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VAL-D'OR, QUEBEC--(Marketwire - Feb. 4,
2010) -
Golden Valley Mines - Significant New Gold Mineralization Continues to
be Intersected on the Shaft Zone & CHL Porphyry Intrusion
Osisko Mining Reports Drilling Results from the Malartic CHL Prospect
Golden Valley Mines Ltd. ("Golden Valley Mines" or the
"Company", (TSX VENTURE:GZZ) is pleased to announce the final
results (16 drillholes totalling 2,539 metres) from the 2008 drill
program on the Malartic CHL Prospect. The property is currently
optioned to Osisko Mining Corporation (TSX:OSK)(FRANKFURT:EWX).
Additional near-surface, higher grade gold mineralization has been
intersected testing the Shaft Zone and CHL Porphyry Intrusion targets.
Highlights include, 4.5m averaging 2.22 g/t Au, with 2.7m grading 3.42
g/t Au (CHL08-2116) from the Shaft Zone and 7.5m averaging 1.00 g/t Au
(CHL08-2124) at 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 CHL08-2115 716850 -79 degrees 109.2 112.2 3.0 1.35 /2 degrees And 131.5 134.5 3.0 1.25 CHL08-2116 716900 -70 degrees 68.0 72.5 4.5 2.22 /2 degrees Including 68.0 70.7 2.7 3.42 And 86.0 87.5 1.5 1.32 ------------------------------------------------------------------------- -------------------------------------------------------------------------
Complete assay results from the 2008
program have now been received and evaluated. The drill information
received to date, suggests the Shaft Zone has a minimum 150 metre
strike length of, as yet, unknown true width. Further drilling is
expected to be completed in this area.
CHL Porphyry Intrusion ------------------------------------------------------------------------- ------------------------------------------------------------------------- Hole No. Section Dip/Az From (m) To (m) Length (m) Au g/t CHL08-2117 716940 -74 degrees Overshot Contact NSA /47 degrees CHL08-2118 716940 -60 degrees 27.0 30.0 3.0 1.27 /225 degrees And 36.0 37.5 1.5 1.09 And 72.0 75.0 3.0 0.94 CHL08-2124 716942 -72 degrees 28.5 36.0 7.5 1.00 /47 degrees And 103.5 105.0 1.5 1.72 And 214.5 216.0 1.5 1.77 CHL08-2134 717165 -49 degrees 118.0 121.45 3.5 0.85 /2 degrees And 122.5 124.0 1.5 1.33 CHL08-2136 717165 -49 degrees NSA /182 degrees CHL08-2140 716650 -45 degrees NSA /47 degrees CHL08-2141 716650 -72 degrees NSA /47 degrees CHL08-2142 716696 -45 degrees 109.0 111.1 2.1 0.66 /47 degrees CHL08-2143 716696 -72 degrees 41.12 44.0 2.9 0.82 /47 degrees CHL08-2144 716707 -45 degrees 49.5 50.5 1.0 1.11 /227 degrees CHL08-2145 716753 -72 degrees 91.0 92.0 1.0 1.96 /227 degrees CHL08-2146 716779 -45 degrees 17.0 20.0 3.0 0.92 /227 degrees CHL08-2147 716779 -64 degrees NSA /227 degrees ------------------------------------------------------------------------- -------------------------------------------------------------------------
All
of the above drillholes represent in-fill drill assay results (2,283m)
previously reported over sections targeting the NE (CHL08-2117, -2118,
-2124, -2140, -2141, -2142 and -2143), NW (CHL08-2144 and 2145) and SW
(CHL08-2146 and 2147) margins of the CHL Porphyry Intrusion. Drillholes
CHL08-2134 and CHL08-2136 tested the north, south and east contacts for
mineralization over a satellite porphyry body immediately east of the
main body of the CHL Porphyry Intrusion. These drill results are
located between the Jeffrey Zone to the southeast and the Shaft Zone to
the northwest.
Drillhole CHL08-2091 (Section 716804, -64 degrees /47 degrees) located
just northeast of the Norrie Zone, intersected a best value of 1.5m
grading 4.84 g/t Au from 140.0-141.5 metres. The hole was designed to
test the contact between the Pontiac Group and Cadillac Group rocks.
The 20,000 metre drill program testing the Jeffrey Zone and Mammoth
Zone as announced November 6th is presently on-going and the first
results are expected in the next two weeks.
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 Mining Corporation 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 Osisko
earning its 70% interest, Golden Valley Mines will retain a
free-carried interest of 30% to production.
Also in 2006, Osisko Mining Corporation 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 February 3, 2010, the Company
holds majority property interests in 153 projects consisting of 3,883
mining claims (229,327 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 Person (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.
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.
The maps are available at the following address: http://media3.marketwire.com/docs/malartic.pdf
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