Visible Gold Mines (TSX: V.VGD, Stock Forum) celebrated today as the company announced that it had turned up numerous rusty and angular boulders in the middle section of its new project, 167 Extension, located approximately 320 kilometres north of Chibougamau city in the James Bay region smack in the heart of Plan Nord territory.
According to the news release, the 167 Extension project, representing up to 400 square kilometres and wholly-owned by the company, lies along a recently constructed 243 kilometre-long all-season road leading to Stornoway's (TSX: SWY, Stock Forum) Renard Diamond project off of the provincial highway network.
The company owns over 100 kilometres of the 140 kilometres available for exploration along the new road.
Numerous high-grade boulders were discovered at KM105 along the 20 kilometre-long East-West volcanic belt, but three more boulders were found a little further north in KM107. Also another area of interest was discovered near KM147 along the road at the junction of the Opinaca and Opatica provinces.
A recent prospecting and mapping excursion in the middle of October, revealed another interesting area north of the discovery along the construction road over 800 metres where dozens of rusty and angular erratic boulders were found.
Samples of the aforementioned boulders were sent for analysis and when the results are received, they will be reviewed by the company and an exploration program will be established to define bedrock sources of these mineralized boulders.
Visible Gold Mines was in the news recently when the Rouyn-Noranda, Quebec-based company announced completing an over-subscribed private placement with strategic investors a week ago.
Shares climbed 8.33% on the news to $0.13 per share.
Currently there are 57.3m outstanding shares with a market cap of $7.4 million.