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Val-d'Or Mining Corporation - Drilling Commences on the Ducros Group of Properties
Val-d'Or, Quebec--(Newsfile Corp. - January 20, 2022) - Val-d'Or Mining Corporation (TSXV: V...
About this update from Val-d'or Mining Corporation
[{"type":"text","content":"Val-d'Or Mining Corporation - Drilling Commences on the Ducros Group of PropertiesVal-d'Or, Quebec--(Newsfile Corp. - January 20, 2022) - Val-d'Or Mining Corporation (TSXV: VZZ) (\"Val-d'Or Mining\" or the \"Company) announces that drilling has commenced on the Ducros Group of Properties. This first phase drill program is part of a larger exploration program that has been budgeted at more than $5 million, including 20,000 meters of diamond drilling. The drilling started on January 18, 2022, as announced in a news release on January 13, 2022 by the operator of the program Québec Nickel Corp. (\"QNI\"). The Company has a direct property interest in this group of properties through a 1.5% NSR as well as an indirect interest through the ownership of 3,508,461 shares in the capital of QNI. Both ownership interests were acquired in a transaction first announced on October 27, 2020.Based on public disclosure made by QNI, the following milestones were achieved since the transaction was first announced on October 27, 2020:QNI announced the listing of its shares on the Canadian Securities Exchange and the commencement of trading on July 6, 2021.QNI announced a first phase exploration program on August 4, 2021. The program was budgeted at $375,000 and included a property-scale heliborne magnetic and electromagnetic (Mag-EM) survey (see also QNI news release dated August 23, 2021), stripping, mapping, prospecting and sampling (see also QNI news release dated September 23, 2021), as well as the construction of a 3D geological model utilizing historical and modern data.QNI first mentioned an increase in the in the area covered by the 1.5% NSR on October 20, 2021. The area increased from 12,851 hectares (239 claims) to 15,179 hectares (280 claims) due to the acquisition of additional claims by QNI within the area of influence.QNI announced the closing of a private placement financing of $7.7 million on November 10, 2021. The financing included $6.7 million in flow-through funds dedicated to the Ducros Group of Properties.QNI announced the engagement of Orbit Garant Drilling on November 25, 2021. The total drill program is expected to be 20,000 metres, with a first phase drill program to focus on three Nickel-Copper-PGE target areas:Fortin Ni-Cu-PGE Showing (East Sector of Property)Ducros Sill (Central Part of Property)Ducros Gabbro Area (...