LAC PAU
A 9-hole drilling campaign totalling 2,369 metres was carried out by Virginia during winter 2013 on
the Lac Pau project that it totally owns, in the north part of the Caniapiscau Reservoir, in the James
Bay region. Under an agreement entered into on June 22, 2011, IAMGOLD Corporation has the
option of acquiring a 50% interest in the property in consideration of payments totalling $130,000
and $6 million exploration work to be carried out
over the next seven years. The property covers
the Lac Pau gold corridor, a major structure followed over 12 kilometres separating intrusive rocks
of the Beausac Suite from paragneisses of the Grosbois Suite. This fertile gold structure is host to
several significant gold showings that yielded several large intervals highly anomalous in gold of up
to 0.97 g/t Au over 69 metres (including 1.74 g/t Au over 31.5 metres) as well as thinner
intersections but with high grades of up to 9.02 g/t Au over 5 metres in channel and 69.78 g/t Au
(24.15 cut) over 1.2 metres in drilling. Drilling carried out in winter 2013 tested mainly the Jedi, Jedi
Extension and Obiwan showings all located along the Lac Pau auriferous corridor.
Five holes further tested the Jedi showing over a lateral distance of 600 metres and to vertical
depths of 125 to 300 metres under surface. These holes crosscut several large zones of alteration
and disseminated sulphides, which yielded intervals
highly anomalous in gold over plurimetric to
decametric widths. The best results were 0.51 g/t Au over 20.1 metres and 0.82 g/t Au over
18.7 metres (including 1.15 g/t Au over 11.95 metres) in hole PAU-13-061, 0.34 g/t Au over
18.5 metres, 11.5 g/t Au over 1.5 metres and 0.37 g/t Au over 21.5 metres in hole PAU-13-062 as
well as 0.61 g/t Au over 23.9 metres (including 1.45 g/t Au over 7.2 metres) in hole PAU-13-063.
Drilling done in the other areas did not return any significant values. Complete results are reported
in Table 2 and are illustrated on the surface plan (
see annexed table 2 and Lac Pau surface
plan
).
The Jedi zone consists of a very fertile structure that yielded many large intersections very
anomalous in gold over more than 600 metres laterally and down to a vertical depth of 300 metres.
The zone remains totally open laterally and at depth. Moreover, several kilometre-long portions of
the Lac Pau corridor still remain largely unexplored.
Work has been carried out by the personnel of Virginia Mines Inc., under the supervision of Mr. Paul
Archer, geological engineer. Mr. Archer is a qualified person as defined by National Instrument 43-
101 and has more than 30 years of experience in exploration. He read and approved the contents
of this press release.
Quality Control
In 2004, Virginia set up an Analytical Quality Assurance Program to control and assure the
analytical quality of its exploration results. This program includes the systematic addition of blank
samples and certified standards to each batch sample sent for analysis at commercial laboratories.
Blank samples are used to check for possible contamination in laboratories while certified standards
determine the analytical accuracy and precision.
Samples have been assayed by atomic absorption
at the ALS Chemex in Val-d’Or. For the
Wabamisk project, samples have been assayed
by metallic-sieve method while the Lac Pau samples
were analyzed by fire-assay followed by atomic
absorption according to industry standards.
Repeats are
carried out by fire-assay followed by gravimetry on each sample containing 500 ppb gold or more.