Golden Valley Mines Ltd.
, Stock Forum
) jumped 60% to 16 cents Wednesday as investors assessed drilling news from a gold project in Quebec.
Golden Valley holds a 66% interest in Abitibi Royalties Inc.
, Stock Forum
), which said its joint venture partner Osisko Mining Corp. (TSX: T.OSK, Stock Forum)
released the first drill intersection from the Odyssey North target on the Malartic CHL property near Val d’Or, Que.
Abitibi holds a 30% free carried interest in the property. The intersection returned 2.85 grams gold over 110 metres, the companies said in a press release.
Abitibi saw its stock price rise 50% to $1.50.
Further details on the results of the first drill intersection into the Odyssey North target can be found in Osisko's April 23, 2014 news release
Osisko said Odyssey consists of two zones (North Odyssey and South Odyssey), located at vertical depths of 400 to 1,000 metres on the north and south margins (respectively) of a 200-300-metre wide, south-dipping porphyry intrusion that is similar to Osisko’s Canadian Malartic Gold mine porphyry.
The center of this significant intersection of 110.2 metres at 2.85 grams per tonne gold cut the Odyssey North zone at a true depth of 1,150 metres and indicates a true width of 70 metres.
Four drills are currently active on the Odyssey zones, with the objective to define the overall size and geometry of both zones to vertical depths of approximately 1,300 metres.
Work is focused on the Cadillac-Larder Lake Fault, approximately 4.5 kilometres from the Canadian Malartic mill complex.