Val-d'Or, Québec--(Newsfile Corp. - March 17, 2025) - Val-d'Or Mining Corporation (TSXV: VZZ) ("Val-d'Or Mining" or the "Company") is pleased to announce the commencement of a planned 5,000 metre diamond drilling program on the Perestroika Prospect. The property is located in Courville Township, Québec, approximately 40 kilometres northeast of Val-d'Or, Québec. This property is under option to Eldorado Gold (Québec) Inc. ("Eldorado Gold Québec") who may earn a 70% interest in each of the Murdoch Creek, Claw Lake, Cook Lake and Perestroika properties, through cumulative expenditures of $10,500,000 over 5 years. Eldorado Gold Québec is the project operator.
2025 Diamond Drill Program Outline and Objectives:
The program will consist of 11-12 planned holes totalling approximately 5,000 metres, using two diamond drill rigs. The number of holes will depend on the final depths for each hole drilled.
This is a Phase II diamond program, intended to follow-up on promising gold values. For specific details on the regional and property geology and the highlighted gold assay intersections from the 2024 drill program, including a drill hole location map and table of assay highlights, the reader is referred to the Val-d'Or Mining December 19, 2024 news release.
The objectives of the drill program are as follows:
To follow-up on DDH GPS-01 (3.05m @ 20.69 g/t Au) and PE-24-004 (8.60m @ 4.45 g/t Au (incl. 0.50m @ 18.16 g/t Au and 0.90m @ 12.33 g/t Au.);
To define and delineate structural controls on the previously intersected gold mineralization; and
To test additional shear zones and structures on the property.
Results from the current drill program will be reported on by Val-d'Or Mining Corporation once received from Eldorado Gold Québec.
Eldorado Gold (Québec) Inc. Option Agreements:
The Company, Eldorado Gold 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 Gold Québec. As the assignee under the Option Agreement, the Company has granted to Eldorado Gold Québec 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. 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 Gold Québec 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 Gold Québec will make an annual payment to the Company of $50,000 per year. Upon the exercise of the Option by Eldorado Gold Québec, it and the Company will enter into a joint venture agreement on the terms set out in the Option Agreement.
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 Québec 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 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 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/244807
SOURCE: Val-d'Or Mining Corporation
