Company News Alert
Visible Gold Mines provides Summer Exploration and Corporate Update (cnw)
ROUYN-NORANDA, QC, Nov. 5, 2015 /CNW Telbec/ - Visible Gold Mines Inc. (TSXV : VGD) (Frankfurt : 3V4) is pleased to provide an update of its summer exploration activities as well as a corporate update.
Summer Exploration Update
Induced Polarization Ground Survey
Visible Gold Mines completed a 50-kilometre phase-domain induced polarization ground survey along the new 167 Provincial Road. The purpose of this survey was to map the lithologies, geological units and structural features underlying Visible Gold Mines' 100%-owned 167 Property, to investigate potentially favourable zones of alteration and to map with better accuracy the distribution of disseminated and stringer sulfides in the bedrock. The phase-domain induced polarization ground survey was conducted by Rmy Blanger Geophysics. This geophysical survey was carried out along the new 167 Provincial Road and was chained and picketed every 50 metres. The phase-domain induced polarization survey used a dipole-dipole electrode configuration. The dipole dimension is 50 metres and successive separations at multiples of n=1,2,3,4,5 and 6 times the dipole dimensions were used, in order to investigate at depth. This configuration should provide a depth penetration of about 125 to 180 metres, depending on target size.
Mr. Jol Dub, P. Eng. from Dynamic Discovery Geoscience of Ottawa, an engineering firm specialized in geophysics, has processed and analysed the data obtained from the phase-domain induced polarization ground survey. Inversion models of the resistivity and chargeability distribution within the ground have been generated to better understand the geometry and possible nature of anomaly sources. These models will be integrated in Visible Gold Mines' available data in the area and will ultimately provide guidance for the current exploration program, which includes exploratory drilling. The table below represents the strength of induced polarization anomalies identified.
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Induced Polarization Anomalies Strength
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Strong
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Medium
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Weak
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South Block
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4
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7
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5
|
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Central Block
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0
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2
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11
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North Block
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3
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2
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5
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Till Sampling
Inlandsis Consultants, a firm specialized in boulder tracing since 1996 and which has been involved in many technical successes with a wide range of exploration companies, completed a first appraisal of glacial landforms and ice-flow sequences for Visible Gold Mines' 167 Property. Two successful exploration campaigns based on full use of the glacial indicator tracing technique have been completed and a third exploration campaign is expected to be initiated shortly, in order to locate the bedrock source of the gold-rich boulders discovered on the 167 Property. Each campaign used both rock fragments and free gold grains in till as tracers to be followed-up to their source. The table below is a summary of Phase 1 and Phase 2 results to date;
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Till samples
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Till with visual gold grains
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Till concentrate with gold value >0.5g/t
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Phase 1 (T1-T33)
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33
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7
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3
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Phase 2 (T34-T92)
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59
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32
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5
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*Till concentrate no.18 (T18) located 80 meters off the road has returned over 1.0 g/t of gold.
**Till concentrate no. 67 (T67) located 630 meters off the road has returned over 3.8 g/t of gold.
Drilling Program
A 25-hole diamond drilling program totalling approximately 5,000 metres is in preparation and is expected to begin in November 2015. Six holes, for a total of 1,200 metres, should be completed before year end and the remainder of the drilling program is expected to be completed early in 2016. The main objective of this drilling campaign will be to test the numerous induced polarization anomalies identified during the summer 2015 exploration program and certain of the electromagnetic conductors identified during the 2014 airborne survey.
"We are very pleased with our 2015 summer exploration program," stated Martin Dallaire, President and Chief Executive Officer of Visible Gold Mines. "Visible Gold Mines obtained a considerable amount of gold in its till samples located hundreds of metres off the 167 Provincial Road and has found mineralized boulders containing gold north of the former Eastmain Mine, and the induced polarization survey along the 167 Provincial Road has generated many "ready to drill" targets. A drilling program is currently in preparation and is expected to begin in November 2015. Despite market conditions, this is an exciting year for Visible Gold Mines." added Mr. Dallaire.
Visible Gold Mines Increases its Land Position on the 167 Property
Visible Gold Mines acquired a 60% interest in 80 mining claims along the new 167 Provincial Road. The 60% interest in the 80 mining claims was acquired by performing a $50,000 exploration program on these claims. The claim block covers a distance of approximately 15 kilometres of the 167 Provincial Road and has an area of approximately 40 km2. The south boundary of these mining claims is located 15 kilometres north of the former Eastman Mine and the north boundary is located 30 kilometres south of the Stornoway Diamond's Renard project. Mineralized boulders containing gold were found along these claims during the 2015 summer prospection program and a five-kilometre induced polarization survey has generated many medium-to-strong induced polarization anomalies. In order to acquire an additional interest of 30% in these mining claims, which will bring Visible Gold Mines' total interest to 90%, Visible Gold Mines must execute a 1,000-metre diamond drilling program to essentially test the induced polarization anomalies identified during its 2015 summer prospection program.
Corporate Update
Visible Gold Mines Options Hazeur Gold Project to TomaGold Corporation
Visible Gold Mines has entered into an option and exploration agreement with TomaGold Corporation (LOT-TSXV) pursuant to which TomaGold has an option to acquire a 70% interest in the Hazeur Property. In order to acquire the 70% interest, TomaGold must: (i) pay $5,000 to Visible Gold Mines on the signature date of the option and exploration agreement; (ii) issue 1.55 million common shares to Visible Gold Mines over a three-year period; and (iii) incur $225,000 in exploration work on the Hazeur Property over a three-year period. The Hazeur Property is comprised of 61 mining claims covering an area of approximately 2,863 hectares on the southern border of the Monster Lake property. TomaGold will be the project operator with support from Visible Gold Mines' staff during the earn-in period.
Visible Gold Mines Terminates Joutel Option
Due to difficult market conditions, Visible Gold Mines decided to terminate the Option Agreement entered into with Agnico-Eagle Mines Limited in March 2011. Pursuant to this agreement, Visible Gold Mines had the option to acquire a 50% undivided interest in the Joutel Property. The Joutel Property is comprised of one mining lease and 477 mining claims located 150 km north of Rouyn-Noranda, northwestern Qubec.
Qualified Persons
Mr. Martin Dallaire, P.Eng., President and Chief Executive Officer of Visible Gold Mines, is the qualified person on the 167 Project exploration information presented in this press release under National Instrument 43-101 Standards of Disclosure for Mineral Projects, is also responsible for the technical contents of this press release and has approved the disclosure of the technical and exploration information contained herein. The data verification was conducted by Jeannot Theberge, P.Geo. under the supervision of Martin Dallaire, P.Eng.
QualityControl
Visible Gold Mines has implemented and adheres to a strict Quality Assurance/Quality Control. Tills Analyses are performed by Activation Laboratories Ltd., Ancaster, Ontario.
About the 167 Project
In 2011, the Qubec Government launched its ambitious Plan Nord project to develop Qubec's northern region, which included the construction of a 243 kilometre-long all-season road linking Stornoway's Renard Diamond project to the provincial highway network. At that time, Visible Gold Mines' management decided to acquire the available mining rights along each side of the new road in order to have access to new outcrops and strippings generated by the road construction. Visible Gold Mines acquired claims by acquisition and staking, and so the 167 Property was born. Out of the 140 kilometres of new road available for mining exploration (the first 102 kilometres are in a provincial park), Visible Gold Mines owns more than 110 kilometres. The road was completed in October 2014 at a construction cost of approximately $350 million. The 167 Property is 100% owned by Visible Gold Mines and with recent acquisitions covers up to 61,178 hectares, or 611 km2.
About Visible Gold Mines
Visible Gold Mines Inc. is a dynamic corporation aggressively searching for the next important gold deposit in the province of Qubec, an area consistently ranked as one of the world's best jurisdictions for mining and exploration.
Forward-Looking Statements
This news release contains statements that may constitute "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, among others, statements regarding the future plans, costs, objectives or performance of Visible Gold Mines, or the assumptions underlying any of the foregoing. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, including the development of the 167 Project, or if any of them do so, what benefits Visible Gold Mines will derive. Forward-looking information are based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond Visible Gold Mines' control. These risks, uncertainties and assumptions include, but are not limited to, those described under "Financial Risk Management Objectives and Policies, and Financial Risks" in Visible Gold Mines' Annual Report for the fiscal year ended on July 31, 2014, a copy of which is available on SEDAR at www.sedar.com, and could cause actual events or results to differ materially from those projected in any forward-looking statements. Visible Gold Mines does not intend, nor does Visible Gold Mines undertake any obligation, to update or revise any forward-looking information contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.
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 the release.
SOURCE Visible Gold Mines Inc.
For further information: Martin Dallaire, President and Chief Executive Officer, Telephone: 819-762-0107, Fax: 819-762-0097, E-mail: mdallaire@visiblegoldmines.com Website: www.visiblegoldmines.com