grassroots & advanced systematic exploration
Holds majority interests in 135 projects - Saskatchewan, Ontario and Quebec.
Welcome to Golden Valley Mines Ltd.
Golden Valley Mines typically tests initial grassroots targets while owning a 100% interest and then seeks partners to continue exploration funding. This allows the Company to continue its generative programs and systematic exploration efforts at other majority-owned grassroots projects. As of July 22, 2008, the Company holds majority property interests in 135 projects consisting of 4,352 mining titles (257,064 hectares) in Saskatchewan, Ontario and Québec
Abitibi Greenstone Belt “Grassroots Exploration Project”, North-West Québec and North-East Ontario
2008 Budget: $1.5 million (from treasury)
Objective: To drill test initial targets for a minimum of fifteen (15) 100%-owned properties
Golden Valley Mines’ original and continued core exploration focus is the Abitibi Greenstone Belt “Grassroots Exploration Project”. The project consists of a series of distinct properties located in the economically significant and historically prolific Abitibi Greenstone Belt, which stretches from Timmins, Kirkland Lake and Matachewan (Ontario) in the west, through Rouyn-Noranda, Cadillac, Malartic, Val-d’Or and Chibougamau (Québec) to the east over a distance of some 500 kilometres.
The majority of the Company’s properties are 100%-owned and have had little or no previous exploration work but are located in geological domains considered prospective by management for the occurrence of precious (gold) or base metals (copper-zinc-silver and nickel-copper-platinum group element) deposits.
Primary exploration targets in the Abitibi Greenstone Belt include the eastern extension of the Destor-Porcupine Fault Zone north of Rouyn-Noranda and Val-d’Or from the Ontario border; the western portion of the Blake River Group volcanics in Ontario; and several previously untested airborne electromagnetic (AEM) anomalies and structural features elsewhere in the Abitibi region.
Few geological environments in the world possess the mineral potential of the Abitibi Greenstone Belt, in terms of historic and current mineral production, and that continue to offer significant, low-cost exploration potential.
The Abitibi Greenstone Belt accounts for impressive historic production statistics for several commodities estimated at:
8.2 million tonnes (18 billion pounds) of copper
15.9 million tonnes (35 billion pounds) of zinc
161 million ounces of gold and
900 million ounces of silver
Otish Basin Uranium Project “Lexam Option”, North-Central Québec
2008 Budget: $2.0 million (partner funded by Lexam Exploration Ltd. – TSX-V: LEX, OTC: LEXEF, Frankfurt: D2Q)
Stage: Exploration drilling and Grassroots Exploration
Terms: Lexam may earn 50% for $3 million in exploration expenditures. Golden Valley Mines is the operator.
Much of the historical work that was preformed in the area (1976-83) was conducted by companies also then active in northern Saskatchewan and using similar prospecting techniques. Additional exploration opportunities and geological potential recently reported by Strateco Resources Inc. and the continuing exploration presence of Cameco provided additional motivation for the property acquisitions and exploration work activities on the GZZ-LEX Option/Joint Venture properties. Subsequent to the original property acquisitions, additional claims were also acquired on the basis for potential fault controlled uranium mineralization of the “Matoush”-type, where Strateco continues active exploration.
Since the announcement of the Option/Joint Venture transaction with Lexam, the first phase of exploration was completed including a 3,134 line kilometre helicopter-borne radiometric and magnetic (Geo Data Solutions Inc.) survey over the Mistassini basin, and over the more expansive Otish basin a 13,500 line kilometre high resolution radiometric, magnetic and VLF-EM (very low frequency – electromagnetic) fixed-wing survey system platform operated by EON Geosciences commenced. Phase II of the exploration program consisting of ground follow-up grid-based prospecting, geological mapping, and geophysical surveying was completed in the fall. The focus of this program has been on confirming historical uranium occurrences and to identify radiometric anomalies for drill testing during 2008.
The 2008 exploration program will consist of two drilling phases which are anticipated to total 4,000 metres (13,125 ft.). The first phase is scheduled to begin in the second quarter and will focus on extending the uranium mineralization that has been identified on the Mistassini project area and to test other targets that have been outlined. The second phase will include follow-up drilling, as well as the testing other targets in the Otish portion of the project area.
McFauld's Lake Nickel-Copper-PGE Project, Ontario
2008 Budget: $1.0 million (partner-funded by WSR Gold Inc. TSX-V: WSR and Noront Resources Ltd. TSX-V: NOT)
Stage: Grassroots Exploration
Terms: WSR Gold Inc. and Noront Resources Ltd. may acquire an aggregate 70% legal and beneficial interest in the "Luc Bourdon Prospect" for a total of $5 million in exploration expenditures and $350,000 cash payments. Golden Valley Mines 30% ownership is carried to production
Golden Valley Mines has staked a total of 85 claims (1,231 claim units) covering 19,632 hectares or approximately 196 km2, in the area of Noront Resources Double Eagle nickel-copper-platinum group elements (Ni-Cu-PGE) discoveries. The target selection process utilized by the company was based on the identification of similar geophysical responses within extensions of the favourable geological terrain associated with the Double Eagle discovery area, along strike to the northwest.
During the second quarter of 2008, the company announced the granting of an option/joint venture with WSR Gold Inc. and Noront Resources Ltd. to acquire an aggregate 70% legal and beneficial interest for an option/joint venture on two (Luc Bourdon Prospects) of Company's five (100% owned) properties in the area located in the McFauld's Lake "Ring of Fire" area in northern Ontario, Canada. The terms of the option / joint venture are 1) $350,000 cash/shares at approval; 2) $5,000,000 work commitment, including $1,000,000 expended in the first year; 3) the company is carried to production (30% interest).
The 100%-owned "Henley Prospect" claim block is located along the same favourable geological and geophysical trend to the west-northwest of the "Luc Bourdon Prospect". A detailed airborne electromagnetic-magnetic survey (AEM) flown over the property (refer to the March 14, 2008 press release for details) outlined four (4) main electromagnetic conductor trends for immediate ground follow-up, including an association with positive magnetic features at places.
Two separate, 100%-owned claim blocks ("OTB#1" and "OTB#2") were also acquired over strong positive magnetic anomalies similar in character and along a sub-parallel geophysical trend located approximately 24 and 34 kilometres northeast of the main McFauld's Lake "Ring of Fire" corridor.
Beartooth Island Uranium Project “Ditem Option”, Athabasca Basin, Saskatchewan 2008 Budget: $2.0 million (partner funded by Ditem Explorations Inc. TSX-V: DIT) Stage: Exploration drilling Terms: Ditem may earn 60% for $3 million in exploration expenditures. Golden Valley Mines is the operator. Malartic CHL Gold Project “Osisko Option”, Québec 2008 Budget: Approximately $1.0 million Stage: Advanced Exploration Terms: Osisko may earn 70% for a total of $2 million in exploration expenditures and $150,000 cash payments. Golden Valley Mines 30% ownership is carried to production.
(partner-funded by Osisko Exploration Ltd. – TSX: OSK)
Beartooth Island Uranium Project “Ditem Option”, Athabasca Basin, Saskatchewan
2008 Budget: $2.0 million (partner funded by Ditem Explorations Inc. TSX-V: DIT)
Stage: Exploration drilling
Terms: Ditem may earn 60% for $3 million in exploration expenditures. Golden Valley Mines is the operator.
Malartic CHL Gold Project “Osisko Option”, Québec
2008 Budget: Approximately $1.0 million
Stage: Advanced Exploration
Terms: Osisko may earn 70% for a total of $2 million in exploration expenditures and $150,000 cash payments. Golden Valley Mines 30% ownership is carried to production.