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Golden Valley samples 109 g/t of gold at its grassroots exploration project

Last updated: 14:00 21 Dec 2011 EST, First published: 15:00 21 Dec 2011 EST

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Golden Valley Mines (CVE:GZZ) posted assay results from a prospecting and sampling program, and identified high-priority drill targets within the Abitibi Greenstone Belt region in Ontario and Quebec, the company said Wednesday.

Shares of the company rose 2.70 percent rising to 19 cents each today on Toronto’s junior venture stock exchange, as investors praised the news.

Highlights from the prospecting and sampling program include 109.0 grams per tonne (g/t) gold and 22.8 parts per million (ppm) silver from the Baden prospect, 5.81 g/t gold and 19.4 ppm silver from the Gosselin prospect, 91.0 ppm silver, 2.10 % zinc and 7670 ppm lead from the Jonsmith prospect, and 20.4 g/t gold from the Oregon prospect. 

In addition, at the Steeloy prospect, 1.900% molybdenum and 2.9 ppm silver was returned.

A total of 24 prospects were sampled, with a total of 102 rock samples collected and submitted for assaying.

This was part of the summer program that was completed to target geophysical anomalies and historical surface showings, the company said.

Golden Valley had set a 2011 budget of $615,000 for its grassroots exploration project. It focused mainly on preliminary fieldwork such as: prospecting, sampling, grid establishment and also follow-up ground geophysical surveys.

Its impetus is to upgrade and advance each property to a group of “drill-ready” prospects for Golden Valley’s self-funded Abitibi Greenstone Belt project.

The exploration program is directed toward gold and copper-rich volcanogenic massive sulphide ore deposit targets.

About 17 grids totalling 255.5 line kilometres were established on separate properties, and 18 electromagnetic and induced polarization surveys were also performed.

Results from the survey data found 52 high priority targets, which have been proposed for drill testing for depths of roughly 6,915 metres.

The grassroots exploration project is made up of a series of distinct acreages situated in the prolific Abitibi Greenstone Belt. The Belt stretches from Timmins, Kirkland Lake and Matachewan Ontario, through Rouyn-Noranda, Cadillac, Malartic and Chibougamau to the east over 500 kilometres.

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on 18/2/20