineral commodities of interest 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.
Figure 1. Powell Prospect Location
Figure 2. Powell Prospect Compilation Map
