Val-d'Or Mining Provides Update and Voting Reminder for AGM
Val-d'Or Mining Provides Update and Voting Reminder for
AGM
Val-d'Or, Quebec--(Newsfile Corp. - June 17, 2020) -
Val-d'Or Mining Corporation (TSXV: VZZ) (the "Company") is pleased to
provide a general corporate and exploration update. The Company would also like to use this opportunity to remind its
shareholders to vote at the upcoming Annual General Meeting.
Annual General Meeting Voting Reminder
The Company's annual general meeting is scheduled for June 26
th
, 2020 at 2:00 p.m. (Eastern time).
Given the continuing public
health impact of the COVID-19 pandemic, considerations regarding the health and safety of our employees, shareholders and
other stakeholders, as well as public health guidelines to limit gatherings of people, shareholders are strongly encouraged to
vote in advance by one of the methods described in the 2020 management information circular
("2020 MIC"). We also
encourage shareholders to attend the AGM via teleconference by following registration instructions, as outlined in the 2020 MIC.
We request that shareholders return their completed proxies or voting instructions by the proxy cut-off date, Tuesday, June 23,
2020 at 2:00 p.m. (Eastern time).
Operating Activities Update
The Company is a project generator and has assembled a portfolio of early-stage grassroots exploration projects. A significant
part of the Company's effort is spent on advancing those actively operated projects to a stage where the Company can attract
option/joint venture partners with the technical expertise and the financial capacity to conduct more advanced exploration
programs including diamond drilling. The Company's main objective is to organically acquire and then convert its actively
operated majority-owned projects into a portfolio of passive property holdings (such as Net Smelter Returns and Free-Carried
Interests) through joint venture or sale of the properties.
A - PROPERTY PORTFOLIO AS OF MARCH 31, 2020
As of March 31, 2020, Val-d'Or Mining's assets included 100% ownership interests in a total of 58 actively operated properties
covering an area of 33,812 hectares. Divided by its principal areas of interest, the property ownership was as follows:
Ontario
19 properties
13,478 hectares
Québec
34 properties
15,350 hectares
Québec North
5 properties
4,984 hectares
In addition to the actively operated property holdings, the Company has passive property holdings. The ownership in those
properties is in the form of net smelter returns ("NSR"). As of March 31, 2020, Val-d'Or Mining's ownership interests included
passive holdings in 2 properties covering an area of 5,628 hectares. Divided by its principal areas of interest, the property
ownership was as follows:
Ontario
2 properties
5,628 hectares
Québec
n/a
n/a
Québec North
n/a
n/a
B - MANAGEMENT OF THE PROPERTY PORTFOLIO
As part of its ordinary business activities, the Company drops claims that are no longer considered to be material to the
Company and/or stakes new claims to enhance existing properties or to pursue new geological hypotheses.
In the first quarter of 2020, the Company made several changes to its portfolio of mineral properties, which include, but are not
limited to, the following:
Powell Prospect Transaction
On February 18, 2020, the Company announced the sale of its Powell Prospect, which is located in the Matachewan gold camp
of the Abitibi Greenstone Belt region of Ontario. The purchaser of the property is Sparton Resources Inc. ("Sparton"). In
consideration for a 100% interest in the property the Company received 1,000,000 shares in the share capital of Sparton, and
the Company retained a 2.0% NSR from the property. 50% of the 2% NSR (or 1%) may be purchased by Sparton at any time
after the acquisition of the claims for US$2.5 million.
The Powell Prospect consists of two (2) mining claim cells (43 ha). The claims were staked to cover the interpreted north
extension of the historical gold zone explored by a shallow shaft with lateral workings and several short drill holes completed by
Sir Harry Oakes between 1934 and 1936. Gold mineralization was reported to be hosted in quartz veins in sheared and altered
syenite porphyry similar to the mineralization and host rocks described at the currently producing Alamos Gold's Young
Davidson Mine located 4 kilometres to the south.
Luc Bourdon Property Transaction
On January 6, 2020, the Company announced the sale of its Luc Bourdon property, which is located in the McFaulds Lake -
Ring-of-Fire Area in the James Bay region of Northern Ontario. Val-d'Or Mining staked the property based on its geological
merit and potential, whereby the property lies along the northern limb extension of the favourable geological trend hosting nickel-
copper-platinum group elements, chromium and copper-zinc-silver mineralization. The purchaser of the property is privately-
owned Juno Corp. ("Juno"). In addition to a 1.5% net smelter royalty, Val-d'Or Mining received 1,500,000 shares in the share
capital of Juno.
Juno is currently conducting a field program, which includes a 12,000-kilometre airborne geophysical survey. Down-hole
geophysical surveys are scheduled to commence in mid-July. Val-d'Or Mining will issue separate news releases about the
program in a timely manner after receiving updates on the progress of the exploration program.
Other Claim Acquisitions and Dispositions
During the first quarter of 2020, the Company acquired by way of staking several claims prospective for gold mineralization near
Kirkland Lake, Ontario. The newly acquired claims expand and enhance the potential of our existing properties in the same area.
During the first quarter of 2020, the Company decided to drop several claims located in the Company's Québec North area of
interest. The property had been impaired previously as the Company did not plan any further exploration.
Outlook
The objective for the remainder of 2020 continues to be to advance exploration field work and enhance the quality of the
Company's portfolio of mineral properties. This may include active exploration on existing properties and further property
transactions.
Following the reopening for business after the recent COVID-19 shut-down, the Company is in the process of re-starting its field
exploration activities with an initial prospecting program for its Oregon prospect in Quebec. This program is expected to resolve
several drill targets based on historical and ongoing field work.
The Company has also taken the steps to issue third tranche of 4,166,667 shares to Golden Valley Mines as required by the
Amended Mining Option Agreement (see news release dated December 5, 2019).
About Val-d'Or Mining Corporation
Val-d'Or Mining Corporation is a junior natural resource issuer involved in the process of acquiring and exploring its mineral
property assets, most of which are situated in the Abitibi Greenstone Belt of NE Ontario and NW Quebec. To complement its
current property interests, the Company regularly evaluates new opportunities for staking and/or acquisitions. Outside of its
principal regional focus in the Abitibi Greenstone Belt, the Company holds several other properties in Northern Québec
(Nunavik) covering different geological environments (Ni-Cu-PGE's).
The Company has an expertise in the identification and generation of new projects ("Prospect Generation"), and in the early
stages of exploration. The mineral interests are broad and range from gold, copper-zinc-silver, nickel-copper-PGE to industrial
and energy minerals. After the initial value creation in the 100%-owned, or majority-owned properties, the Company seeks
option/joint venture partners with the technical expertise and financial capacity to conduct more advanced exploration projects
including diamond drilling.
For additional information, please contact:
Glenn J. Mullan
2864 chemin Sullivan
Val-d'Or, Québec J9P 0B9
Tel.: 819-824-2808, x 204
Email:
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 the Company 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 the Company's management on the date the statements are made.
Except as required by law, the
Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs,
estimates or opinions, or other factors, should change.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL
OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED
STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR
SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.
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https://www.newsfilecorp.com/release/58032