Val-d’Or Mining Provides Update on its Exploration Operations

Val-d’Or Mining Corporation presents an update on its exploration operations in the Abitibi Greenstone Belt.

Preliminary ground exploration work is scheduled on three priority gold projects situated in NW Québec and NE Ontario, including geophysical surveying (ground magnetic and induced polarization), line cutting (grid establishment), geological/structural mapping, sampling and outcrop stripping. The main objective of this operation is to resolve drill targets for Fall 2018 campaigns.

Oregon Prospect – Val-d’Or, Québec

The Oregon Prospect spans an elongated granodiorite intrusion that dips to the northeast and is situated along a northwest-southeast axis. The granodiorite part of the property hosts the historic Oregon Showing (Corps Minéralisé 32/C05-0011. MRNF SIGEOM). This mineral occurrence can be found within a fracture zone that hosts a sequence of parallel quartz stringers mineralized with pyrite. It has been traced out by earlier exploration programs over a strike length of 120 m.

An assay result of 1.980 opt Au from a three-foot long channel sample inside the showing area was taken in 1985 (GM 42404). DDH 80-7, a 60.4 m vertical hole that was drilled into the showing in 1980, bumped into a 0.4 m intersection of bleached rock that carried 0.10 opt Au (GM 36410).

In 2010 and 2011, the historic Oregon Showing pitwas sampled by Golden Valley Mines.  The Oregon Showing was first discovered in1935 (GM 66328). A sample of granodiorite blast rock comprising quartz and trace pyrite carried 5.76 g/t Au. A grab sample from the neighboringgranodiorite outcrop that had rusty quartz with up to 4% pyrite returned an assay value of 20.4 g/t Au.

A channel sample 423312 was cut into a quartz vein situated approximately 75 mwest of the Oregon Showing in 2014. The long sample measuring 0.80 m carried 1.85 g/t Au. Other channel samples cut into the granodioriteadjoining the Oregon Showing were anomalous in gold with the highest assayed gold value reported as 6.19 g/t Au.

There are a series of historic trenches within the granodiorite intrusion approximately 1.6 km to the northwest. Fly rock grab samples taken in 1985 returned gold values of 2.15 opt Au and 0.423 opt Au (GM 42404).

Golden Valley Mines took a sample of blast rock from one of these trenches in 2011. This grab sample of altered granodiorite with trace pyrite contained 2.64 g/t Au (GM 66328).

The Oregon Prospect’s main metallogenic target is an intrusive-hosted, bulk tonnage gold deposit.

Magoma Prospect – Val-d’Or, Québec

The property covers the felsic volcanic rocks of the Hunter Mine Group and is located midway between the Rouyn-Noranda and Normetal mining camps. The Magomagold showing occurs within a widespread network of quartz veins controlled by intense shearing that cuts through porphyritic and tuffacaeous units of rhyolite. This geological setting is proximal to a fault splay from the regional gold bearing Macamic Deformation Corridor that passes through the property’s northeast region.

In 1950, Preston East Dome Mines Ltd. discovered three gold occurrences within this widespread quartz vein system (GM 10303).

In 1963, Magoma Mines Ltd. drilled a narrowly spaced pattern of eight vertical drillholes into the Preston East Dome #1 showing (GM 14923). Noteworthy gold values ranging from 0.17 to 2.80 opt Au over diverse widths of between 2.4 to 6.9 feet were encountered in a few of these drillholes.

An old core dump of small diameter core is situated several hundred feet southeast of the #1 showing. Three grab samples of quartz material from this abandoned core pile collected in 1973 by Noranda Exploration Company Ltd. carried positivemetal values. The first sample assayed 1.51 opt Au with 0.81 opt Ag, the second carried 0.47 opt Au, and the third assayed 0.38 opt Au with 0.09 opt Ag (GM 29754).

In 2010, Golden Valley Mines finished a reconnaissance prospecting program over parts of the current Magoma Prospect. The three Preston Dome Mines Ltd. showings were sited and sampled as well as the old core dump. A grab sample from a quartz vein at the main or #1 showing contained 0.604 g/t Au (GM 65543).

In 2014, Golden Valley Mines undertook a more detailed sampling of the main or #1 showing. The grab sample 423325 contained 2.54 g/t Au and sample 423328 of blast rock from the showing carried 1.635 g/t Au.

The Magoma Prospect’s principal metallogenic target is an orogenic gold deposit spatially related to a deformation zone hosted in altered and mineralized metavolcanic rocks.

Baden Prospect – Matachewan, Ontario

The property’s gold showings occur in quartz veins related with mineralized syenite porphyry dikes. The showings are sited approximately 13 km north-northwest of Young Davidson Mine (Alamos Gold) that occur inside a stockwork of quartz veinlets and narrow quartz veins, seldommore than a few centimeters thick that are within a larger halo of disseminated pyrite and potassic alteration.

In 1937, the No. 2 Vein or discovery vein (Fondewa Gold Mines) was widely trenched. Four quartz grab samples from this vein are reported on in dollar values based on gold at $35.00 an ounce. They are itemized as follows: $10.50, $3.50, $4.90 and $2.80 (Robson, 1938; KL 2155).

Furthermore,in 1937, the No. 2 Vein was cut at shallow depths by seven drill holes throughout a strike length of 500 feet with the following results (McCannell, 1976 AFRO 63.3327).

• DH 2 (1937)/0.18 opt Au over 4 feet
• DH 5 (1937)/0.07 opt Au over 3 feet
• DH 6 (1937)/0.35 opt Au over 1.58 feet
• DH 7 (1937)/0.38 opt Au over 4 feet
• DH 8 (1937)/0.11 opt Au over 5.25 feet
• DH 10 (1937)/0.31 opt Au over 2.5 feet

In 1976, diamond drilling was performed on the No. 7 Vein (Manitou Gold Mines) situated about 250 m north-northwest of the No. 2 vein. The logs describe the geology as being composed of felsite, feldspar porphyry, and andesite. Extremely anomalous gold values were found over narrow widths in a few of the drillholes (McCannell, 1976, AFRO 63.3327).

• DH 4 (1976)/0.175 opt over 6.0 feet and 0.44 opt Au over 0.6 feet
• DH 7 (1976)/2.26 opt Au over 1.6 feet & 0.545 opt Au over 0.6 feet
• DH 8 (1976)/3.23 opt Au over 2.0 feet
• DH 10 (1976)/3.79 opt Au over 0.8 feet

The Quilty Showing can be found 600 m southwest of the No. 2 Vein. At this location, an old trench exposes white quartz veins comprising 1-2 % pyrite cubes up to 5 mm across as well as ankeriteveins. The metavolcanic host rock is silicified close to the veins (Kresz, 1993;OFR 5874). A channel sample from the trench was reported to have assayed 0.45 opt Au (Lovell, 1967; GR 51).

The J.E. McVittie (French Vein) Showing contains a quartz vein in the contact zone between huge volcanic rocks (probably tuffs) on the west and syenite porphyry on the east. A grab sample of red syenite porphyry comprising quartz stringers returned an assay value of 0.14 opt Au. A loose sample of vein quartz comprising a small quantity of pyrite and chalcopyrite gave an assay of 8.41 opt Au and 9.79 opt Ag (Lovell, 1967; GR51).

In 1973, Ronda Copper Mines Ltd. drilled DDH’s 73-01 and 73-02 under the J.E. McVittie (French Vein) Showing. DDH 73-02 intersected 0.475 opt Au over three feet (Szetu and Ogden, 1978; AFRO 63.3554).

In 2013, prospecting of the No.2 vein by Golden Valley Mines was fruitful in collecting a number of grab samples that were extremely anomalous in gold. The top four assay results were 31.90 g/t Au, 15.95 g/t Au, 15.75 g/t Au, and 12.12 g/t Au.

In 2013, sampling of the Quilty Showing by Golden Valley Mines returned assay results of 6.66 g/t Au, 2.17 g/t Au, and 1.13 g/t Au.

Glenn J. Mullan P. Geo., President and Chief Executive Officer of Val-d’Or Mining, and Michael P. Rosatelli M.Sc., P.Geo., Vice-President Exploration of Val-d’Or Mining, are the Qualified Persons (as that term is defined in National Instrument 43-101—Standards of Disclosure for Mineral Projects) who approved the technical disclosure included in this news release.