 | | | Published : November 03rd, 2008 | Otish Basin Uranium Project Drilling Update |
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| November 3, 2008 |
| Golden Valley Mines Ltd.: Otish Basin Uranium Project Drilling Update
Near surface high-grade Uranium mineralization intersected 0.42% U3O8 over 2.37 m, incl. 1.63% U3O8 over 0.56 m & 2.02% U3O8 over 0.37 m
Phase II In-fill Drill Program Completed |
VAL-D'OR, QUEBEC--(Marketwire - Nov. 3, 2008) - Golden Valley Mines Ltd. ("Golden Valley Mines" or the "Company") (TSX VENTURE:GZZ) and its partner Lexam Explorations Inc. (TSX VENTURE:LEX)(OTCBB:LEXEF)(FRANKFURT:D2Q) are pleased to announce that their drilling program has intersected high-grade, near surface uranium mineralization at the Otish Uranium Project, located in north-central Quebec, Canada. The best result graded 0.42% U3O8 over 2.37 m, including 1.63% U3O8 over 0.56 m & 2.02% U3O8 over 0.37 m GRCO-08-17
To date on the property, sixty-nine (69) holes totalling 2,808 linear metres of Diamond drill core have been completed, with the objective of confirming results from previous drilling and to extend the mineralized zones. Results from thirty-six (36) holes have now been received (52%), and results from thirty-one (31) holes are included in this release. Results are currently pending for thirty-eight (38) holes.
Uranium (U3O8) mineralization at the"Riviere Cheno Ouest" and "Takwa" Showings are Unconformity-associated mineral occurrences hosted by a flat-lying Proterozoic sedimentary basinal sequence spatially associated with an angular unconformity with Archean basement rocks.
The targeted uranium mineralization is shallow, occurring at depths above 20 metres and are located along the flanks of ridges. The "Riviere Cheno Ouest" Showing located in the south and the "Takwa" Showing located in the north are located approximately 2.4 kilometres apart along the same prospective, north-south geological trend (Figure 1, available at the following address: http://media3.marketwire.com/docs/Mistassini_2008_Fig1_Localisation2.pdf). Based on drilling results obtained so far, uranium mineralization at the two showings occur at different stratigraphic positions at or above the angular unconformity respectively suggestive they represent two separate mineralized trends.
Riviere Cheno Ouest Showing Drill Assay Results:
The Phase I program consisted of twenty-six (26) holes totalling 1,029 metres at the"Riviere Cheno Ouest" Showing (Figure 2, available at the following address: http://media3.marketwire.com/docs/Mistassini_2008_Fig2_DDH_ChenoOuest2.pdf).
At the "Riviere Cheno Ouest" Showing, U3O8 mineralization occurs within a basal sequence of Proterozoic-aged sedimentary rocks associated with an angular unconformity separating lower Archean-aged rocks. Based on drill and assay results obtained from the first twenty (20) holes, the average grade and width of the mineralized zone is 0.076% U3O8 / 3.54 metres at an average depth below surface of only 18.9 metres. Only two (2) of the holes failed to hit significant mineralization.
Increasing and higher grade U3O8 mineralization is well developed and concentrated down stratigraphy to the angular unconformity, within the basal section of mixed coarse and fine-grained conglomeratic greywacke and greywacke beds. U3O8 mineralization is not only confined to the sedimentary sequence, but can also extend downwards below the angular unconformity within a distinctive regolith unit representing highly altered Archean basement rocks, or concentrated solely in these altered rocks.
The objective of the Phase I drilling program was to confirm and expand the historical documented uranium mineralization. Assay results (please refer to the September 10, 2008 press release) obtained so far has accomplished this objective and in addition has outlined a high-grade zone of mineralization as highlighted with the GRCO-08-17 mineralized section grading 0.42% U3O8 over 2.37 m in GRCO-08-17, including 1.63% U3O8 over 0.56 m and 2.02% U3O8 over 0.37 m.
Highlight results from drilling into this area (approximately true widths) include:
Hole From To Width U3O8 Mineralized Zone
Number (m) (m) (m) (%) (Unconformity-
associated)
---------------------------------------------------------------------------
(i)GRCO-08-01 18.38 21.70 3.32 0.093 Basal sediment & basement
mineralized interval
Including 18.85 20.34 1.49 0.171 - Sediment-hosted
mineralized interval
Including 19.42 20.34 0.92 0.238
Including 19.78 20.34 0.56 0.339
---------------------------------------------------------------------------
(i)GRCO-08-02 17.74 22.46 4.72 0.041 Basal sediment & basement
mineralized interval
Including 17.74 19.28 1.54 0.103
Including 18.41 19.00 0.59 0.187 - Sediment-hosted
mineralized interval
---------------------------------------------------------------------------
GRCO-08-03 17.93 21.98 4.05 0.061 Basal sediment & basement
mineralized interval
Including 20.43 21.24 0.81 0.151
---------------------------------------------------------------------------
GRCO-08-04 18.0 19.87 1.87 0.028 Basal sediment & basement
mineralized interval
---------------------------------------------------------------------------
GRCO-08-05 No significant results
---------------------------------------------------------------------------
GRCO-08-06 17.90 22.65 4.75 0.044 Across basal sediments &
basement stratigraphy
Including 19.18 22.65 3.47 0.050 - Basement-hosted
mineralized interval
Including 19.18 20.38 1.20 0.075
---------------------------------------------------------------------------
GRCO-08-07 14.96 17.47 2.51 0.011 Basal sediment-hosted
mineralized interval
---------------------------------------------------------------------------
GRCO-08-08 14.16 18.36 4.20 0.028 Basal sediment-hosted
mineralized interval
Including 14.16 17.28 3.12 0.031
---------------------------------------------------------------------------
GRCO-08-09 19.10 23.66 4.56 0.034 Basement-hosted
mineralized interval
---------------------------------------------------------------------------
GRCO-08-10 19.82 23.60 3.78 0.045 Basal sediment &
basement mineralized
interval
Including 21.24 22.47 1.23 0.086
---------------------------------------------------------------------------
GRCO-08-11 18.73 23.42 4.69 0.052 Basal sediment &
basement mineralized
interval
Including 20.64 22.11 1.47 0.103 - Sediment-hosted
mineralized interval
Including 21.16 22.11 0.95 0.129
---------------------------------------------------------------------------
GRCO-08-12 18.89 22.13 3.24 0.089 Basal sediment & basement
mineralized interval
Including 19.56 20.53 0.97 0.207
Including 20.17 20.49 0.32 0.412
---------------------------------------------------------------------------
GRCO-08-13 18.74 22.73 3.99 0.048 Basal sediment & basement
mineralized interval
Including 18.74 19.68 0.94 0.060
Including 19.14 19.68 0.54 0.087
Including 19.68 22.73 3.05 0.044 - Basement-hosted
mineralized interval
Including 21.27 22.73 1.46 0.082
---------------------------------------------------------------------------
GRCO-08-14 20.09 22.87 2.78 0.130 Basal sediment & basement
mineralized interval
Including 20.31 21.24 0.93 0.291 - Sediment-hosted
mineralized interval
Including 20.82 21.00 0.18 0.715
---------------------------------------------------------------------------
GRCO-08-15 22.54 26.00 3.46 0.026 Basal sediment & basement
mineralized interval
---------------------------------------------------------------------------
GRCO-08-16 21.13 23.64 2.51 0.078 Basal sediment & basement
mineralized interval
Including 21.13 23.20 2.07 0.072 - Sediment-hosted
mineralized interval
Including 22.34 22.89 0.55 0.123
Including 23.20 23.64 0.44 0.108 - Basement-hosted
mineralized interval
Including 23.20 23.46 0.26 0.162
---------------------------------------------------------------------------
GRCO-08-17 21.54 23.91 2.37 0.420 Basal sediment & basement
mineralized interval
Including 21.69 22.50 0.81 1.190 - Sediment-hosted
mineralized interval
Including 21.83 22.39 0.56 1.630
Including 21.92 22.29 0.37 2.020
---------------------------------------------------------------------------
GRCO-08-18 20.31 22.86 2.55 0.047 Basal sediment & basement
mineralized interval
---------------------------------------------------------------------------
GRCO-08-19 No significant results
---------------------------------------------------------------------------
GRCO-08-20 15.00 15.32 0.32 0.048 Upper Sediment-hosted
mineralized interval
(Equivalent to "Takwa"
horizon)
And
GRCO-08-20 19.32 23.63 4.31 0.092 Basal sediment & basement
mineralized interval
Including 19.32 22.88 3.56 0.100
Including 20.90 21.64 0.74 0.316 - Sediment-hosted
mineralized interval
Including 20.90 21.44 0.54 0.393
---------------------------------------------------------------------------
(i) Partial hole assay results released on September 10, 2008 - Entire hole
results now received
Takwa Showing Assay Results:
The Phase I drill program consisted of 16 drillholes totalling 685 metres over a north-south distance of over 1.5 kilometres, along the projected trace of the U3O8 mineralized zone. The "Takwa Showing" mineralization is hosted entirely within the Proterozoic sedimentary sequence concentrated along a stratigraphic bedding facies contact, located directly above the unconformity contact. Increasing and higher grade U3O8 mineralization is developed and concentrated within the basal section of a coarse-grained conglomeratic greywacke bed in contact with a lower finer-grained quartz-rich greywacke or siltstone to argillite bed (Figure 3, available at the following address: http://media3.marketwire.com/docs/Mistassini_2008_Fig3_DDH_Takwa2.pdf)
All holes are drilled vertically. Highlight results from drilling into this area (approximately true widths) include:
Hole From To Width U3O8 Mineralized Zone
Number (m) (m) (m) (%) (Unconformity-
associated)
---------------------------------------------------------------------------
GT-08-01 6.57 9.83 3.26 0.044 Upper Sediment-hosted
mineralized interval
---------------------------------------------------------------------------
(i)GT-08-02 6.50 12.14 5.64 0.141 Upper Sediment-hosted
mineralized interval
Including 8.31 10.42 2.11 0.331
---------------------------------------------------------------------------
GT-08-03 No significant results
---------------------------------------------------------------------------
GT-08-04 No significant results Upper sedimentary stratigraphy
eroded
---------------------------------------------------------------------------
GT-08-05 12.00 13.00 1.00 0.013 Upper Sediment-hosted
mineralized interval
---------------------------------------------------------------------------
GT-08-06 No significant results
---------------------------------------------------------------------------
GT-08-07 27.47 27.65 0.18 0.033 Upper Sediment-hosted
mineralized interval
---------------------------------------------------------------------------
GT-08-08 No significant results
---------------------------------------------------------------------------
GT-08-09 42.40 45.56 3.16 0.027 Basal sediment-hosted
mineralized interval
Including 43.40 45.56 2.16 0.035 (Equivalent to "Riviere
Cheno Ouest" horizon)
---------------------------------------------------------------------------
(i)GT-08-10 24.51 28.12 3.61 0.074 Upper Sediment-hosted
mineralized interval
Including 25.87 27.25 1.38 0.109
---------------------------------------------------------------------------
GT-08-11 24.58 27.56 2.98 0.016 Upper Sediment-hosted
mineralized interval
---------------------------------------------------------------------------
GT-08-12 No significant results
---------------------------------------------------------------------------
GT-08-13 10.42 18.63 8.21 0.016 Upper Sediment-hosted
mineralized interval
---------------------------------------------------------------------------
GT-08-14 21.00 21.19 0.19 0.011 Upper Sediment-hosted
mineralized interval
---------------------------------------------------------------------------
GT-08-15 21.38 21.76 0.38 0.052 Upper Sediment-hosted
mineralized interval
And 29.85 30.19 0.34 0.018
And 31.91 32.32 0.41 0.024
And 34.13 34.45 0.32 0.028 Basal sediment-hosted
mineralized interval
(Equivalent to "Riviere
Cheno Ouest" horizon)
---------------------------------------------------------------------------
GT-08-16 No significant results
---------------------------------------------------------------------------
(i)Results previously released on September 10, 2008
Sample handling consists of shipping one half of split BTW drill core samples to Activation Laboratories Ltd. in Ancaster, Ontario for sample preparation and analyses. Uranium analysis is performed using the delayed neutron counting (DNC) method. A multi-element (37) Inductively Coupled Plasma-Optical Emission Spectrometry (ICP-OES) is performed as well on all samples. Where uranium values exceed the upper limit of 1%, samples are re-assayed using X-ray fluorescence (XRF). All reported values in this press release are uncut and composite intervals are reported as length along the core axis.
Phase II drill Program: Completed with a series of in-fill holes designed to expand the mineralized zones defined from the first set of drillhole assay results at the "Riviere Cheno Ouest"and Takwa Showings. The crew has been demobilized and drill rig winterized on site.
Future plans for the project include compiling of the drill database in order to evaluate the current size of the zones and designing a drill program to expand and defined the mineralization both laterally and along strike at both showings.
About Golden Valley Mines Ltd.: The Company typically tests initial grassroots targets while owning a 100% interest and then seeks partners to continue exploration funding. This allows the Company to continue its generative programs and systematic exploration efforts at other majority-owned grassroots projects. As of November 3, 2008, the Company holds majority property interests in 140 projects consisting of 4,570 mining titles (263,509 hectares) in Quebec, Ontario and Saskatchewan.
Michael P. Rosatelli, M.Sc., P. Geo., Vice-President, Exploration for Golden Valley Mines Inc., is a Qualified Person (as such term is defined in National Instrument 43-101-Standards of Disclosure for Mineral Projects), and is responsible for the geological information presented herein.
Forward-Looking Statement: This news release contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond the Company's ability to control or predict and are not to be interpreted as guarantees for future performance. These forward-looking statements could cause actual events or results to differ materially from those anticipated in such forward-looking statements. All forward-looking statements speak only as of the date of this news release and the Company does not undertake any obligation to update or publicly release any revisions to such forward-looking statements to reflect events, circumstances, or changes in expectations after the date hereof, except as required by law. Accordingly, readers should not place undue reliance on such forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy of this release | |
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Golden Valley Mines Ltd.
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EXPLORATION STAGE |
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CODE : GZZ.V |
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ISIN : CA3812381042 |
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Golden Valley Mines is a gold exploration company based in Canada. Golden Valley Mines holds various exploration projects in Canada. Its main exploration properties are BEARTOOTH ISLAND, ABITIBI GROUP and MALARTIC CHL GOLD PROPERTY in Canada. Golden Valley Mines is listed in Canada and in United States of America. Its market capitalisation is CA$ 1.5 billions as of today (US$ 1.2 billions, € 1.0 billions). Its stock quote reached its lowest recent point on February 07, 2014 at CA$ 0.03, and its highest recent level on November 05, 2021 at CA$ 12.49. Golden Valley Mines has 119 690 000 shares outstanding. |
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