Val-d'Or Mining options its gold projects in Quebec and Ontario to Eldorado Gold
According to a press-release, the first agreement enables Eldorado to earn and acquire a 70% interest in the Perestroika Ouest property in Quebec by spending a minimum $1 million in exploration expenditures over a period of 5 years.
The second option agreement enables Eldorado to earn and acquire a 70% interest in the Blue Mountain and Victoria Creek properties in Ontario by spending a minimum $3 million in exploration expenditures over a period of 5 years.
The Perestroika Ouest prospect is located approximately 40 kilometres north-northeast of Val-d'Or, and approximately 8.5 kilometres southeast of the town of Barraute.
|Midland options its Tete Nord nickel-copper property in Quebec to Rio Tinto|
Previous exploration work located approximately 1 kilometre to the southeast on the property established the presence of gold mineralized trend hosting associated the "Uniacke Shear" and "Glasnost" showings. Significant assay results in this area included drill intersections of 1.15 metres averaging 59.52 g/t Au, including 0.30 metres grading 217 g/t Au in GPS09-01 and 3.05 metres averaging 20.69 g/t Au in GPS09-02 (GM 54860).
The Blue Mountain prospect is located within Bernhardt Township of the Larder Lake Mining Division in the Province of Ontario. The centre of the property is approximately 14 kilometres north-northwest of the town of Kirkland Lake.
In 2010, Golden Valley Mines and Royalties conducted a diamond drill program on the property. Widespread gold mineralization was intersected in five of the seven geophysical targets tested, including drill assay results of 3.04 g/t Au over 0.36 m in hole GBMO-10-07.
The Victoria Creek Fault prospect is located within Morrisette Township of the Larder Lake Mining District in the province of Ontario. Only limited exploration work has been completed on the property since its acquisition.