Val-d’Or Mining Corporation – Passive Investments: Exploration Update
November 25, 2020
Val-d'Or, Quebec -- November 25, 2020 - Val-d'Or Mining Corporation (TSXV: VZZ) ("Val-d'Or Mining" or the "Company") provides an update on exploration activities related to its passive investments. The Company refers to passive investments in the case of its previously owned properties that were either sold or optioned in exchange for a net smelter royalty (NSR) in the respective properties or an equity ownership in the companies that optioned or bought the respective properties.
Powell Prospect: Matachewan Gold Camp, NE Ontario, Abitibi Greenstone Belt
The Company owns a 2% NSR in the Powell Prospect (see Figure 1), which is located 4 kilometres to the north of the currently producing Alamos Gold's Young Davidson Mine near Matachewan, Ontario. The property consists of two (2) mining claim cells (550884 and 550885) totaling 43 ha. 50% of the 2% net smelter royalty (or 1%) may be purchased at any time for the sum of US$2.5 million. Sparton Resources Inc. ("Sparton") acquired the property from Val-d'Or Mining in early 2020 (see news release dated February 18, 2020). As a result of this property transaction, the Company became a shareholder in Sparton and retained the NSR.
Property Compilation Map - Figure 1
The following exploration update was provided by Sparton:
"Sparton completed a detailed drone supported airborne magnetic survey over its entire claim package, including the two claims, where Val-d'Or Mining owns the net smelter royalty. The magnetic data clearly show a magnetic low structure trending N-S down Hawley Lake and the NNE fault from the OGS mapping in 2006-7 marked as the extension of the Galer Lake Fault. It also shows the N-S diabase dykes located in the north trenches B, C and D areas."
Calculated IVD (first vertical derivative map) Survey Data - Figure 2
"Sparton's current drilling program, which is still ongoing, has completed 3 holes adjacent to or possibly on the Val-d'Or Mining claim number 550885 which was sold to Sparton and is subject to the net smelter royalty agreement between the two companies. No assays, or details of mineralization encountered in these holes are yet available but they will be reported in a Sparton news release once a complete data set of analyses is available."
Luc Bourdon Prospect: McFaulds Lake Area, James Bay Region, Northern Ontario
The Company owns a 1.5% NSR in the Luc Bourdon Prospect, which is located 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". The property consists of 288 mining claim cells (5,585 ha). Privately-owned Juno Corp. ("Juno") acquired the property from Val-d'Or Mining in late 2019 (see news release dated January 6, 2020). As a result of this property transaction, the Company became a shareholder in Juno and retained the NSR.
The following exploration update was provided by Juno:
"Juno has completed a 12,500 line kilometre high resolution gradient airborne magnetic survey over the majority of the Juno owned property. Recently borehole EM and ground EM surveys were conducted on a number of holes, including drill holes at Mars (formerly G3) and G6, which are situated on Val-d'Or Mining NSR claims. Anomalies are being followed up on and target generation continues to further exploration plans in the area, with the Jupiter target (formerly the "5.01 discovery") being the current area of focus."
Michael P. Rosatelli M.Sc., P.Geo., the Vice-President Exploration 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 disclosure included above in this news release which is solely based on and derived from direct disclosure made by the property owners and operators, and without independent verification.
Ducros Group: Val-d'Or, Québec, Abitibi Greenstone Belt
The Company owns a 1.5% NSR in the Ducros Group of Properties, which includes the properties known as Ducros Sill, Ducros Fortin, Lac Ducros, Township Line and U-Turn and some newly staked claims. The Ducros Group of Properties consists of 242 contiguous mining claims (12,818 ha). The properties are located in the Ducros Township northeast of Val-d'Or, Québec and they are prospective for nickel, copper, PGE's and gold. Privately-owned Québec Nickel Corp. ("QNC") signed an agreement to acquire this group of properties from Val-d'Or Mining in 2020 (see news release dated October 27, 2020). As a result of this property transaction, the Company is a security holder of QNC and will retain the NSR.
The following exploration update was provided by QNC:
"Québec Nickel Corp. has retained the services of Geologica Groupe-Conseil Inc. to complete a NI-43-101 technical report on the property and to provide technical support with regard to the work being conducted (TDEM survey over the historical "Fortin Ni-Cu-PGE showing") on the Ducros Group of claims."
The above information was obtained solely from the direct disclosure of the property owners and operators and without independent verification.
Alain-Jean Beauregard, P. Geo, has approved the information contained in this release. Mr. Beauregard, president of Geologica Inc., is providing contract services for Québec Nickel Corp. and is an independent Qualified Person as defined by National Instrument 43-101.
About Val-d'Or Mining Corporation
Val-d'Or Mining Corporation is a 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 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 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
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.