Abitibi Royalties Inc./Malartic CHL Joint-Venture: New Results from the Mammoth Zone, Project Status and Outlook
22 Settembre 2011 - 4:13PM
Marketwired Canada
Abitibi Royalties Inc. (TSX VENTURE:RZZ)(hereinafter "Abitibi Royalties" or the
"Company") reports the latest results from drilling at the Mammoth Zone
completed by joint venture partner Osisko Mining Corporation ("Osisko") during
2011. The results provide additional confirmation about the continuation of the
South Barnat zone onto the joint venture property. In addition to those new
results, Abitibi Royalties provides a summary of previous work together with a
project outlook. This summary makes reference to 18 news releases issued over
the past 4 years by Golden Valley Mines Ltd. (TSX VENTURE:GZZ)(hereinafter
"Golden Valley"), the original holder of the property and which holds an
approximate 66.34% interest in Abitibi Royalties.
New Results:
On September 9, 2011, Osisko Mining Corporation ("Osisko"), the majority
interest holder of the property, reported new results from a drill program that
was focused on the Barnat Extension (Mammoth) area (see the respective Osisko
news release "Osisko intersects 1.32 g/t Au over 172 metres at Barnat South
Extension"). The intersected new mineralization was located either within or
immediately outside the currently designed engineered pit over the eastern
portion of the Barnat deposit (see figure 3
http://media3.marketwire.com/docs/AR_Figure_3.pdf). Only assay results for drill
holes within the perimeters of the Malartic CHL Joint Venture property as
reported by Osisko are summarized in the table below:
Hole No. Section From (m) To (m) Length (m) Au g/t Au g/t
(uncut) (cut)
CHL11-2374 6500E 83.6 96.8 13.2 0.78 ---
CHL11-2375 6525E 64.7 89.9 25.2 1.67 ---
CHL11-2376 6500E 94.5 105.5 11.0 1.39 ---
CHL11-2377 6500E 84.0 119.3 35.3 1.11
CHL11-2378 6475E 83.3 116.0 32.7 0.99 ---
CHL11-2379 6450E 65.4 82.6 17.2 0.98
CHL11-2380 6450E 88.8 103.3 14.5 1.12 ---
CHL11-2381 6425E 65.5 91.0 25.5 1.50 ---
Including 76.5 78.0 1.50 10.50 ---
Osisko noted that the drill results indicate that mineralization from the Barnat
Zone extends further East of the Eastern limit of the current pit design,
towards the Jeffrey Zone on the Malartic CHL property.
Brief History of the Malartic CHL Property and the Joint Venture Formation
The claims were originally staked by Golden Valley (see figure 1:
http://media3.marketwire.com/docs/AR_Figure_1.pdf and Golden Valley news release
dated January 31, 2006 - Property Acquisition near the Canadian Malartic Mine).
The property acquisition was followed in short order with the grant of an option
to Osisko (formerly Osisko Exploration Ltd., for details see Golden Valley news
release dated February 3, 2006 - Malartic CHL Prospect optioned to Osisko
Exploration Ltd). The general terms of the option agreement were: Osisko had the
right to acquire a 70% interest in the Malartic CHL Property in consideration
for $150,000 in cash payments over a four year period and by completing a
minimum $2,000,000 in exploration work over a four year period. Osisko would be
the operator during both the option and joint venture phase. The agreement
further provided that upon earning its 70% interest, Golden Valley Mines would
retain a free carried 30% interest up to production. The agreement and all its
rights were later assigned to Abitibi Royalties in contemplation of the
completion of an arrangement pursuant to the Canada Business Corporations Act,
between Golden Valley, the Company, and two other of Golden Valley's
subsidiaries. Osisko has exercised the option to acquire a 70% interest in the
Malartic CHL property and a joint venture is currently in effect on the
property. Abitibi Royalties owns a 30% free carried interest in the Malartic CHL
property.
Since the grant of the option to Osisko, Osisko has devoted considerable efforts
to the joint venture property. Drilling statistics as extracted from Osisko's
continuous disclosure documents document the progress made to date (see figure 2
http://media3.marketwire.com/docs/AR_Figure_2.pdf):
-- 2007 to 2009: 156 diamond drill holes for a total of 36,508m;
-- 2010: 140 diamond drill holes for a total of 27,457m;
-- 2011: 8 diamond drill holes for a total of 1,622m (based on results
reported to date only).
Porphyry Intrusion, Shaft Zone and Porphyry 12 Zone
The Malartic CHL Porphyry Intrusion is a 260 metre by 450 metre porphyry
intrusion located within the Cadillac fault. The intrusion hosts two known
mineralized zones. The "Porphyry 12 Zone" is located along the southern margin
of the intrusion, and the "Shaft Zone" is located at the northern margin of the
intrusion. Further information and drill results were released in the following
Golden Valley news releases:
-- June 20, 2007 - Osisko Drilling on Golden Valley's Malartic CHL
Property;
-- August 7, 2007 - Osisko Intersects 8.4 m Averaging 8.8 g/t Au at
Malartic CHL;
-- October 19, 2009 - Significant New Gold Mineralization Intersected on
the CHL Porphyry Intrusion and Shaft Zone;
-- December 23, 2009 - Significant New Gold Mineralization Continues to be
Intersected on the Shaft Zone and CHL Porphyry Intrusion; and
-- February 04, 2010 - Significant New Gold Mineralization Continues to be
Intersected on the Shaft Zone & CHL Porphyry Intrusion.
Norrie Zone:
Historical drilling suggests that the Norrie Zone is a deep mineralized zone
measuring at least 380 metres by 250 metres, located approximately 1500 metres
east of the known eastern limit of the Canadian Malartic deposit. The zone
straddles the boundary between the Malartic CHL property and the Canadian
Malartic property. Examination of the historical drill core indicated that the
mineralization is similar to that at the Canadian Malartic deposit (held by
Osisko). One hole was drilled to test the "Norrie Zone", and additional
information about this new zone of gold mineralization was released in the
following Golden Valley news releases:
-- June 20, 2007 - Osisko Drilling on Golden Valley's Malartic CHL
Property;
-- March 18, 2008 - Osisko Intersects 107m Averaging 1.47 g/t Au at Depth
in Norrie Zone on Golden Valley's Malartic CHL Property; and
-- March 23, 2010 - Significant New Gold Mineralization Intersected from
the Malartic CHL Prospect including 54 metres averaging 1.39 g/t Au.
Mammoth Zone:
The Mammoth zone is the eastern extension of the Barnat zone (see figure 3
http://media3.marketwire.com/docs/AR_Figure_3.pdf). On the Malartic CHL property
drilling was completed every 25 metres over a strike length of 125 metres up to
a depth of 100 to 150 metres for a total of 6 sections. First results were
released in the following Golden Valley news releases:
-- February 04, 2010 - Significant New Gold Mineralization Continues to be
Intersected on the Shaft Zone & CHL Porphyry Intrusion; and
-- March 23, 2010 - Significant New Gold Mineralization Intersected from
the Malartic CHL Prospect including 54 metres averaging 1.39 g/t Au.
Additional results in respect of the Mammoth zone were also detailed in the New
Results section herein.
Jeffrey zone:
The Jeffrey zone is located some 800 metres east of the Mammoth zone.
Approximately 425 metres of strike length were tested every 25 metres up to a
depth of 250 metres for a total of 18 sections. The zone is open at depth and to
the East and West and an initial resource estimate is anticipated to being
completed shortly. Drill results from drilling completed between 2007 and 2010
have been released in numerous Golden Valley news releases:
-- October 29, 2007 - Osisko Outlines New Gold Zone at Malartic CHL
Prospect;
-- April 17, 2008 - Osisko Intersects Significant Gold Mineralization Over
800 Metres Strike Length at Jeffrey Zone on Golden Valley's Malartic CHL
Property;
-- September 10, 2009 - Golden Valley Mines Intersects Significant Near
Surface Gold Mineralization and Depth Extension at the Jeffrey Zone ;
-- November 6, 2009 - 19,000m Definition Drill Program on the Jeffrey Zone.
Osisko Reports Drill Program Now Underway on Malartic CHL Prospect;
-- February 04, 2010 - Significant New Gold Mineralization Continues to be
Intersected on the Shaft Zone & CHL Porphyry Intrusion;
-- May 13, 2010 - Significant Gold Mineralization Intersected in 25
Drillholes on the Malartic CHL Prospect. Results include 109 metres
averaging 0.83 g/t Au;
-- May 27, 2010 - Significant Gold Mineralization Intersected on the
Malartic CHL Prospect. Results include 73 metres averaging 2.51 g/t Au,
with 66.1 g/t Au over 1.5 metres;
-- November 24, 2010 - Intersection of 72 metres grading 2.02g/t Au at the
Jeffrey Zone;
-- February 28, 2011 - Canadian Malartic Style Mineralization Discovered at
the Jeffrey Zone; and
-- June 14, 2011 - 63.6 Metres Grading 1.50 g/t Gold Intersected at the
Jeffrey Zone, Malartic CHL Prospect.
Outlook:
Joint venture partner Osisko has advised the Company that an initial resource
for the Jeffrey zone is expected to be released at the beginning of the fourth
quarter of 2011, and exploration is expected to continue, prioritized as follows
(see figure 2 http://media3.marketwire.com/docs/AR_Figure_2.pdf):
-- To test the new zone of "Canadian Malartic" type mineralization
discovered just south of the Jeffrey zone;
-- To test the gap between Mammoth zone and Jeffrey zone (late 2011); and
-- To test the eastern extension of the Jeffrey zone (Geo zone target -
early 2012).
About Abitibi Royalties Inc.: Abitibi Royalties Inc. holds title to interests in
the Luc Bourdon and Bourdon West Prospects (also known as the McFaulds Lake
Property) and the Malartic CHL Property, plus a 2% net smelter royalty interest
in one claim held by Osisko Mining Corporation, which was previously held by
Golden Valley and vended to Osisko, and may acquire and generate other property
and royalty interests.
Mr. Glenn J. Mullan, P. Geo (OGQ and APGO (Temporary)) and Chief Executive
Officer of Abitibi Royalties, is the Qualified Person (as such term is defined
in National Instrument 43-101) who has reviewed this news release and is
responsible for the technical information reported herein.
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 Golden Valley
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 Golden Valley's management on the date the statements
are made. Except as required by law, Golden Valley undertakes no obligation to
update these forward-looking statements in the event that management's beliefs,
estimates or opinions, or other factors, should change.
Complete list of Golden Valley News Releases pertaining to the Malartic CHL
property:
-- January 31, 2006 - Property Acquisition near the Canadian Malartic Mine;
-- February 03, 2006 - Malartic CHL Prospect Optioned to Osisko Exploration
Ltd
-- June 20, 2007 - Osisko Drilling on Golden Valley's Malartic CHL Property
-- August 7, 2007 - Osisko Intersects 8.4 m Averaging 8.8 g/t Au at
Malartic CHL;
-- October 29, 2007 - Osisko Outlines New Gold Zone at Malartic CHL
Prospect;
-- March 18, 2008 - Osisko Intersects 107m Averaging 1.47 g/t Au at Depth
in Norrie Zone on Golden Valley's Malartic CHL Property;
-- April 17, 2008 - Osisko Intersects Significant Gold Mineralization Over
800 Metres Strike Length at Jeffrey Zone on Golden Valley's Malartic CHL
Property;
-- September 10, 2009 - Golden Valley Mines Intersects Significant Near
Surface Gold Mineralization and Depth Extension at the Jeffrey Zone ;
-- October 19, 2009 - Significant New Gold Mineralization Intersected on
the CHL Porphyry Intrusion and Shaft Zone;
-- November 6, 2009 - 19,000m Definition Drill Program on the Jeffrey Zone.
Osisko Reports Drill Program Now Underway on Malartic CHL Prospect;
-- December 23, 2009 - Significant New Gold Mineralization Continues to be
Intersected on the Shaft Zone and CHL Porphyry Intrusion;
-- February 04, 2010 - Significant New Gold Mineralization Continues to be
Intersected on the Shaft Zone & CHL Porphyry Intrusion;
-- March 23, 2010 - Significant New Gold Mineralization Intersected from
the Malartic CHL Prospect including 54 metres averaging 1.39 g/t Au;
-- May 13, 2010 - Significant Gold Mineralization Intersected in 25
Drillholes on the Malartic CHL Prospect. Results include 109 metres
averaging 0.83 g/t Au;
-- May 27, 2010 - Significant Gold Mineralization Intersected on the
Malartic CHL; Prospect. Results include 73 metres averaging 2.51 g/t Au,
with 66.1 g/t Au over 1.5 metres;
-- November 24, 2010 - Intersection of 72 metres grading 2.02g/t Au at the
Jeffrey Zone
-- February 28, 2011 - Canadian Malartic Style Mineralization Discovered at
the Jeffrey Zone; and
-- June 14, 2011 - 63.6 Metres Grading 1.50 g/t Gold Intersected at the
Jeffrey Zone, Malartic CHL Prospect.
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