Abitibi Royalties Inc.: Malartic CHL Joint Venture 2012 Drill Assay Results Hal Zone (Jeffrey Zone)
VAL-D'OR, QUÉBEC -- July 2, 2013 - Abitibi Royalties Inc. (TSX VENTURE:RZZ) (the "Company" or "Abitibi Royalties") is pleased to report on the second 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 second series of assay results contained herein pertains to the Hal Zone, where a total of seven (7) new drillholes (849.2 metres) and two (2) drillhole extensions (105 metres) were completed. The Hal Zone represents Canadian Malartic-style mineralization discovered in the Pontiac metasediments located immediately south of the Jeffrey Zone.
Highlights for (7) new drillholes and two (2) drillhole extensions include 13.5 metres averaging 1.09 g/t gold (CHL10-2259 EXT), 7.50 metres averaging 2.13 g/t gold (CHL12-2449) and 5.70 metres averaging 2.28 g/t gold (CHL12-2446).
|Drillhole Assay Table|
|NSV: No Significant Value|
Please refer to the attached Figures 1, 2 and 3 (available at the following address: http://media3.marketwire.com/docs/RZZFigures702.pdf) for the locations of the individual holes listed in the above drillhole assay table.
The Hal Zone mineralization identified from drilling completed by Osisko in 2010 (for details please see Golden Valley Mines Ltd. February 28, 2011 news release) is located 20 to 35 metres south of the contact with the Cadillac Fault and the porphyry body hosting the Jeffrey Zone. The Hal Zone appears to have a true width of approximately 7 to 10 metres and plunges steeply to the north toward the contact with a steep rake to the east. It has now been traced over 75 metres of strike from sections 7325E to 7400E. The disseminated mineralization is hosted in altered greywacke and in porphyry, which is similar to that hosting the Canadian Malartic gold deposit currently being mined by Osisko.
The assay results for the remainder of the targets tested in the 2012 drill program will follow in a separate news release over the coming weeks. 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 targets (for details of the program and assay results from the Mammoth Extension Area, please refer the Company's May 6, 2013 and June 4, 2013 news releases).
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, Québec. 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, Québec 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.
Abitibi Royalties Inc.
Glenn J. Mullan
819-824-2808, x 204