ROUYN-NORANDA, QC, Jan. 15, 2013 /CNW Telbec/ - Visible Gold Mines Inc. (TSXV: VGD) (Frankfurt: 3V4) is pleased to announce the final results from its Phase 2 "Wasa
Creek/Wasa East" drilling program on the Corporation's Break project,
west of Rouyn-Noranda, Québec.
The Wasa Creek 2012 drilling program is located approximately 3.0
kilometres southwest of Richmont Mines' 6.75 Mt (M+I) Wasamac project
and was composed of 10 drill holes totaling 5,698 metres. The Wasa
East drilling program was composed of 3 drill holes totaling 564 metres
and is located 3.5 kilometres east of Wasamac. (see map on the
Corporation website at www.visiblegoldmines.com)
FINAL ASSAY RESULTS FROM THE WASA-CREEK 2012 DRILLING PROGRAM -10-HOLES
5,698 METRES
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From
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To
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Int.
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Au
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Hole
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(m)
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(m)
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(m)
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(g/t)
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WC-12-01
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260.00
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261.00
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1.00
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4.12
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414.50
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418.60
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4.10
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21.75*
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523.33
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540.00
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16.67
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0.63
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* see March 15, 2012 Press Release
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WC-12-02
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19.75
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20.60
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0.85
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1.94
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420.00
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427.50
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7.50
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1.13
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691.50
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692.50
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1.00
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2.06
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WC-12-03
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236.30
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237.80
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1.50
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3.54
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466.55
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467.07
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0.52
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1.88
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485.50
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488.93
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3.43
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2.34
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510.25
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511.50
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1.25
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2.53
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574.50
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576.00
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1.50
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2.32
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WC-12-04
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376.50
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378.00
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1.50
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1.10
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381.00
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387.25
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6.25
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0.93
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459.00
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463.50
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4.50
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0.81
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472.00
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473.10
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1.10
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2.42
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480.00
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483.00
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3.00
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2.05
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WC-12-05
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43.20
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44.00
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0.80
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0.96
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279.60
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285.55
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5.95
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3.45
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360.00
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367.50
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7.50
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3.22
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373.50
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375.00
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1.50
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2.18
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388.50
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391.00
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2.50
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5.00
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WC-12-06
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222.00
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225.00
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3.00
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1.05
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262.50
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264.00
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1.50
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1.54
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377.00
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378.00
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1.00
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1.24
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420.40
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421.00
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0.60
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1.77
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WC-12-07
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200.20
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200.60
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0.40
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1.18
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278.30
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280.00
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1.70
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1.58
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327.00
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328.50
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1.50
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1.16
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350.50
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352.50
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2.00
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6.04
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370.50
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388.85
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18.35
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1.04
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WC-12-08
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0.00
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465.00
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nil
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nil
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WC-12-09
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317.60
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318.95
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1.35
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1.60
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332.40
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332.80
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0.40
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10.94
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364.20
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364.50
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0.30
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1.24
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WC-12-10
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235.80
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237.00
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1.20
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5.37
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352.00
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352.70
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0.70
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2.66
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412.90
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415.65
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2.75
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2.06
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444.00
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444.80
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0.80
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0.78
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538.30
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539.70
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1.40
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1.64
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FINAL ASSAY RESULTS FROM THE WASA-EAST 2012 DRILLING PROGRAM -3-HOLES
564 METRES
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From
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To
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Int.
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Au
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Hole
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(m)
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(m)
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(m)
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(g/t)
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WE-12-01
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24.00
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25.20
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1.20
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1.60
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WE-12-02
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88.50
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90.00
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1.50
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1.11
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WE-12-04 ext.
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439.50
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440.10
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0.60
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5.77
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Following encouraging results in the first phase of drilling, two
subsequent drill programs were conducted. These utilized a core
orientation system to better understand vein geometry. Results of the
second phase produced mixed results, and the core orientation system
proved difficult to use. The third phase was much more successful in
terms of results from the core orientation system, demonstrating that
some mineralized zones strike about 165 degrees (NNW-SSE) and dip 30-35
degrees west. The relationship between these and the conventional
north-dipping, E-W striking, sheared-vein systems is not known.
The oriented data provides a new perspective on the results obtained,
such that future drilling will consider these structural complexities
and will be testing extensions to known NNW-SSE zones as well as other
linear features in the same orientation. At least two such magnetic
lineaments, defined by a detailed magnetic survey conducted earlier by
Cadillac Mining Corp., are now priority drill targets.
Under the terms of a December 2010 option agreement Visible Gold Mines
can earn a 60% undivided interest in 226 of Cadillac's 239 claims by
spending $4.2 million on exploration, and making a series of payments
aggregating $100,000 and 500,000 shares. To date, Visible Gold Mines
has expended approximately $4.3 million and paid Cadillac Mining Corp.
$75,000 and issued 300,000 common shares.
Joutel Project Option
The Corporation has completed its phase 2 drilling program for a total
of 8 holes and 2,982 metres on its Joutel gold project located in the
Joutel township Province of Quebec.
The first three holes (JO-12-01 to 03) located on the east side of the
property cut many strongly altered gabbroic and felsic dykes or sills.
These are overprinted by a conjugated set of quartz-carbonates veins. A
single spec of visible gold was seen in a quartz vein intersected at a
depth of 65.2 metres in hole JO-12-03, within a 35.7 metres interval of
a strongly hematitized and silicified felsic intrusion. (see location
map on the Corporation website at www.visiblegoldmines.com)
Two additional drill holes (JO-12-07 and 08) located 960 and 1,200
metres north west of JO-12-01 also intersected many altered and
mineralized zones. Three other drill holes (JO-12-04 to 06) totaling
1,190 metres were completed on each side of JO-11-06.
Over 1,300 samples have been sent to the laboratory at this moment.
Assay results should be available in the coming weeks.
On March 1st, 2011, Visible Gold Mines entered into an Option Agreement with
Agnico-Eagle Mines Limited under which Visible Gold Mines can acquire a
50% undivided interest in the Joutel property, comprised of one mining
lease and 477 mining claims located 150 km north of Rouyn-Noranda,
northwestern Québec (see March 31, 2011 Press Release).
To acquire a 50% undivided interest in the Joutel property, Visible Gold
Mines must incur $5 million in exploration expenditures on the property
over a period of five years, which includes a firm commitment of
$500,000 during the first year of the Option Agreement and $750,000
during the second year. To date, Visible Gold Mines has expended
approximately $1.9 million on the Joutel project.
The large land package includes the former Eagle Ouest and Telbel
deposits which produced combined over 5,278,870 tons at a grade of 6.4
g/t of gold (1.1 million ounces) from 1974 to 1993. (reference:
Sansfaçon, 2012).
Qualified Person
This news release was written by Martin Dallaire, P.Eng., President and
Chief Executive Officer of Visible Gold Mines and approved by Jeannot
Théberge, P.Geo and Robert Sansfaçon, P.Geo in their capacity as
qualified persons (QP) under NI 43-101.
Quality Control
Visible Gold Mines has implemented and adheres to a strict Quality
Assurance/Quality Control for the present drill programs. It includes
one mineralized gold standard, one duplicate and one blank for each
batch of samples. Analyses are performed by ALS Chemex, Val-d'Or,
Québec, or Techni-Lab, Ste-Germaine - Boulé, Québec, both accredited
laboratories.
About Visible Gold Mines
Visible Gold Mines Inc. is a dynamic company aggressively searching for
the next important gold deposit in northwestern Québec, an area
consistently ranked as one of the world's best jurisdictions for mining
and exploration.
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
