Val-d'Or, Québec--(Newsfile Corp. - December 19, 2024) - Val-d'Or Mining Corporation (TSXV: VZZ) (the "Company") is pleased to provide an update on exploration activities over the Perestroika and Perestroika Ouest prospects, under option to Eldorado Gold (Quebec) Inc. for the 2024 program.
Property Introduction, Geological and Historical Exploration Overview:
The Perestroika Prospect is located within Courville Township, Quebec, approximately 10 kilometres south of the town of Barraute. The property itself consists of 8 contiguous CDCs covering a total area of 325.43 hectares on NTS map sheet 32C/05 and 32C/06. The adjacent, and contiguous Perestroika Ouest property to the west, consists of five (5) map designated mining title cells totaling 214.18 hectares.
The properties lie along a structural corridor of intense deformation and alteration within the WNW-ESE trending Uniacke Deformation Corridor, inferred as the southeastern strike extension of the prolific Destor-Porcupine Deformation Zone. Previous exploration work located on the Perestroika Prospect established the presence of a gold mineralized trend hosting two (2) historical surface showings, referred to as the "Uniacke Shear" and "Glasnost" gold occurrences. In 2009, drilling by Golden Valley Mines and Royalties Ltd. successfully intersected multiple zones of high-grade gold mineralization associated with this historical gold showings, including drill intersections of 1.15 metres averaging 59.52 g/t Au, including 0.30 metres grading 217 g/t Au in GPS09-01 and 3.50 metres averaging 18.08 g/t Au, including 3.05 metres averaging 20.69 g/t Au in GPS09-02 (GM 54860).
Outcrop exposure on the property is limited to a few known historical gold occurrences and is extrapolated to be underlain by pillowed Mafic Volcanic flows, intercalated with Tuffs of similar composition. These rocks are classified as part of the Landrienne Formation of the Harricana Group. The Landrienne Formation is made up of massive, vesicular, or flow brecciated, pillowed basalt that can be intercalated with felsic lapilli tuffs. Gabbroic sills and porphyritic dikes intrude the mafic volcanic rocks. Only a limited amount of exploration work has been conducted on or proximal to the property, commencing in 1955.
Eldorado Gold (Quebec) Inc. Exploration Work Program Summary:
For the Perestroika and Perestroika Ouest prospects, work completed to date, included vegetation mapping/sampling using spruce tree branches (this is the only work conducted on the Perestroika Ouest Prospect to date), drone imagery, stripping/mapping/channeling sampling over the historical stripped areas ("Uniacke Shear" and "Glasnost"), and diamond drilling.
The 2024 diamond drilling program was budgeted at $0.96 M USD. Drilling activities were conducted through 2024 with follow-up detailed logging, sampling and data compilation work as the holes were logged and analytical results received. A total of eight (8) new holes and two (2) hole extensions (GPS-09-01 and GPS-09-02) were completed, for a cumulative sum of 4,470 metres drilled.
2.50 metres @ 3.54 g/t Au at 71 metres; 8.60 metres @ 4.49 g/t Au from 154.40 to 163.00 metres, including 0.5 metres @ 18.16 g/t Au; 0.5 metres @ 35.12 g/t Au; and 0.5 metres @ 12.33 g/t Au; 2.20 metres @ 7.99 g/t Au, including 0.5 metres @ 30.26 g/t Au at 214.20 metres; 0.5 metres @ 19.48 g/t Au from 224.9 to 225.4 metres.
PE-24-005:
0.5 metres @ 213.08 g/t Au at 421.80 metres
PE-24-008:
27.60 metres @ 0.53 g/t Au from 240.70 to 268.30 metres, including 2.10 metres @ 2.12 g/t Au (240.70-242.80 m) and 0.5 metres @ 11.27 g/ t Au (246.10-246.60 m)
For further details on these and other assay highlights, best assays, please refer to Table II below:
Project
Survey
Zone
From
To
Core length
Au selection (ppm)
Description
Perestroika
GPS-09-01 EXT
Uniake
334.60
335.10
0.50
1.15
Perestroika
GPS-09-01 EXT
Uniake
349.40
350.20
0.80
1.10
Perestroika
GPS-09-01 EXT
Uniake
371.30
371.80
0.50
3.20
Perestroika
GPS-09-02 EXT
Uniake
192.30
193.00
0.70
1.52
Perestroika
GPS-09-02 EXT
Uniake
234.80
235.30
0.50
13.25
Qtz-ankerite extension shear-extensional vein with 5 % py and trace VG hosted within porphyritic basalt. Upper contact margins contains epidote and sericite alteration
Perestroika
GPS-09-02 EXT
Uniake
291.70
292.20
0.50
1.56
Perestroika
GPS-09-02 EXT
Uniake
538.60
539.10
0.50
2.26
Small qtz-ank veinlet 1cm thick near a contact of hematite alterated basalts, moderately sheared.
Perestroika
GPS-09-02 EXT
Heva South
234.80
235.30
0.50
13.25
Basalt hosted 1cm thick qtz veinlet with strong sericite margin. 5% as stringers within the qtz vein
Perestroika
PE-24-001
Heva South
168.00
168.50
0.50
1.29
Perestroika
PE-24-001
Heva South
208.50
209.00
0.50
3.20
Perestroika
PE-24-001
Heva South
234.50
235.00
0.50
16.75
Basalt hosted 2cm thick qtz veinlet with strong sericite margins and large euhedral pyrite grains.
Perestroika
PE-24-002
Heva South
72.30
73.00
0.70
3.07
Perestroika
PE-24-002
Heva South
127.90
129.00
1.10
1.06
Perestroika
PE-24-002
Heva South
161.50
162.20
0.70
14.75
Small 0.5cm thick veinlets with hematite/ankerite margins with small <1mm speck of VG visible on cut side of core
Perestroika
PE-24-002
Uniake
180.50
182.00
1.50
0.40
Perestroika
PE-24-002
Uniake
293.00
299.50
6.50
0.31
Perestroika
PE-24-002
Uniake
298.00
299.50
1.50
0.69
Perestroika
PE-24-002
Uniake
499.00
502.00
3.00
0.73
Qtz-ankerite extensions veins hosted in an intermediate dyke with weak sericite and 1% Py.
Perestroika
PE-24-003
Uniake
35.00
36.00
1.00
0.77
Perestroika
PE-24-003
Heva North
170.00
170.50
0.50
0.99
Perestroika
PE-24-003
Heva South
303.50
304.80
1.30
4.06
Felsic intrusion hosted with small qtz-carb ext. veinlet cutting the intrusion. Vein is 1cm thick. Lower contact has additional qtz-cb ext veinlets with diss 1% Py.
Perestroika
PE-24-003
Heva South
311.80
313.00
1.20
0.75
Perestroika
PE-24-003
Heva South
321.80
323.50
1.70
1.39
Perestroika
PE-24-003
Heva South
325.00
327.30
2.30
0.54
Perestroika
PE-24-003
Heva South
352.80
353.90
1.10
0.62
Perestroika
PE-24-003
Heva South
359.60
364.20
4.60
0.67
Perestroika
PE-24-003
Heva South
369.80
370.30
0.50
1.38
Perestroika
PE-24-003
Heva South
384.60
387.60
3.00
0.43
Perestroika
PE-24-003
Heva South
384.60
385.30
0.70
0.51
Perestroika
PE-24-003
Heva South
387.10
387.60
0.50
1.86
Perestroika
PE-24-003
Heva South
393.00
395.10
2.10
1.35
Perestroika
PE-24-003
Heva South
405.90
406.50
0.60
1.56
Perestroika
PE-24-003
Heva South
411.20
411.80
0.60
22.60
Strong sericite zone of basalt over larger width, result is small qtz-cb veinlet with 5% py within the vein and small speck of VG on cut-side of core.
Perestroika
PE-24-003
Uniake
429.60
430.50
0.90
0.93
Perestroika
PE-24-003
Uniake
458.50
459.00
0.50
1.39
Perestroika
PE-24-003
Uniake
464.90
465.60
0.70
0.58
Perestroika
PE-24-003
Uniake
477.30
479.00
1.70
3.32
Perestroika
PE-24-003
Uniake
483.00
484.80
1.80
1.33
Perestroika
PE-24-004
Heva South
71.00
73.50
2.50
3.54
Perestroika
PE-24-004
Heva South
142.00
142.50
0.50
7.63
Perestroika
PE-24-004
Uniake
154.40
163.00
8.60
4.49
Series of small 0.5 - 5cm thick qtz-ankerite veinlets in ankerite+sericite altered basalt, with various proximal intrusions.
Perestroika
PE-24-004
Heva South
154.40
154.90
0.50
18.16
incl.
Perestroika
PE-24-004
Heva South
159.30
159.80
0.50
35.12
incl.
Perestroika
PE-24-004
Heva South
162.10
163.00
0.90
12.33
incl.
Perestroika
PE-24-004
Heva South
165.50
166.00
0.50
2.33
Perestroika
PE-24-004
Heva South
176.50
178.10
1.60
0.52
Perestroika
PE-24-004
Heva South
181.30
181.80
0.50
3.30
Perestroika
PE-24-004
Uniake
214.30
216.50
2.20
7.99
Sheared basalt with patchy sericite alteration and 1-2% Py. Specific qtz-ank veinlets contain small specks of VG.
Perestroika
PE-24-004
Heva South
214.30
214.80
0.50
4.70
incl.
Perestroika
PE-24-004
Heva South
216.00
216.50
0.50
30.26
incl.
Perestroika
PE-24-004
Heva South
224.90
225.40
0.50
19.48
Shear-extensional qtz-ank veins, oblique to surrounding shearing, sericite altered basaltic margins of the veinlet roughly 3 cm thick.
Perestroika
PE-24-004
Heva South
235.90
237.00
1.10
3.68
Series of qtz-carbonate veinlets that appear to be folded within the larger strongly sheared basalt wallrock. Trace py.
Perestroika
PE-24-004
Heva South
262.10
262.90
0.80
4.84
Perestroika
PE-24-004
Heva South
377.80
378.30
0.50
0.94
Perestroika
PE-24-005
Uniake
192.00
192.50
0.50
0.89
Perestroika
PE-24-005
Uniake
236.00
237.70
1.70
0.18
Perestroika
PE-24-005
Uniake
421.80
422.30
0.50
213.08
White qtz-carb (ank) ext? vein with small specks of dark green chlorite within the 6cm thick vein. Surrounding porphyritic basalt has minor veining with strong 5-10% diss Py.
Perestroika
PE-24-005
Uniake
450.00
451.50
1.50
0.79
Perestroika
PE-24-006
Uniake
387.20
388.20
1.00
1.22
White qtz-carb (ank) ext? vein In porphyritic basalt with trace Py at margins and within the vein, no notable alteration halo.
Perestroika
PE-24-006
Uniake
387.20
387.70
0.50
2.29
incl.
Perestroika
PE-24-007
Uniake
70.50
71.00
0.50
1.50
Perestroika
PE-24-007
Uniake
78.00
78.50
0.50
0.50
Perestroika
PE-24-008
Heva North
111.00
111.60
0.60
1.09
Perestroika
PE-24-008
Heva North
124.00
125.00
1.00
1.56
Perestroika
PE-24-008
Heva North
205.50
208.50
3.00
0.50
Perestroika
PE-24-008
Uniake
240.70
268.30
27.60
0.53
Large sericite and ankerite halo of alteration with various small qtz-ank veinlets with trace to 1% Py. Wide stacking of inermediate to felsic intrusives within the larger alteration zone.
Perestroika
PE-24-008
Heva North
240.70
242.80
2.10
2.12
incl.
Perestroika
PE-24-008
Heva South
246.10
246.60
0.50
11.27
incl.
Perestroika
PE-24-008
Heva South
293.00
293.60
0.60
3.74
incl.
Perestroika
PE-24-008
Heva South
363.30
364.00
0.70
1.35
Perestroika
PE-24-008
Heva South
419.00
419.50
0.50
1.31
Perestroika
PE-24-008
Uniake
498.20
499.00
0.80
1.20
Eldorado Gold (Quebec) has indicated that a follow-up drill program is planned for the 2025 winter field season. Specific details on the size and scope of the of the program will follow once finalized.
Eldorado Gold (Quebec) Inc. Option Agreements Term Summaries:
Val-d'Or Mining Corporation (the "Company") entered into an Option Agreement dated November 30, 2021 (the "Perestroika Ouest Option Agreement") with Eldorado Gold (Québec) Inc. ("Eldorado"), pursuant to which Eldorado has been granted an option (the "Perestroika Ouest Option") to acquire up to a 70% undivided direct interest in the Perestroika Ouest Property, (the "Perestroika Ouest Property"), as described below.
In order to maintain and to exercise the Perestroika Ouest Option, Eldorado must incur minimum expenditures of $1,000,000 on or before the fifth anniversary of the date of the Perestroika Ouest Option Agreement, as well as comply with its obligations under the terms of the Perestroika Ouest Option Agreement to keep the Perestroika Ouest Property in good standing. Prior to exercising the Perestroika Ouest Option, Eldorado will make an annual payment to the Company of $10,000 per year. Upon the exercise of the Perestroika Ouest Option by Eldorado, it and the Company will enter into a joint venture agreement on the terms set out in the Perestroika Ouest Option Agreement.
Additionally, the Company, Eldorado and Golden Valley Mines & Royalties Inc., as it then was ("Golden Valley") entered into an Assignment Agreement dated January 25, 2023 pursuant to which Golden Valley assigned to the Company all its rights and obligations under an Option Agreement dated October 8, 2021 (the "Option Agreement") between Golden Valley and Eldorado. As the assignee under the Option Agreement, the Company has granted to Eldorado an option (the "Option") to acquire an additional 40% interest in the properties (the "Properties") subject to the Option Agreement, one of which is the Perestroika Property in Québec, as described below (the "Perestroika Property"). The Company currently holds a 70% interest in the Properties, and Eldorado currently holds a 30% interest in the Properties.
In order to maintain and to exercise the Option, Eldorado must incur minimum expenditures of $10,500,000 on or before the fifth anniversary of the date of the conditions precedent under the Option Agreement being satisfied, as well as comply with its obligations under the terms of the Option Agreement to keep the Properties in good standing. Prior to exercising the Option, Eldorado will make an annual payment to the Company of $50,000 per year. Upon the exercise of the Option by Eldorado, it and the Company will enter into a joint venture agreement on the terms set out in the Option Agreement.
All NQ core gold assays reported above were completed by Bourlamaque Labs with sample preparation and gold analysis completed in Val-d'Or, Québec. Gold values were determined by 30g Py-SAA finish with over limits (>10g/t Au) by a 30g GRAV finish. Note that ICP data is pending and was sent to ALS for 48 Element Four-Acid ICP-MS code ME-MS61. Eldorado Gold (Quebec) QAQC procedure is Blanks every 20 samples and Standards alternating every 20 samples as well. Two Duplicate samples are taken at every 100 samples. All of this varies depending on the presence of visible gold with the Blanks and Standards placed before the sample containing the visible gold. Chain of custody for the majority of samples was handled entirely by Eldorado with respect to cutting, bagging and shipping samples to Bourlamaque Labs. A portion of the samples were handled by Services MNG per diamond saw cutting, bagging and analytical shipment. All analytical results were handled directly by Eldorado Gold (Quebec).
Mr. Glenn J. Mullan, President and CEO 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 has reviewed this news release and is responsible for the technical information reported herein.
Eldorado Gold has not approved, and is not responsible for the contents of 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 2772 chemin Sullivan Val-d'Or, Québec J9P 0B9 Tel.: 819-824-2808, x 204 Email: glenn.mullan@groupzedzed.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.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.
