Golden Valley Mines Corporate and Exploration Update - Seite 2

Please see Abitibi Royalties’ news release dated October 28, 2019, including the Technical Information section, for further information.

2) International Prospect Ventures Inc. (IZZ-TSXV): Golden Valley holds an approximate 16.5% interest (4,470,910 shares) in International Prospect Ventures Inc. (“International Prospect”).

Update on Wits End Prospect – Pilbara, Western Australia:  With the granting of the final licences on January 9, 2019, International Prospect now holds 100% of eight properties in the eastern Pilbara of Western Australia, southeast of Karratha, covering a total area of approximately 1026.10 square kilometres. The strategic locations of the tenements were determined on the basis of a review of known geology and historical exploration results, and a focus on coarse-grained conglomerate host rocks at, or in proximity to, a prominent and well-documented geological unconformity.

Between March and August 2019, International Prospect received 11 Prospecting Permit notices (Section 40E Permits) and executed seven Prospecting Agreements with local prospectors interested in exploring portions of the properties. The prospectors use metal detecting methods to search for gold nuggets at, or near, surface. Several mandatory prospecting reports are pending, but official reports submitted to date to the Department of Mines and Petroleum offer some interesting and encouraging results including 108 gold nuggets (total weight 22.1 grams) and 2 gold nuggets (0.8 and 1.2 g) from Licence E46/1197 and 22 grams of gold nuggets (ranging from 0.1 to 5.2 grams) from five areas on Licence E46/1198. In addition, a single +7 ounce gold nugget was reported from Licence E46/1198.   Recent site visits were conducted to most (7 of 8) of the properties near Marble Bar and Nullagine, and as far East as the Woodie Woodie area, and included visits to the sites from which many of the nuggets were reportedly collected in 2019 and other reconnaissance field activity.  International Prospect is in the process of planning its first exploration program on the properties which will focus on prospecting, geological mapping and surface sampling.