VISIBLE GOLD MINES BEGINS DRILLING
CADILLAC BREAK PROJECT
News release highlights:
NI-43-101 resource estimate for its Stadacona-East Property has outlined
163,800 inferred ounces of gold.
21 holes completed to date on the Silidor Gold Property.
A 9,000 metre drill program starts on 7,400 hectare Cadillac Break
The first four holes are being drilled within approximately 800 metres
of Vantex Resources' Moriss Zone discovery at its Galloway Project.
ROUYN-NORANDA, QC, April 8 /CNW Telbec/ - Visible Gold Mines Inc. (TSXV: VGD) (Frankfurt:3V4) is pleased to announce that the first NI-43-101 resource estimate for
its Stadacona-East Property has outlined 163,800 inferred ounces of
gold. The property is located in the centre of Rouyn Township in
northwestern Quebec. The two past producers, the Horne Mine (59.3 Mt at 5.88 g/t Au, 2.2% Cu, 13 g/t Ag) and the Stadacona Gold Mine (466,282 ounces Au) ref.MRNFP, are situated approximately 1.0 km north
and 400 m west, respectively, from northern and western boundaries of
the Stadacona East property.
The property consists of 78 mining titles and covers a 14-square
kilometre area located along the Larder Lake-Cadillac fault. Two
economically significant structures host gold mineralization on the
Stadacona-East NI-43-101 Highlights:
- Inferred resource of 980,000 tonnes grading 5.19 g/t Au
Cut-off grade (g/t Au)
Minimum width (m)
Bulk density (t/m3)
A regulation 43-101 compliant technical report will be available on
SEDAR within 10 days.
Mr. Martin Dallaire, President and CEO of Visible Gold Mines comments, "This initial 43-101 resource estimate for Stadacona-East is another
important step in our growth strategy for Abitibi. Our geological
team's expertise is focused exclusively on the prolific northwestern
Quebec region where we intend to rapidly become an exploration leader.
We still have numerous geophysical targets to test at Stadacona-East in
the coming months and we're excited about the prospects there It's one
of several properties covering a total of more than 20,000 hectares in
the region that we'll be actively exploring this year. At the same
time, with working capital of nearly $8 million, we continue to investigate
additional potential strategic land package acquisitions."
The Stadacona-East zone has produced 73 gold-bearing intercepts. The
drill work in question was carried out mainly by the geological staff
of Ressources minières Forbex and Cambior at the end of the 1980s as
well as by the staff of Visible Gold Mines in 2008. The geostatistic
survey carried out by Mr. D'Amours resulted in the validation of the
quality of the available data as well as in the proposal of adequate
estimate parameters that take into account the statistical and
regionalized distribution of grades, information density, the nature
and geometry of the mineral-bearing shell as well as the project
Visible Gold Mines Drilling Latest Update
1. Silidor project
Drilling continues at the Silidor Gold Property, just west of Rouyn-Noranda, where Visible Gold Mines has now completed
21 holes (4,870 metres) in order to test the E vein structure and for
potential extensions to the past producing Silidor Mine less than one
kilometre to the northeast. The Company expects to release initial
assay results in the near future after they have been received,
reviewed and interpreted by its geological team.
2. Cadillac Break project
Visible Gold Mines has also just commenced a nearly 9,000 metre drill
program over a series of highly prospective targets contained within
its 7,400 hectare Cadillac Break Project recently optioned from Cadillac Mining. The first four holes are being
drilled within approximately 800 metres of Vantex Resources' Moriss
Zone discovery at its Galloway Project, 30 kilometres west of
Rouyn-Noranda in Dasserat Township.
Following completion of those four holes, the drill rig will be moved to
ground adjacent to Richmont Mines' Wasamac deposit. Visible Gold Mines
will then drill targets on three claims immediately west of Wasamac
that form part of the option agreement with Cadillac Mining. Initial
holes are planned to be collared approximately 2,800 metres west of the
former Wasamac Mine.
Richmont Mines' February 17, 2011, news release provided an updated
NI-43-101 resource calculation for its Wasamac Mine Property. A total
of 5,093,180 tonnes grading 2.51 g/t Au was announced in the measured
and indicated categories and 11,515,020 tonnes grading 2.72 g/t Au in
the inferred resource category for a total of 1,418,948 ounces of gold.
"We're excited that we have a presence very close to the growing Wasamac
deposit where Richmont continues to drill aggressively," explained Mr. Dallaire.
This press release was written by Martin Dallaire, P.Eng., president and
chief executive officer of Visible Gold Mines, in his capacity as a
qualified person (QP) under NI 43-101.
The report was produced in compliance with National Instrument 43-101
and related forms by Mr. Christian D'Amours and Mr. Robert Sansfaçon,
both geologists qualified with respect to the preparation of this
report. Mr. D'Amours is considered to be independent of the issuer
within the meaning of National Instrument 43-101.
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 one batch of samples. Analyses are
performed by ALS Chemex, Val-d'Or, or Techni-Lab, Ste-Germaine-Boulé,
Analyses were performed by Techni-Lab, Ste-Germaine-Boulé, for the 2008
drill program at Stadacona-East. Some high-grade samples from
Stadacona-East were also re-assayed to ensure better quality control.
The geostatistic survey carried out by Christian D'Amours, geologist,
resulted in the validation of the quality of the available data as well
as in the proposal of adequate estimate parameters that take into
account the statistical and regionalized distribution of grades,
information density, the nature and geometry of the mineral-bearing
shell as well as the project maturity.
ABOUT VISIBLE GOLD MINES INC.
Visible Gold Mines Inc. is a dynamic company aggressively searching for
the next important gold deposit in northwestern Quebec, 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 metres drill program covering strategic areas in the
Rouyn-Noranda mining region. The company has no debt and its current
cash liquidity is approximately $8 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