Golden Valley Mines Provides 2013 Abitibi Grassroots Exploration Program
Golden Valley Mines Ltd. (GZZ.V) today provided the following update on the Company's on-going exploration programs.
Abitibi (AGB) Grassroots Exploration Project - Quebec and Ontario:
Diamond drilling activities will resume early in the 1st quarter of 2013 on the Company's 100%-owned gold prospects located in the Abitibi Greenstone Belt (AGB) region. During the course of the last year, the company curtailed the majority of its field expenditures on its self-funded exploration activities and instead directed activity primarily on in-house project generation activities, property compilations and assessment report filing.
Golden Valley Mine's exploration activities over the past several years have been mainly focused on preliminary fieldwork conducted over the company's 100%-owned properties, with the objective of upgrading and advancing each property to the group of "drill-ready" prospects' for the Company's AGB Project.
The Company's AGB grassroots exploration project is principally directed towards identifying prospective targets for both precious (Au-Ag, PGE) and base-metals (Cu-Zn, Ni-Cu & Co).
At this time, the Company has identified drill targets on 21 individual prospects, that in total include 55 "higher priority targets" for an aggregate amount of approximately 7,445 metres of proposed diamond drilling including properties optioned to Golden Cariboo Resources Ltd. and in respect of which Golden Valley Mines is the program operator.
The 2013 exploration budget is presently allocated at approximately $875,000 and is anticipated to consist primarily of diamond drilling with certain additional drill target definition activities over newly acquired properties. The program emphasis will be directed primarily at gold targets.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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