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VAL-D'OR,
QUEBEC--(Marketwire - Dec. 23, 2009) - Golden Valley Mines Ltd.
("Golden Valley Mines" or the "Company")(TSX
VENTURE:GZZ) is pleased to announce the results of eighteen (18)
drillholes totalling 3,203 metres from the 2008 drill program targeting
the Shaft Zone and CHL Porphyry Intrusion on the Malartic CHL Prospect,
currently optioned to Osisko Mining Corporation (OSK: TSX, EWX:
Deutsche Boerse). Assay results for the final group of sixteen (16)
drillholes totalling 2,535 metres are anticipated for release over the
next 4-6 weeks.
Additional near-surface, higher grade gold mineralization has been
intersected from this group of drillholes. Highlights include, 10.5
metres averaging 2.56 g/t Au, with 1.5m grading 7.69 g/t Au
(CHL08-2113), 21.5m averaging 0.89g/t Au, with 7.0m grading 1.35 g/t Au
(CHL08-2110) from the Shaft Zone and; 10.15m averaging 0.87g/t Au, with
0.95m grading 2.76 g/t Au and 5.0m averaging 3.8 g/t Au with 1.05m
grading 16.15 g/t (CHL08-2139) from mineralization hosted in the CHL
Porphyry Intrusion.
Assay results are summarized in the table below and on the drillhole
compilation map attached at the end of this press release:
Shaft Zone ------------------------------------------------------------------------- Hole No. Section Dip/Az From (m) To (m) Length (m) Au g/t CHL08-2109 716800 -74 degrees/ 113.0 120.5 7.5 0.51 2 degrees And 166.5 169.4 2.9 1.12 And 176.0 179.0 3.0 0.74 And 187.0 194.0 7.0 0.97 Including 187.0 190.7 3.7 1.41 And 218.5 220.2 1.70 2.09 CHL08-2110 716800 -46 degrees/ 64.5 66.0 1.5 1.37 2 degrees And 78.0 99.5 21.5 0.89 Including 85.0 92.0 7.0 1.35 With 85.0 89.0 4.0 2.03 CHL08-2111 716749 -47 degrees/ 17.0 18.5 1.5 1.56 2 degrees And 47.0 48.5 1.5 2.9 And 60.0 66.5 6.5 0.84 Including 60.0 62.3 2.3 1.13 And 75.5 102.0 26.5 0.66 With 75.5 87.5 12.0 0.87 CHL08-2112 716700 -47 degrees/ 35.0 40.4 5.4 2.14 2 degrees Including 38.0 40.4 2.4 3.98 And 57.0 60.0 3.0 1.8 CHL08-2113 716650 -47 degrees/ 37.0 46.0 9.0 1.06 2 degrees Including 43.0 44.5 1.5 2.60 And 52.0 62.5 10.5 2.56 With 59.5 61.0 1.5 7.69 And 126.0 127.5 1.5 0.909 And 129.0 130.5 1.5 1.11 CHL08-2114 716650 -47 degrees/ 79.5 81.0 1.5 0.76 2 degrees And 133.1 136.0 2.9 0.73 CHL08-2121 716868 -48 degrees/ 349 degrees 75.5 77.0 1.5 1.55 And 165.5 168.0 2.5 1.31 And 170.0 171.0 1.0 3.89 And 176.5 181.0 4.5 0.81 Including 176.5 178.0 1.5 1.66 CHL08-2122 716900 -67 degrees/ 16.0 19.0 3.0 1.51 2 degrees And 88.0 89.5 1.5 1.5 And 113.5 118.0 4.5 1.03 Including 113.5 115.0 1.5 2.12 And 173.5 175.0 1.5 1.92 CHL08-2123 716941 -45 degrees/ 50.5 51.5 1.0 1.38 47 degrees CHL08-2125 716978 -45 degrees/ 11.55 15.5 3.95 1.35 47 degrees Including 13.5 15.5 2.0 2.09 And 49.5 51.0 1.5 1.43 And 57.0 58.5 1.5 1.14 CHL08-2126 716979 -72 degrees/ 8.25 10.5 2.25 0.62 47 degrees And 11.1 15.0 3.90 0.75 And 22.0 29.0 7.0 1.03 And 49.0 55.0 6.0 0.68 With 50.0 51.0 1.0 1.26 And 70.0 72.7 2.7 1.82 Including 70.0 72.05 2.05 2.29 And 104.8 108.0 3.2 2.76 Including 105.8 108.0 2.2 3.72 With 105.8 106.8 1.0 (i)5.86 And 137.0 141.3 4.3 0.54 CHL08-2135 717167 -48 degrees/ 92 degrees NSA CHL08-2137 717111 -50 degrees/ 317 degrees 18.5 21.65 3.15 0.95 Including 18.5 19.5 1.0 1.52 And 26.8 27.9 1.1 1.54 And 53.4 54.33 0.93 1.61 And 54.62 55.3 0.68 4.69 And 55.65 56.25 0.60 1.19 And 56.85 60.75 3.90 2.02 Including 58.8 60.75 1.95 3.51 With 60.0 60.75 0.75 (ii)5.91 And 69.1 70.1 1.0 1.62 And 80.5 81.9 1.4 1.52 And 102.4 106.0 3.6 0.91 Including 102.4 103.55 1.15 1.35 And 110.0 111.0 1.0 3.01 ------------------------------------------------------------------------- (i) Sample duplicate assayed 11.1g/t Au (ii) Sample duplicate assayed 8.43g/t Au CHL Porphyry Intrusion ------------------------------------------------------------------------- Hole No. Section Dip/Az From (m) To (m) Length (m) Au g/t CHL08-2127 716986 -45 degrees/ 73.7 76.0 2.3 2.32 47 degrees And 124.9 132.0 7.1 0.70 And 134.0 140.85 6.85 1.10 CHL08-2129 717071 -45 degrees/ 133.0 136.5 3.65 1.25 227 degrees 133.0 136.5 3.65 1.25 And 212.2 214.3 2.1 1.02 CHL08-2130 717071 -64 degrees/ 120.6 123.8 3.2 1.04 227 degrees CHL08-2132 717068 -48 degrees/ NSA 317 degrees CHL08-2139 717111 -45 degrees/ 60.25 70.4 10.15 0.87 227 degrees Including 66.3 67.25 0.95 (i)2.76 And 129.0 134.0 5.0 3.8 Including 129.0 130.05 1.05 16.15 And 137.0 139.15 2.15 10.5 Including 138.15 139.15 1.0 22.0 ------------------------------------------------------------------------- (i) Sample duplicate assayed 13.1g/t Au
Drillholes
CHL08-2127, CHL08-2129 to 2130, CHL08-2132 and CHL08-2139 (see table
above for assay result summaries) represent in-fill drill assay results
(980m) previously reported over a west-east section across the eastern
margin of the CHL Porphyry Intrusion. These drill results are located
between the Jeffrey Zone to the southeast and the Shaft Zone to the
northwest.
Mineralized intersections from the drillholes (CHL08-2109 to
CHL08-2114; CHL08-2121 to CHL08-2123; CHL08-2125 to CHL08-2126;
CHL08-2135; and CHL08-2137 - assay result summaries listed in table
above) targeting the Shaft Zone are all from the deeper portion of the
zone or from zones of lower grade disseminated mineralization located
in the CHL Porphyry Intrusion immediately south of the Shaft Zone.
These new drill results (2,224m) along with previously reported
intersections from the Shaft Zone, presently suggests a minimum 150
metre strike length of unknown true width.
Mineralization along the CHL Porphyry Intrusion consists of
disseminated pyrite-gold in strongly potassic altered quartz-feldspar
porphyry dikes in contact with a predominately ultramafic flow
sequence, and in subordinate gabbro and sedimentary units. Narrower,
higher-grade mineralization is hosted in quartz veins; brecciated and
silicified porphyry and/or talc/chlorite altered and sheared ultramafic
rocks.
Current structural interpretation by Osisko indicates that the Jeffrey
and Shaft Zones are located at the southeastern and northwestern
extremities, respectively, of the CHL Porphyry Intrusion, which has
been deformed into a Z-shaped body by sinistral strike-slip motion
along the Cadillac-Larder Lake Fault Zone. The geological model
suggests potential for additional mineralization along dilation zones
at the contact between the porphyry and the ultramafic schists.
A very similar structural setting occurs at the recently opened Lapa
Mine, Agnico-Eagle's highest-grade gold mine (3.8 million tonnes of
proven and probable reserves grading 8.8 grams of gold per tonne and
containing 1.1 million ounces of gold; Agnico Eagle Mines Limited
website). At the Lapa deposit, many of the gold-mineralized zones are
located in the hinges of fold structures and are displaced by numerous
minor faults. The mineralized zones are hosted in quartz veins and
deformed, altered (biotite-sericite) volcanic rocks (mafic to
ultramafic schists), that are associated with sheared feldspathic dikes
straddling the Cadillac-Larder Lake Fault Zone, as it occurs on the
Malartic CHL Prospect.
All NQ or HQ core assays reported above were obtained by standard 50
gram fire assaying-AA finish or gravimetric finish at ALS Chemex
laboratories in Val d'Or, Quebec. Reported weighted averages were
calculated using a minimum of 0.40g/t Au over successive maximum
intervals of 20 metres with no upper cut-off of individual assays.
Intersected drifts or lost core within mineralized intersections were
incorporated as blank intervals.
Osisko has the right to acquire a 70% interest in the Malartic CHL
Property in consideration for $150,000 in cash payments over a four
year period (paid) and by completing a minimum $2,000,000 in
exploration work over a four year period. Upon earning its 70%
interest, Golden Valley Mines will retain a free-carried interest of
30% to production. Drilling completed to date by option/joint venture
partner and operator Osisko included 19,746 metres (101 drillholes) on
the property in 2008 and 15 holes totalling 6,544 metres in 2007 (total
drilling to date: 26,290-metres). Concurrently, a 19,000 metre program
is underway on the property testing the Jeffrey Zone on sections 25
metres apart over a strike length of 400 metres with an additional
1,000 metres allocated to testing of the fault near the historical
Mammoth Zone area located on the southern contact of the
Cadillac-Larder Lake Fault Zone.
Also, Osisko purchased a claim block from Golden Valley Mines located
immediately southeast of the Canadian Malartic Mine. Terms of the
acquisition included a cash payment of $100,000 at signing to allow
Osisko to earn a 100%-interest subject to a 2% net smelter royalty
payable to Golden Valley Mines. This claim block covers the Charlie
Zone, located immediately southeast of the Canadian Malartic deposit.
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 December 22, 2009, the
Company holds majority property interests in 145 projects consisting of
3,832 mining (227,094 hectares) and 3 projects consisting of
approximately 710 km2 in the Republic of Sierra Leone.
Mr. Glenn J. Mullan, P. Geo., President, CEO, and Chairman of Golden
Valley Mines, is the Qualified Persons (as that term is defined in
National Instrument 43-101) who has reviewed this news release and is
responsible for the technical information reported 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 Project Malartic CHL Prospect Figure 1 and Figure 2 are available
at the following addresses:
Fig. 1: http://media3.marketwire.com/docs/Fig.1_1223.pdf
Fig. 2: http://media3.marketwire.com/docs/Fig.2_1223.pdf
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
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