Announced a new cobalt-nickel-silver drill discovery as part of the on-going “Grassroots Exploration Project” in the Abitibi Greenstone Belt. A 4-hole, 489-m drill program has completed. Four priority and previously untested geophysical and/or geological targets, inferred to represent potential mineralized trends along possible extensions or splays of the main “Kirkland Lake-Larder Lake Break”, were selected for initial drilling. Hole GIS-08-04 returned 4.18% Co, 0.38% Ni and 12.1 g/t Ag over 4.0 from 110.0-114.0 m.
June 30, 2004
3 more holes have been drilled. 0 GA-03-03 is located in the southern central part of the property. The drill hole tested an IP anomaly and a possible southwest east displaced, extension of the fault/shear extending from Amikougami Lake. Most assay results are below the detection limit of <5 ppb Au and one sample assayed 10 ppb Au (63.0-63.75 m) in a section of the core cut by quartz – carbonate veins and mineralized with <1% pyrite. GA-03-04 is located in the southern central part of the property and 183 metres northwest of GA-03. The drill hole tested a strong IP anomaly and the extension of the north-south trending Amikougami Fault/Shear.The IP anomaly is explained by the presence of pyrite and graphite in the shear zones. GA-03-05 was the last drill hole on the property and is located in the east central part of the property. The drill hole tested a moderate IP anomaly.Sample results were mainly less than the detection limit of 5 ppb Au except at 54.0 m (2.68 m) where a volcaniclastic-agglomerate was cut by carbonate veins with carbonate and sericite altered wall rock hosting 2% to 3% disseminated pyrite. The interval assayed 12 ppb Au.
March 5, 2004
Golden Valley Mines has signed an option/JV with TML Ventures to acquire a 55% interest the Amikougami Prospect near Kirkland Lake, Ontario by incurring exploration expenditures of CAD1,000,000 within three years, issuing 400,000 shares (200,000 upon exchange acceptance of the transaction and 200,000 additional shares prior to December 31, 2004) and a CAD10,000 cash payment. Golden Valley Mines will continue to act as operator of the programs.
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