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.
Table 1: Diamond Drillhole Information
| Hole_ID | Azimuth_UTM | Dip | Start | End | Length | UTM NAD83, Z18 Easting | UTM NAD83, Z18 Northing | UTM NAD83, Z18 Elevation |
| GPS-09-01 | 196.9281 | -45 | 0 | 642 | 642 | 314483 | 5364906 | 320 |
| GPS-09-02 | 181.9281 | -45 | 0 | 558 | 558 | 314477 | 5364795 | 320 |
| PE-24-001 | 199.9281 | -50.1 | 0 | 459 | 459 | 314217.0008 | 5364916.332 | 321.7041 |
| PE-24-002 | 195.2281 | -50 | 0 | 537 | 537 | 314304.8445 | 5364857.363 | 321.5604 |
| PE-24-003 | 194.9281 | -50.1 | 0 | 516 | 516 | 314677.7349 | 5364946.765 | 321.4191 |
| PE-24-004 | 179.9981 | -50.2 | 0 | 486.12 | 486.12 | 314603.0056 | 5364746.214 | 319.8469 |
| PE-24-005 | 219.9981 | -50 | 0 | 456 | 456 | 314382.4452 | 5364561.53 | 320.9694 |
| PE-24-006 | 209.9981 | -50 | 0 | 429 | 429 | 314726 | 5365168 | 320.56 |
| PE-24-007 | 194.9281 | -50 | 0 | 327 | 327 | 314838.2 | 5365294 | 319.2729 |
| PE-24-008 | 211.9281 | -45 | 0 | 555 | 555 | 315150 | 5364558 | 319 |
Map 1: Perestroika Prospect_Drill Plan 2024 -
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Some key drill hole intercepts included:
| 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. |
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| 0.5 metres @ 213.08 g/t Au at 421.80 metres |
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| 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) |
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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.
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