Business
Val-d'Or Mining Corporation Enters into a Property Sale Agreement with Snowy Owl Gold Corporation
Val-d'Or, Quebec--(Newsfile Corp. - October 7, 2021) - Val-d'Or Mining Corporation (TSXV: VZ...
About this update from Val-d'or Mining Corporation
[{"type":"text","content":"Val-d'Or Mining Corporation Enters into a Property Sale Agreement with Snowy Owl Gold CorporationVal-d'Or, Quebec--(Newsfile Corp. - October 7, 2021) - Val-d'Or Mining Corporation (TSXV: VZZ) (\"Val-d'Or Mining\" or the \"Company\") announces that it has entered into an agreement with Snowy Owl Gold Corporation (\"SNOW\") for the sale of the Riviere Lois Prospect. The transaction is subject to the approval of the Canadian Securities Exchange (the \"Exchange\").Property Sale Agreement for the Riviere Lois ProspectIn consideration for a 100% interest in the Riviere Lois Prospect (the \"Property\"), and upon receipt of Exchange approval, SNOW will issue 3,200,000 common shares to the Company (of which Golden Valley Mines & Royalties (\"Golden Valley\") will receive 640,000 common shares in accordance with the terms of an amended and restated option agreement between the Company and Golden Valley dated November 28, 2019). The Company will be granted a royalty of 2.5% of the net smelter returns from the Property, whereby 1% of the net smelter return may be purchased by SNOW for $500,000. In addition, the Company will receive $80,000 in cash and the Company will complete a geophysical exploration program, which is currently underway on the Riviere Lois Prospect (see news release dated August 24, 2021). Property BackgroundThe Riviere Lois Prospect is located in northwestern Québec between the villages of Taschereau and Poularies. A number of researchers (Gibson, 1990, Lichtblau, 1989, Mortensen, 1993 & Mueller, 2001) have described the Central Noranda caldera (14.6 Moz gold, 2.2 Mt copper & 1.3 Mt zinc) 85 kilometres to the southeast. Historically the largest concentration of base-metal mineralization discovered and exploited in the HMG are the Hunter Mine and Lyndhurst Mine to the west and east along strike respectively of the company's property. The Hunter Mine reported production of 117,000 tonnes grading 0.99% Cu in 1957 and reserves of 127,000 t grading 1.06% Cu and 82,000 t of probable ore at 1.06% Cu in 1973. At the Lyndhurst Mine, production of 156, 362 t grading 1.93% Cu and 12.72 g/t Ag was reported in 1957. Current reserves have been stated as 125,000 t at 1.75% Cu (source: SIGEOM - Metallic deposit Descriptions historical reserves are non-compliant with National Instrument (NI) 43-101¹). (1) Historical...