Shoot Out drilling intersects nickel, copper (October 11, 2004)

Drilling by Golden Valley Mines (GZZ-V) at the West Shoot Out nickel-copper prospect in the Ungava Peninsula of Quebec has cut a significant width of disseminated-to-massive-sulphide mineralization.

Golden Valley’s program, financed by Little Mountain Resources (LIT-V), is testing a series of showings on the South Raglan trend of ultramafic sills, where Golden Valley affiliate Canadian Royalties (CZZ-T) has made two new nickel-copper discoveries, Mesamax and Lac Mequillon, in the last three years.

Hole WSO04-15, following up on airborne and ground magnetic and electromagnetic surveys, intersected 12.3 metres of disseminated, net-textured, and massive sulphide mineralization. An initial 4.25 metres of disseminated sulphides, starting at 42.8 metres down-hole, returned average grades of 0.85% nickel, 0.43% copper and 0.42 gram platinum, plus 1.45 grams palladium per tonne.

The interval graded into a 4.19-metre length of net-textured and semi-massive sulphides averaging 0.88% nickel, 0.44% copper, 1.68 grams platinum and 2.43 grams palladium per tonne. This was followed by 0.36 metre of massive sulphide material grading 3.5% nickel, 2.22% copper, 0.28 gram platinum and 9.54 grams palladium.

Below that was a 3.45-metre intersection of mainly net-textured material, which ran 1.6% nickel, 0.6% copper, 0.22 gram platinum and 1.53 grams palladium.

Five other drill holes were advanced on West Shoot Out, all of which intersected disseminated sulphides, while three intersected massive sulphide intervals about a metre wide. The partners do not have assay results from these holes yet.

The prospect is about 20 km east of the Getty Zone prospect, recently drilled by Goldbrook Ventures (GBK-V).

Golden Valley is also drilling the East Shoot Out prospect, in joint venture with Resolve Ventures (RVN-V).

The West Shoot Out property is held by Golden Valley, with Little Mountain entitled to earn a half-interest in exchange for $2 million in exploration expenditures over three years. Golden Valley also received 500,000 shares of Little Mountain and $70,000 in cash; a further payment of $30,000 is not yet due.