Fieldwork Underway at the Porcupine Miracle Gold Prospect
20 JUNE 2017
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Val-d’Or, Québec – Uranium Valley Mines Ltd. (NEX:VZZ.H) (the “Company”) is pleased to announce that ground fieldwork is currently underway at the Porcupine Miracle Prospect, located in Langmuir Township, 30 km south of Timmins, Ontario.
The exploration program consists of establishing a grid over the property and conducting ground magnetic and induced polarization (IP) geophysical surveys. Contingent on these results, a follow-up program of in-fill geophysical surveying at 50m line spacing is planned, in addition to a prospecting and sampling program.
The Porcupine Miracle Prospect is located on the south flank of the Shaw Dome which extends south from the Destor Porcupine Fault east of Timmins. Outcrop exposure, for the most part, is fair on the property, especially near two old documented (and observed) shafts. The area is underlain by ultramafic volcanic rocks intruded by hematized east-west trending felsic dykes. The ultramafic rocks are generally well chloritized and locally strongly carbonatized. The hematized felsic dykes are often injected by significant quartz veining along with pyrite mineralization. Structurally, an important northeasterly trending shear zone crosses the property and seems spatially associated with carbonatization of the ultramafic rocks. A second WNW trending fault occurs just north of the Main Shaft.
Historical work on the property is limited. OGS Annual reports for 1915 and 1916 refer to more than 200 feet (61 metres) of shaft sinking and 300 feet (91.4 metres) of underground development near the south limit of the current property completed by Porcupine Miracle Co. Although the reports also mention the construction of a 60 ton-per-day mill, there are no records of underground assay results.
The last recorded work over the current property was conducted in 1996. That program included line-cutting, geological mapping, geophysical surveying and a 679 metre diamond drilling program. Most drill holes tested IP anomalies and/or the area near the two shafts. Although a well-mineralized quartz stockwork hosting up to 70% pyrite in hematized felsic dykes was observed, only weakly anomalous gold values were reported. The highest assay result was 0.26 g/t Au (0.008 opt Au).
Michael P. Rosatelli, M.Sc., P.Geo and a senior geological consultant to Uranium Valley Mines, is the designated “qualified person” as defined in Section 1.2 in and for the purposes of National Instrument 43-101 that reviewed and approved the technical content of this release.
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