Val-d'Or Mining Announces Option Transaction on the Powell Property in Matachewan, Ontario
Val-d'Or Mining has entered into a mining option agreement for the Powell Property in Matachewan, Ontario, subsequently assigning its rights to Eldorado Gold. The agreement includes a 1.5% net smelter returns (NSR) royalty for Val-d'Or Mining if Eldorado exercises the option. Eldorado must pay $305,000 and incur $2M in expenditures within five years to acquire 100% interest.
The 32-claim Powell Property features the Golden Stinger Zone, a recently discovered gold occurrence with samples yielding up to 10.95 g/t Au. The property is located 4km north of the Young-Davidson Mine and shows promising geological characteristics with gold mineralization in Timiskaming sediments.
Val-d'Or Mining ha stipulato un accordo di opzione mineraria per la Powell Property a Matachewan, Ontario, conferendo successivamente i suoi diritti a Eldorado Gold. L'accordo prevede una royalty del 1,5% sui ricavi da fusione netti (NSR) per Val-d'Or Mining nel caso in cui Eldorado eserciti l'opzione. Eldorado deve pagare $305.000 e sostenere spese di $2 milioni entro cinque anni per acquisire il 100% di interesse.
La Powell Property, che include 32 concessioni, presenta la Golden Stinger Zone, una recente scoperta di oro con campioni che hanno mostrato fino a 10,95 g/t Au. La proprietà si trova a 4 km a nord della Miniera Young-Davidson e presenta caratteristiche geologiche promettenti con mineralizzazione aurifera nei sedimenti di Timiskaming.
Val-d'Or Mining ha firmado un acuerdo de opción minera para la Powell Property en Matachewan, Ontario, cediendo posteriormente sus derechos a Eldorado Gold. El acuerdo incluye un royalty del 1.5% sobre los ingresos netos de fundición (NSR) para Val-d'Or Mining si Eldorado ejerce la opción. Eldorado debe pagar $305,000 e incurrir en gastos de $2 millones dentro de cinco años para adquirir un 100% de interés.
La Powell Property, que cuenta con 32 reclamos, presenta la Golden Stinger Zone, un hallazgo reciente de oro con muestras que rinden hasta 10.95 g/t Au. La propiedad se encuentra a 4 km al norte de la mina Young-Davidson y muestra características geológicas prometedoras con mineralización de oro en los sedimentos de Timiskaming.
발드오르 마이닝은 온타리오 마타체완에 있는 파월 자산에 대한 광업 옵션 계약을 체결하고, 이후 그 권리를 엘도라도 골드에 양도했습니다. 이 계약에는 엘도라도가 옵션을 행사할 경우 발드오르 마이닝에게 1.5%의 순제련수익(NSR) 로열티가 포함되어 있습니다. 엘도라도는 305,000달러를 지급하고 5년 이내에 200만 달러의 지출을 해야 100%의 지분을 획득할 수 있습니다.
32개의 청구권이 포함된 파월 자산은 최근 발견된 금광 골든 스팅거 존을 특징으로 하며, 샘플에서 최대 10.95 g/t Au의 결과가 나왔습니다. 이 자산은 영-다비드슨 광산에서 북쪽으로 4km 떨어진 곳에 위치하고 있으며, 티미스커밍 퇴적물에서 금광화가 있는 유망한 지질학적 특성을 보여줍니다.
Val-d'Or Mining a conclu un accord d'option minière pour la Powell Property à Matachewan, Ontario, en cédant ensuite ses droits à Eldorado Gold. L'accord comprend une redevance de 1,5 % sur les revenus nets de fusion (NSR) pour Val-d'Or Mining si Eldorado exerce l'option. Eldorado doit payer 305 000 $ et engager 2 millions $ de dépenses dans les cinq ans pour acquérir un intérêt de 100 %.
La Powell Property, qui comprend 32 revendications, présente la Golden Stinger Zone, une occurrence d'or récemment découverte avec des échantillons révélant jusqu'à 10,95 g/t Au. La propriété est située à 4 km au nord de la mine Young-Davidson et présente des caractéristiques géologiques prometteuses avec une minéralisation aurifère dans les sédiments de Timiskaming.
Val-d'Or Mining hat einen Mining-Optionsvertrag für das Powell Property in Matachewan, Ontario, abgeschlossen und seine Rechte anschließend an Eldorado Gold übertragen. Der Vertrag umfasst eine Royalty von 1,5 % auf die Nettoschmelzrenditen (NSR) für Val-d'Or Mining, falls Eldorado die Option ausübt. Eldorado muss 305.000 $ zahlen und innerhalb von fünf Jahren 2 Millionen $ an Ausgaben tätigen, um 100 % der Anteile zu erwerben.
Das 32-Antrags-Powell-Property bietet die Golden Stinger Zone, ein neu entdecktes Goldvorkommen mit Proben, die bis zu 10,95 g/t Au erbrachten. Das Grundstück liegt 4 km nördlich der Young-Davidson-Mine und zeigt vielversprechende geologische Merkmale mit Goldmineralisierung in Timiskaming-Sedimenten.
- Recently discovered Golden Stinger Zone shows promising gold values up to 10.95 g/t Au
- Strategic location 4km north of Young-Davidson Mine
- Company will receive 10% operator's fee on exploration expenditures
- Potential 1.5% NSR royalty from Eldorado Gold upon option exercise
- Significant exploration expenditure requirement of $2M within 5 years
- Early-stage exploration project with no proven reserves
Val-d'Or, Québec--(Newsfile Corp. - November 20, 2024) - Val-d'Or Mining Corporation (TSXV: VZZ) (the "Company") announces that it has entered into a mining option agreement with three arms' length prospectors, Jacques Robert, David Lefort and Andrew McLellan (collectively, the "Optionors"), dated August 2, 2024 (the "Effective Date") and as amended on October 28, 2024 (together, the "Option Agreement"), pursuant to which it has been granted an option (the "Option") to acquire a
In order to exercise the Option, Eldorado is required to: (i) pay the Optionors an aggregate of
Concurrently with the execution of the Assignment Agreement, the Company entered into an Operator Services Agreement with Eldorado dated November 4, 2024 (the "Operator Agreement") pursuant to which Eldorado has engaged the Company to carry out operations on the Powell Property and incur the exploration expenditures required to exercise the Option in accordance with work programs and budgets approved by a Technical Committee formed pursuant to the terms of the Operator Agreement. The Operator Agreement further provides that each work program and budget approved by the Technical Committee will include an operator's fee paid to the Company equal to
The Powell Property:
The 32-claim, 690.9-hectare Powell Property is located in the southern portion of the Abitibi Greenstone belt, located approximately 4 kilometres north of the Young-Davidson Mine, operated by Alamos Gold Inc. in Matachewan, Ontario. The Powell Property is also proximate to the Ryan Lake base metals Cu-Mo occurrence, which is located 1.3-km to the southeast.
The rocks underlying the Powell Property are mapped as Neoarchean ultramafic, mafic and intermediate metavolcanic rocks and metasedimentary rocks of the Timiskaming assemblage. These supracrustal rocks are intruded by alkalic intrusions composed of syenite, feldspar porphyry, mafic syenite and lamprophyre. The Timiskaming unconformity is inferred to transect across the property from east to west in the northern and southern parts of the property (Berger and Préfontaine, 2005).
The Golden Stinger Zone:
The Golden Stinger Zone, located within the Powell Property, is a recently (2023) discovered gold occurrence, hosted within Timiskaming sediments, currently exposed over an area 225m long by 125m wide with anomalous gold mineralization. Thirty-two out of fifty-seven grab samples taken from this zone assayed between 0.1 g/t Au and 10.95 g/t Au. In this auriferous zone, outcrops of Timiskaming sediments (argillite, greywacke, chert) intruded by local feldspar porphyry and diabase dikes were encountered. The quartz stringers and veins, which typically occur within Timiskaming sediments, were associated with pervasive moderate to strong silica alteration of the host rocks. The quartz stringers and gashes were typically <10cm wide and dipping 65 degrees to the southeast (025-072/25-90 Right-hand Rule (RHR)). Locally the quartz stringers and gashes are observed to form stockwork zones up to 3m wide. The quartz veins were typically <40cm wide and dipping 70 degrees to the east (350-000/70-90 RHR) and exhibited sub-parallel veinlets in the wall rock and local brecciation. Mineralization generally consisted of <
Due diligence sampling conducted by the Company's personnel in 2023 verified the mineralization related to the Golden Stringer Zone with gold values ranging from 0.312 to 1.160 ppm.
Glenn Mullan, President/CEO of the Company, stated the following: "Although very early days for exploration at the newly acquired Powell Property, the general setting of the recently discovered Golden Stinger Zone appears analagous to the recent exploration developments at the Young-Davidson Mine, in particular the new higher grade Timiskaming sediment hosted environment. This recent acquisition is contiguous to several of our Matachewan area properties, and proximate to others located to the northwest, west, south and northeast. Our arrangements with Eldorado Gold (Quebec) Inc. brings a well-funded partner into the area." Further developments will be reported in due course.
Quality Assurance/Quality Control Protocol:
A total of 111 grab samples were collected during the prospecting traverses. The grab samples were sent to ALS Labs Sudbury and ALS Labs Vancouver for processing and geochemical analysis. All the samples were analysed for Au (Au-ICP21 - 30g FA-ICP) and 56 samples were analysed for 51 other elements including Ag, Cu, Mo, Pb, Zn, Te, Bi, Sb, and W (ME-M541 - Aqua Regia ICP-MS). Over limit results for Au (>10 g/t Au) were reanalysed using 30g fire assay - gravimetric finish.
With regards to the due diligence sampling, a total of 4 grab samples were submitted to ALS Minerals, an accredited mineral analysis laboratory. Sample preparation was completed in Val-d'Or, Québec and gold values were determined by 30-gram fire assay with ICP finish. A 61 element, Four Acid / ICP-AES analyses was completed in Vancouver, British Columbia. The reader is referred to: www.alsglobal.com for details of analytical procedures described above.
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 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
Qualified Person:
Mr. Michael Rosatelli, M.Sc., P.Geo., the Vice-President Exploration of the Company, is a qualified person as defined by National Instrument 43-101. Mr. Rosatelli has verified the referenced data disclosed in this press release and has approved the technical information presented herein.
For additional information, please contact:
Glenn J. Mullan
2772 chemin Sullivan
Val-d'Or, Québec J9P 0B9
Tel.: Office: 819-824-2808, x 204
Cell: 514 835-8384
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/230669
FAQ
What are the terms of Val-d'Or Mining's (VDOMF) Powell Property option agreement with Eldorado Gold?
What are the recent gold discovery results at Val-d'Or Mining's (VDOMF) Golden Stinger Zone?
Where is Val-d'Or Mining's (VDOMF) Powell Property located?
