Abitibi Royalties Inc.: Malartic CHL Joint Venture 2012 Drill Assay Results
16 July 2013 - 3:59AM
Marketwired Canada
Abitibi Royalties Inc. (TSX VENTURE:RZZ) (the "Company" or "Abitibi Royalties")
is pleased to report on the third and final series of assay results from the
2012 drill program on the Malartic CHL Prospect, located immediately east of
Osisko Mining Corporation's ("Osisko") 100%-owned Canadian Malartic gold mine
property. The information that follows has been provided to Abitibi Royalties by
joint venture partner, and program operator, Osisko.
The assay results contained herein pertain exclusively to exploration targets
outside of the main mineralized ore zones (namely the Mammoth Extension Area and
the Hal Zone located immediately south of the Jeffrey Zone). These exploration
targets include the Geo Target Area (4 ddh's, 663-metres) located on-strike with
the Jeffrey Zone to the east, the North Geo Target Area (3 ddh's, 675-metres)
located along the northeastern boundary of the Jeffrey Zone, the Eastern CHL
Target (1 ddh, 246 metres) and Cadillac Group Sediments (2 ddh's, 423-metres).
Highlights for the ten (10) new drillholes include 19.70 metres averaging 0.94
g/t gold (CHL12-2434) and 6.65 metres averaging 1.51 g/t gold (CHL12-2418) from
the Geo Target Area and 13.20 metres averaging 0.58 g/t gold (CHL12-2415) and
3.00 metres averaging 4.99 g/t gold (CHL12-2416), including 1.50 metres
averaging 9.12 g/t gold from the North Geo Target Area.
Drillhole Assay Table
----------------------------------------------------------------------------
Hole No. Length Au g/t Cut-off
Az./Dip Target From (m) To (m) (m) (uncut) g/t
CHL12-2402 182 degrees Cadillac
/-45 degrees Sediments NSV 0.35
CHL12-2414 194 degrees
/-46 degrees Eastern CHL 117.6 119.0 1.40 5.78 0.35
CHL12-2415 189 degrees
/-45 degrees North Geo 232.0 245.20 13.20 0.58 0.35
CHL12-2416 9 degrees /-
45 degrees North Geo 139.00 142.00 3.00 4.99 0.35
Incl. 140.50 142.00 1.50 9.12 0.35
CHL12-2417 189 degrees
/-45 degrees Geo 57.65 59.00 1.35 8.89 0.35
CHL12-2418 189 degrees
/-45 degrees Geo 97.00 103.35 6.35 1.51 0.35
CHL12-2431 29 degrees /- Cadillac
45 degrees Sediments 194.00 198.50 4.50 1.08 0.35
CHL12-2432 9 degrees /-
45 degrees North Geo 59.00 60.50 1.50 4.95 0.35
CHL12-2433 189 degrees
/-49 degrees Geo 26.00 27.00 1.00 0.45 0.35
CHL12-2434 189 degrees
/-49 degrees Geo 15.30 35.00 19.70 0.94 0.35
----------------------------------------------------------------------------
NSV: No Significant Value
Please refer to the attached Figures 1, 2, and 3
(http://media3.marketwire.com/docs/Figures_0715.pdf) for the locations of the
individual holes listed in the above drillhole assay table.
In summary, the 2012 drill program consisted of thirty-one (31) new drillholes
in addition to two (2) drillhole extensions, totalling 5,660.2 metres, targeting
six (6) separate areas. For specific details related to the program as well as
the individual drillhole assay results from the Mammoth Extension Area and Hal
Zone (Jeffrey Zone), please refer to the Company's news releases dated May 6,
2013, June 4, 2013 and July 2, 2013.
All NQ core assays reported above were obtained by standard 50 g fire
assaying-AA finish or gravimetric finish at ALS Chemex laboratories in Val-d'Or,
Quebec. Reported drill core weighted averages were calculated using a minimum of
0.40 g/t Au over successive intervals of 20 metres. The lengths of mineralized
intervals of less than 20 metres were minimized, and an upper cut-off of 35 g/t
Au was applied to individual assays where indicated. Intervals containing
individual assays that are greater than six times the average of the interval
are included separately. Intersected drifts or lost core within mineralized
intersections were incorporated as blank intervals.
Osisko follows strict QA-QC protocol measures in keeping with industry standards
and regulatory reporting requirements. 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.
About Abitibi Royalties Inc.: Abitibi Royalties holds 100% title to the Luc
Bourdon and Bourdon West Prospects 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. 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.
Golden Valley Mines Ltd. holds an approximate 66.3% interest in Abitibi
Royalties Inc.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Glenn J. Mullan
President
819-824-2808, x 204
glenn.mullan@goldenvalleymines.com
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