ROUYN-NORANDA, QC, Sept. 12, 2011 /CNW Telbec/ - Visible Gold Mines Inc. (TSXV: VGD) (Frankfurt: 3V4) is pleased to report that it has completed 13 holes and 8,800 metres of
drilling in a Phase 1 campaign at its Wasa Creek Property, part of the
Company's optioned Lucky Break Project that covers 6,036 hectares of
under-explored ground west of Rouyn-Noranda, Quebec, in the vicinity of
Richmont Mines' Wasamac gold deposit.
Visible Gold Mines is eagerly anticipating assay results for an
additional 12 holes after the very first hole drilled at Wasa Creek
(LBWC-11-03) cut four distinct zones of gold mineralization with
encouraging assays as announced August 11, 2011. Mineralization has
been observed in drill core over a wide area at this previously
unexplored property, from LBWC-11-05 at the western edge to LBWC-11-11
in the northeast sector (a distance of 2,300 metres). LBWC-11-12, for
example, centered approximately in between those two holes and collared
430 metres northeast of LBWC-11-03, intersected a total of 10 zones of
mineralization beginning 46 metres from surface and ending near the
bottom of the hole (total vertical depth was 563 metres). This
included multiple mineralized shear zones up to 13 metres in length in
addition to a well-mineralized five-metre quartz carbonate vein
structure in Archean volcanic rock near the end of the hole. These
mineralized sections contain 2-5% pyrite and some chalcopyrite.
A better geological understanding of the Wasa Creek Property is
beginning to emerge. Wasa Creek covers a 3.5-kilometre stretch of the
prolific Cadillac Fault, spatially related to numerous large gold
deposits from east of Val-d'Or to the famous Noranda mining camp to the
former 11-million ounce Kerr Addison Mine in Virginiatown, Ontario.
Intense fracturing and displacement have been observed at Wasa Creek
and it's now believed that the Cadillac Fault runs in a northeast
direction, as opposed to a straight east-west direction, under at least
half of the property and then it bends to the east, creating a zone of
major geological interest. In addition, given intriguing thickness
variations in younger sedimentary rock formations of the Cobalt Group
that cover the Cadillac Fault, important north-south secondary faults
are now interpreted to exist at Wasa Creek in areas north of the
Cadillac Fault (this is believed to be significant). Visible Gold
Mines is immediately proceeding with a ground-based IP survey as well
as a down-hole geophysics probe at the property in light of this new
information and to assist in identifying drill targets for an
aggressive Phase 2 program.
The Wasa Creek Property, and Visible Gold Mines' entire Wasamac-area
land package, is situated in an area of growing exploration and mining
importance beginning approximately 15 kilometres west of
Rouyn-Noranda. Wasa Creek adjoins the western boundary of Richmont's
Wasamac Property, where five drill rigs are currently active, while
Richmont's Francoeur Mine is just a few kilometres to the northwest of
the eastern edge of Wasa Creek. The former Aldermac Mine, which
produced copper, gold and silver between 1936 and 1943, is 2,500 metres
directly north of Wasa Creek.
"Positive early indications from Wasa Creek and Richmont's continued
exploration success at Wasamac underscore the potential of this entire
area which has clearly been under-explored," stated Martin Dallaire,
Visible Gold Mines' President and CEO. "In a very short period of time our geological team has gained an
immense amount of new understanding concerning structure at Wasa Creek
which will aid us tremendously as we move forward and attempt to define
a potential deposit. While we eagerly wait for more assays from our
Phase 1 drilling, and carry out an IP survey and some down-hole
geophysics, we will be shifting our Wasamac-area land package drilling
from Wasa Creek to Wasa East. We'll then return to Wasa Creek for
Maps showing the location of all Phase 1 drill holes at Wasa Creek, in
addition to the company's entire Wasamac-area land package, can be
viewed at www.visiblegoldmines.com.
Rock samples have been collected at Wasa East and have been sent for
assaying. Very little historical work has been completed at this
property but initial drilling will focus on an area where trenching was
carried out and a few short holes were drilled in the 1940's and
1950's. Results from that work are unknown but the amount of trenching
suggests that mineralization may have been detected near-surface.
Wasa East adjoins part of the eastern boundary of Richmont's Wasamac
Property, immediately south of the Wasa Shear, and is mostly composed
of volcanic rocks (basalt, andesite and diorite). Wasa East is situated
between two major faults that are approximately 2.5 kilometres apart -
the Cadillac Fault and the Wasa Shear, the principle structure hosting
gold mineralization at the Wasamac deposit.
Geophysical anomalies indicate there could be many parallel zones to the
Wasa Shear and the Cadillac Fault, and ground surveys show the presence
of a fault suggesting a direction which can connect both gold-bearing
systems. Visible Gold Mines considers Wasa East highly prospective for
hosting a potential gold deposit and is looking forward to drilling
Drilling has commenced at the Joutel Extension Property, 150 kilometres
north of Rouyn-Noranda with the first hole of a 7,500-metre Phase 1
drill program nearing completion. Most of the planned Phase 1 holes are
within 2,000 to 5,000 metres of three former gold mines and two past
producing copper mines. A northwest-southeast mineralized structural pattern, based on
geophysical surveys, appears to strike directly southeast of
Agnico-Eagle's past-producing Telbel, Eagle and Eagle West mines for
two kilometres and may extend farther to the former village of Joutel
and beyond (please see map with drill plan on Company's website under
the Joutel section).
"Joutel is a significant former mining camp with tremendous potential to
host additional gold deposits," stated Dallaire. "Robert Sansfacon,
our senior geologist, is applying a fresh geological approach to the
project which has us very excited about the potential success of this
current drill program."
Visible Gold Mines has an option to earn a 50% interest in Joutel from
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
Visible Gold Mines has implemented and adheres to a strict Quality
Assurance/Quality Control for its current drill programs. It includes
one mineralized gold standard, one duplicate and one blank for one
batch of 20 samples. Analyses are performed by ALS Chemex, Val-d'Or, or
Techni-Lab, Ste-Germaine - Boulé, accredited laboratories.
About Visible Gold Mines
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 metre drill program covering strategic areas in the
Rouyn-Noranda mining region. The Company has no debt and its current
cash liquidity is approximately $4.2 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