ASSETS | OPTIONS AND JOINT VENTURES

Eldorado Gold – ABG Joint Venture

Golden Valley Mines has a a 70:30 Joint Venture with Eldoardo Gold (formerly Ingetra Gold) in the group of nine (9) properties (8 gold and 1 copper-zinc-silver) located in the AGB (Québec and Ontario).

Bogside Gold Prospect

A program of line cutting and magnetic surveying was completed over a prospective section of recently acquired ground following the claim to cell conversion process completed by the Ministère de l’Énergie et des Ressources naturelles (MERN).

The property lies immediately southwest of the “Larder Lake-Cadillac Break”, underlain by wacke and mudstone rocks of the Pontiac Group. In the extreme northeast corner of the property, Piché Group volcanic rocks (komatiite, basalt and andesite) have been previously mapped in contact with the Pontiac Group rocks immediately to the northeast. The western part of the property is dominated by the Heva Lake Granite that intruded the surrounding Pontiac Group strata.

Previous diamond drilling (4 DDH’s) was completed on the property by Camflo Mines Ltd. (MERN documentation technique GM 38093) in 1980-81. Erratic gold values up to 0.23 oz/t gold over 4 feet were intersected (referred to as “Hamel West” showing area) at the granite-greywacke contact or within granitic dikes associated with silicification and quartz veining. The current work program encompasses the southern extension of this area of historic drilling activities.

The primary metallogenic target on the property is a large-tonnage, low grade Archean gold system, consisting of a widespread shell of disseminated gold-bearing pyrite mineralization hosted by porphyritic felsic to intermediate intrusions and altered metasediments, similar to the Canadian Malartic Mine (Agnico Eagle 50% and Yamana 50%). Proven and probable mineral reserves total 2,780 million ounces of gold (78,829,000 million tonnes at 1.10 grams/tonnes gold) on a 50% basis, as of December 31, 2018 (Agnico Eagle Website).

The Bogside Prospect is subject to a 2% NSR agreement with Abitibi Royalties.

In addition, the joint venture completed a property-scale remote sensing study over the Claw Lake Prospect (NE Ontario – Shiningtree area) with the objectives of interpreting historical exploration results and defining targets for a follow-up ground prospecting and sampling program during the summer 2019 field season. The joint venture is also planning an exploration program over selective parts of the Cook Lake Prospect (NE Ontario – Kirkland Lake Gold Camp) targeting the historical Scott-Kirkland Gold Mines Shaft #1 where historical sampling yield results of 2.63 oz/t Au over 3 feet (Reid, A., 1929).

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