MAGOMA PROSPECT

LOCATION | QUEBEC, CANADA

Val-d'Or Mining Corporation has an option to acquire a 100% interest in the Abitibi Greenstone Belt Prospect consisting of 61 grassroots properties, which includes the Magoma Prospect.

The Magoma Prospect is located within Poularies Township and Privat Townships which falls onto NTS Sheet 32D10. The 17 claims that make up the property cover a total area of 698.2 hectares.   

The property overlies the felsic volcanic rocks of the Hunter Mine Group and is situated about midway between the Rouyn-Noranda and Normetal mining camps. The 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.

In 1950 Preston East Dome Mines Ltd. discovered three gold occurrences within this extensive quartz vein system (GM 10303). DDH 6 was drilled into the main or #1 showing.  Twenty four samples were analyzed for gold and the results varied from trace to 0.03 opt Au. DDH 8 was drilled into the #2 showing and the twenty two samples that were selected for assay carried gold values that varied from mostly trace to 0.03 opt Au. Showing #3 was intersected by DDH 9 and the twenty samples that were sent for assay carried trace to 0.01 opt Au.

In 1963 Magoma Mines Ltd. drilled a closely spaced pattern of eight vertical drillholes into the Preston East Dome #1 showing (GM 14923). 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).

In 2010 Golden Valley Mines Ltd. completed a reconnaissance prospecting 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 main or #1 showing carried 0.604 g/t Au (GM 65543).

In 2014 Golden Valley Mines Ltd. carried out a more comprehensive sampling of the main or #1 showing.  Grab sample 423325 carried 2.54 g/t Au and sample 423328 of blast rock from the showing carried 1.635 g/t Au

2017 Exploration Program

The following recommendations for further exploration work on the Property are based on a technical evaluation of all previous work filed with the MRNQ and from the initial fieldwork conducted by Golden Valley Mines.

  1. Prospecting program to locate and sample all overgrown historical trenches;
  2. Detailed grid over the main showing area at 25m line spacing to conduct Magnetic and
  3. Induced Polarization geophysical surveys;
  4. Soil Sampling Program;
  5. Follow-up geological/structural mapping, prospecting and sampling programs; and
  6. Stripping and detailed mapping & sampling, including channel sampling, over the main showing area.

Contingent on these results, additional exploration work on other areas of the property is recommended with a follow-up large diameter core drilling program.