Abitibi Royalties Malartic CHL Joint Venture Project Summary: 2012 Drill Results
06 May 2013 - 11:59PM
Marketwired Canada
Abitibi Royalties Inc. (TSX VENTURE:RZZ) (the "Company" or "Abitibi Royalties")
is pleased to report on exploration and development activities completed by
project operator, Osisko Mining Corporation ("Osisko") during 2012 on the
Malartic CHL Prospect joint venture property (the "Property"). Drilling summary
and statistics exclude the single "NSR-claim" covering the Charlie Zone and part
of the Gouldie Zone both situated southeast of the Canadian Malartic deposit.
The information herein with respect to the 2012 Drill Program and the 2012 drill
holes and targets tested on the Property has been provided to Abitibi Royalties
by Osisko.
2012 Drill Program on Malartic CHL Project:
In 2012, joint venture partner Osisko drilled thirty-one (31) new drillholes in
addition to two (2) drillhole extensions, totalling 5,660.2 metres on the
Property. Please refer to Table 1 at the end of this news release for the
complete list of drillhole information and targets tested and Figures 1 and 2
for the drillhole locations.
A total of six (6) separate targets were tested during the 2012 drill program.
Total metres drilled amounted to 5660.2 metres, as follows:
-- Mammoth Ext. Area: 14 ddh's, 2,699-metres
-- Jeffrey Zone (HAL) Area: 7 ddh's & 2 ddh extensions, 954.2-metres
-- GEO Target Area: 4 ddh's, 663-metres
-- North GEO Target Area: 3 ddh's, 675-metres
-- Eastern CHL target: 1 ddh, 246-metres
-- Cadillac Sediments area; 2 ddh's, 423-metres
Assay results for the individual zones tested in the 2012 drill program will
follow in a series of separate news releases over the coming weeks.
Furthermore, since the grant of the option to Osisko, Osisko has devoted
considerable efforts and project expenditures to the Property. Drilling
statistics and property assessment work credits, as extracted from Osisko's two
public domain assessment report filings, namely: (i) Technical Report on the
2007 - 2009 Diamond Drilling Program, Malartic CHL, Property Malartic, Quebec,
Kiddie, 2011; and (ii) Rapport technique - Rapport des campagnes de forages
2010-2011 et 2012 sur la propriete CHL, are summarized below:
-- From May 2007 to December 2009: 155 diamond drillholes for a total of
36,530m completed with a value of $3,972,403 in assessment work expenses
filed; and
-- From January 2010 to April 2012: 203 diamond diamond drillholes for a
total of 39,574m with a value of $3,974,864 in assessment work expense
filed.
Mineral Reserves & Resources:
For the latest details on the mineral resource update and mineral reserve
estimate for Abitibi Royalties' two mineralized zones (Jeffrey and
Mammoth/Barnat) located on the Property, and the 2% net smelter return royalty
on the claim hosting part of the Gouldie zone, please refer to the Company's
March 6, 2013 and April 19, 2013 news releases. Please refer to Figure 3 herein
for the details on the Reserves and Resources contained in the various zones.
Additional details can also be retrieved from the technical report entitled: "A
Mineral Resource Update And Mineral Reserve Estimate For Abitibi Royalties
Inc.'s Malartic CHL Property Joint-Venture", dated April 17, 2013 by accessing
Abitibi Royalties' issuer profile at www.sedar.com.
Brief History of the Malartic CHL Prospect and the Joint Venture Formation:
The claims comprising the Property were originally staked by Golden Valley Mines
Ltd. ("Golden Valley", please refer to news release dated January 31, 2006),
followed by the grant of an option to Osisko (please refer to news release dated
February 3, 2006). The general terms of the option were the following: Osisko
had the right to acquire a 70% interest in the Property in consideration for
$150,000 in cash payments over a four year period and by completing a minimum
$2,000,000 in exploration expenditures over a four year period. Osisko is the
operator during both the option and joint venture phases. The agreement further
provided that upon Osisko earning a 70% interest in the Property, Golden Valley
would retain a 30% free-carried interest therein to production.
The agreement and the option were later assigned to Abitibi Royalties in
contemplation of the completion of an arrangement between Golden Valley, the
Company, and two other of Golden Valley's subsidiaries. Osisko has exercised the
option to acquire a 70% interest in the Property and a joint venture is
currently in effect thereon. Abitibi Royalties owns a 30% free-carried interest
in the Property.
Glenn J. Mullan, Chief Executive Officer of Abitibi Royalties, is the Qualified
Person (as such term is defined in National Instrument 43-101 - Standards of
Mineral Disclosure) who has reviewed this news release and is responsible for
the technical information reported herein.
Table 1: List of 2012 Drillholes and Targets Tested
----------------------------------------------------------------------------
Length
DDH No. Section Easting Northing Azimuth Dip (m) TARGET
----------------------------------------------------------------------------
CHL12-2450 6450E 716450 5334741 2 -45 114 Mammoth Ext. Area
----------------------------------------------------------------------------
CHL12-2451 6450E 716450 5334741 182 -63 201 Mammoth Ext. Area
----------------------------------------------------------------------------
CHL12-2462 6500E 716500 5334542 182 -45 240 Mammoth Ext. Area
----------------------------------------------------------------------------
CHL12-2460 6500E 716500 5334643 182 -45 150 Mammoth Ext. Area
----------------------------------------------------------------------------
CHL12-2452 6500E 716500 5334729 182 -62 222 Mammoth Ext. Area
----------------------------------------------------------------------------
CHL12-2453 6500E 716500 5334729 182 -71 282 Mammoth Ext. Area
----------------------------------------------------------------------------
CHL12-2459 6525E 716525 5334625 182 -45 141 Mammoth Ext. Area
----------------------------------------------------------------------------
CHL12-2458 6525E 716525 5334660 2 -45 195 Mammoth Ext. Area
----------------------------------------------------------------------------
CHL12-2461 6550E 716550 5334563 182 -45 126 Mammoth Ext. Area
----------------------------------------------------------------------------
CHL12-2454 6550E 716550 5334670 2 -45 177 Mammoth Ext. Area
----------------------------------------------------------------------------
CHL12-2455 6550E 716550 5334670 182 -70 261 Mammoth Ext. Area
----------------------------------------------------------------------------
CHL12-2426 6575E 716575 5334717 182 -71 263 Mammoth Ext. Area
----------------------------------------------------------------------------
CHL12-2457 6625E 716625 5334598 182 -48 141 Mammoth Ext. Area
----------------------------------------------------------------------------
CHL12-2456 6625E 716625 5334657 182 -50 186 Mammoth Ext. Area
----------------------------------------------------------------------------
CHL12-2443 7250E 717250 5334487 182 -45 105 Jeffrey Zone (HAL)
----------------------------------------------------------------------------
CHL12-2444 7275E 717275 5334474 182 -45 102 Jeffrey Zone (HAL)
----------------------------------------------------------------------------
CHL12-2445 7300E 717300 5334470 182 -45 225.2 Jeffrey Zone (HAL)
----------------------------------------------------------------------------
CHL12-2446 7325E 717325 5334477 182 -45 102 Jeffrey Zone (HAL)
----------------------------------------------------------------------------
CHL12-2447 7325E 717325 5334477 182 -64 111 Jeffrey Zone (HAL)
----------------------------------------------------------------------------
CHL12-2448 7350E 717350 5334462 182 -57 102 Jeffrey Zone (HAL)
----------------------------------------------------------------------------
Jeffrey Zone (Ext
CHL12-2449 7350E 717350 5334490 182 -57 102 targeting HAL)
----------------------------------------------------------------------------
Jeffrey Zone (Ext
CHL10-2266 7350E 717350 5334546 182 -45 66 targeting HAL)
----------------------------------------------------------------------------
Jeffrey Zone (Ext
CHL10-2259 7375E 717375 5334546 182 -45 39 targeting HAL)
----------------------------------------------------------------------------
CHL12-2433 N/A 717350 5334449 189 -49 123 GEO Target
----------------------------------------------------------------------------
CHL12-2415 N/A 717760 5334704 189 -45 246 North GEO Target
----------------------------------------------------------------------------
CHL12-2432 N/A 717795 5334578 9 -45 195 North GEO Target
----------------------------------------------------------------------------
CHL12-2434 N/A 717825 5334440 189 -49 120 GEO Target
----------------------------------------------------------------------------
CHL12-2416 N/A 717840 5334514 9 -45 234 North GEO
----------------------------------------------------------------------------
CHL12-2417 N/A 717840 5334514 189 -45 204 GEO Target
----------------------------------------------------------------------------
CHL12-2418 N/A 717946 5334475 189 -45 216 GEO Target
----------------------------------------------------------------------------
Eastern CHL (never
CHL12-2414 N/A 718888 5334530 194 -46 246 drilled area)
----------------------------------------------------------------------------
CHL12-2431 N/A 719010 5334732 29 -45 285 Cadillac Sediments
----------------------------------------------------------------------------
CHL12-2402 N/A 717370 5335245 182 -45 138 Cadillac Sediments
----------------------------------------------------------------------------
About Abitibi Royalties Inc.: Abitibi Royalties holds 100% title to the Luc
Bourdon and Bourdon West Prospects (also known as the McFaulds Lake Property) in
Ontario and a 30% free-carried interest on the Malartic CHL Property near
Val-d'Or, Quebec which is the object of a joint venture with Osisko Mining Corp.
("Osisko"). In addition, the Company holds a 2% net smelter royalty interest in
one additional claim held by Osisko, and may acquire and generate other property
and royalty interests.
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.
Figures 1, 2 and 3 (Project Malartic CHL prospect) are available at the
following address:
http://media3.marketwire.com/docs/RZZ_2013-05-06_Project-Summary_FIG-01_02_03EN.pdf
FOR FURTHER INFORMATION PLEASE CONTACT:
Glenn J. Mullan
President
819-824-2808, x 204
glenn.mullan@goldenvalleymines.com
Abitibi Royalties (TSXV:RZZ)
Historical Stock Chart
From Apr 2024 to May 2024
Abitibi Royalties (TSXV:RZZ)
Historical Stock Chart
From May 2023 to May 2024
