ROUYN-NORANDA, QC, Sept. 26, 2011 /CNW Telbec/ - Visible Gold Mines Inc. (TSXV: VGD) (Frankfurt: 3V4) is pleased to provide the following exploration and corporate update.
Approximately 40% (15,000 metres) of Visible Gold Mines' planned 2011
drilling campaign of 40,000 metres is expected to be completed during
the fourth quarter, mostly on Visible Gold Mines' Wasamac-area land
package and Joutel Property.
Wasa East and Wasa Creek
Drill targets have been finalized and a Phase 1 drill campaign is now
ready to commence on the Wasa East Property, a 700-hectare property
adjoining part of the eastern boundary of Richmont Mines' Wasamac
Property. Very little historical work has been carried out on the Wasa
East Property, which is located between two major faults that are
approximately 2.5 kilometres apart. Based on geophysical anomalies and
ground surveys, Visible Gold Mines' geologists believe there could be
many parallel zones between the two gold-bearing systems.
A Phase 2 drill program at the Wasa Creek Property, which Visible Gold
Mines believes to be highly prospective for gold, is expected to
commence once all data from Phase 1, including a soon-to-be completed
induced polarization survey and downhole geophysics, is reviewed.
Assay results from the final twelve holes of Phase 1 will be reported
as soon as they are received and interpreted. The optioned Lucky Break
Project, which includes the Wasa Creek and Wasa East Properties, covers
a total of 6,000 hectares in the immediate vicinity of Richmont Mines'
Visible Gold Mines has added a second drill rig at its Joutel Project,
located 150 kilometres north of Rouyn-Noranda, with drilling now
proceeding on the fourth hole. A 7,500-metre Phase 1 drill program is
testing for possible extensions to a NW-SE structural pattern that
appears to strike directly southeast of Agnico-Eagle Mines' past
producing Telbel, Eagle and Eagle West gold deposits.
Three additional holes have been drilled and a fourth is underway at the
Silidor Property, located four kilometres west of Rouyn-Noranda, as a
follow-up to very encouraging results (see press releases dated
April 20, 2011 and June 16, 2011) from the final two holes of a Phase 1
drill program completed during the spring.
Visible Gold Mines' goal is to expand on the National Instrument 43-101
inferred resource estimate of 163,800 ounces (980,000 tonnes grading
5.19 g/t Au at a cut-off of 2.5 g/t Au) as previously disclosed in the
NI 43-101 compliant Technical Report entitled "Estimation des
ressources minérales de la zone Stadacona-Est du projet Stadacona situé
dans la Ville de Rouyn-Noranda au Nord-Ouest du Québec" dated June 30,
2011. Two drill holes have been completed to date, and more are
planned, in order to test the unexplored potential of the northeastern
section of the Stadacona Property.
Board of Directors Change
Due to a conflict of work commitments, Mr. Michael Curtis has resigned
as a director of Visible Gold Mines. "On behalf of the Board of
Directors, I wish to thank Mr. Curtis for his contributions and we wish
him the very best in his future endeavors," stated Mr. Martin Dallaire,
President and Chief Executive Officer of Visible Gold Mines. Visible
Gold Mines is currently considering several candidates to fill the
vacancy created by the resignation of Mr. Curtis.
Munich Investment Conference
Visible Gold Mines will attend an investment conference in Munich,
Germany this week, hosted by CM-Equity, as part of the Corporation's
strategy to increase awareness of Visible Gold Mines and its project
portfolio in the European market.
Visible Gold Mines currently has $4 million of working capital and
expects to receive approximately $2 million from the Québec government
in exploration tax credits. "We are looking forward to an exciting
fourth quarter with intense drilling and more positive exploration
results as we continue to aggressively move forward in the vibrant
Québec gold sector," stated Mr. Dallaire.
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., in his capacity as a Qualified Person (QP) under NI
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. Visible Gold Mines is in the midst of a $6.5-million,
40,000-metre drill program covering strategic areas in the
Rouyn-Noranda mining region. Visible Gold Mines has no debt and its
current cash liquidity is approximately $3.7 million.
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: 819-762-0609, Fax: 819-762-0097