VAL-D’OR, QUEBEC–(Marketwired – June 20, 2017) –
THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES
Uranium Valley Mines Ltd. (NEX:VZZ.H) (the “Company”) is pleased to announce that ground fieldwork is currently underway at the Porcupine Miracle Prospect, located in Langmuir Township, 30 km south of Timmins, Ontario.
The exploration program consists of establishing a grid over the property and conducting ground magnetic and induced polarization (IP) geophysical surveys. Contingent on these results, a follow-up program of in-fill geophysical surveying at 50m line spacing is planned, in addition to a prospecting and sampling program.
The Porcupine Miracle Prospect is located on the south flank of the Shaw Dome which extends south from the Destor Porcupine Fault east of Timmins. Outcrop exposure, for the most part, is fair on the property, especially near two old documented (and observed) shafts. The area is underlain by ultramafic volcanic rocks intruded by hematized east-west trending felsic dykes. The ultramafic rocks are generally well chloritized and locally strongly carbonatized. The hematized felsic dykes are often injected by significant quartz veining along with pyrite mineralization. Structurally, an important northeasterly trending shear zone crosses the property and seems spatially associated with carbonatization of the ultramafic rocks. A second WNW trending fault occurs just north of the Main Shaft.
Historical work on the property is limited. OGS Annual reports for 1915 and 1916 refer to more than 200 feet (61 metres) of shaft sinking and 300 feet (91.4 metres) of underground development near the south limit of the current property completed by Porcupine Miracle Co. Although the reports also mention the construction of a 60 ton-per-day mill, there are no records of underground assay results.
The last recorded work over the current property was conducted in 1996. That program included line-cutting, geological mapping, geophysical surveying and a 679 metre diamond drilling program. Most drill holes tested IP anomalies and/or the area near the two shafts. Although a well-mineralized quartz stockwork hosting up to 70% pyrite in hematized felsic dykes was observed, only weakly anomalous gold values were reported. The highest assay result was 0.26 g/t Au (0.008 opt Au).
The Company has an option to acquire a 100% interest in the Porcupine Miracle Prospect, subject to a 3% NSR (see press release dated July 9, 2014).
Michael P. Rosatelli, M.Sc., P.Geo and a senior geological consultant to Uranium Valley Mines, is the designated “qualified person” as defined in Section 1.2 in and for the purposes of National Instrument 43-101 that reviewed and approved the technical content of this release.
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 the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS 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.
Glenn J. Mullan
Chief Executive Officer
(819) 824-2808 – Head Office
(514) 835-8384 – cell phone
glenn.mullan@goldenvalleymines.com