Visible Gold Mines provides update on its winter diamond drilling program

ROUYN-NORANDA, QC, May 5, 2016 /CNW Telbec/ - Visible Gold Mines Inc. (TSXV: VGD) (Frankfurt: 3V4) is pleased to provide an update on the previously-announced winter diamond drilling program on its 167 Project, which was completed at the end of April 2016.  During this three-phase diamond drilling program, Visible Gold Mines drilled twelve diamond drill holes totaling approximately 2,493 metres.

During the first phase of the program, Visible Gold Mines drilled five diamond drill holes on the North Block of the 167 Project, totaling approximately 963 metres. Three diamond drill holes were drilled on the Central Block of the 167 Project, totaling approximately 603 metres, during the second phase of the winter diamond drilling program. Although gold values were obtained in the first phase of the winter diamond drilling program (holes 21 to 25) (see press release dated February 3, 2016), no economic value was intercepted in the second phase of the program (holes 26-28).

During the third phase of the winter diamond drilling program on the 167 Project, which was recently completed, Visible Gold Mines completed four diamond drill holes on the South Block of the 167 Project, totaling approximately 927 metres, the details of which are as follows:

 

Drill Hole
Number

Length

(m)

Zone

Status

Logged

Samples

(qty)

Date
Shipped
to Lab

167-16-29

300

South Block

Completed

Yes

83

April 26

167-16-30

225

South Block

Completed

Yes

130

May 2

167-16-31

201

South Block

Completed

In progress

In progress

No

167-16-32

201

South Block

Completed

In progress

In progress

No

Total

927


 

Of the three-phase diamond drilling program, the drill holes (holes 29 to 31) located on the South Block of the 167 Project are the most mineralized holes.

Hole 167-16-29 was made to test two parallel electromagnetic anomalies. After drilling five meters of overburden, the hole crossed about 20 meters of mineralization, 2% to 8%, consisting primarily of pyrrhotite with traces of pyrite and of chalcopyrite from 125 metres to 146 metres, along the hole in what it appears to be a meta tuffecious rock. The hole was logged and split and 83 samples were sent to the laboratory on April 26, 2016.

Hole 167-16-30 was made to test a strong electromagnetic anomaly in what appears to be a folded nose or the meeting of two major structures. After five metres of overburden, the hole crossed a continuous mineralized zone from five metres to 145 metres, consisting of 2% to 30% of semi to massive sulphides, along the hole, crossing volcanic, sedimentary and tuffecious zones. The mineralization consists of mostly pyrite with some pyrrhotite. The hole was logged and split and 130 samples were sent to the laboratory on May 2, 2016.

Hole 167-16-31 was made to test a strong anomaly with a strong magnetic circular anomaly. After four metres of overburden, the hole crossed many mineralized zones between 70 metres to 177 metres (5% to semi-massive, mostly pyrite with pyrrhotite and chalcopyrite). The mineralized zones are cut by numerous porphyritic dykes. The hole was logged but not yet split.

Hole 167-16-32 was to test electromagnetic anomaly. Despite the fact that the hole has not yet been described, no mineralization explains the anomaly that was observed. The hole has not yet been logged.

A map outlining the drill hole locations as well as core pictures are now available on Visible Gold Mines' website at www.visiblegoldmines.com .

Qualified Person

Jeannot Theberge, PGeo, a consultant to Visible Gold Mines, is the qualified person on 167 Project information presented in this press release under National Instrument 43-101 Standards Of Disclosure For Mineral Projects, is responsible for the technical contents of this press release, and has approved the disclosure of the technical information contained herein.

Quality Control

Visible Gold Mines has implemented and adheres to a strict quality assurance/quality control for the current exploration program. 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-Boule, Québec, both accredited laboratories.

About 167 Project

In 2011, when the Québec Government launched its ambitious Plan Nord project to develop Québec's north, including the construction of a 243 kilometre-long all-season road that links Stornoway's Renard Diamond project to the provincial highway network, Visible Gold Mines' management decided to acquire the available mining rights along each side of the new road in order to have access to new outcrops and strippings generated by the road construction. Visible Gold Mines acquired claims by acquisition and staking and so the 167 Project was born. Out of the 140 kilometres of new road available for mining exploration (the first 102 kilometres are a planned provincial park), Visible Gold Mines owns more than 110 kilometres. The road was completed on October 1, 2014 at a construction cost of approximately $350 million. The Project 167 is 100% owned by Visible Gold Mines, with the exception of 80 mining claims comprising the North Block, in which Visible Gold Mines currently has a 90% interest. The Project 167 covers approximately 67,074 hectares or 670 km2.

About Visible Gold Mines

Visible Gold Mines is a dynamic corporation aggressively searching for the next important gold deposit in the province of Québec, an area consistently ranked as one of the world's best jurisdictions for mining and exploration.

Forward-Looking Statements

This news release contains statements that may constitute "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, among others, statements regarding the future plans, costs, objectives or performance of Visible Gold Mines, or the assumptions underlying any of the foregoing. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, including the development of the 167 Project, or if any of them do so, what benefits Visible Gold Mines will derive. Forward-looking information is based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond Visible Gold Mines' control. These risks, uncertainties and assumptions include, but are not limited to, those described under "Financial Risk Management Objectives and Policies, and Financial Risks" in Visible Gold Mines' Annual Report for the fiscal year ended July 31, 2015, a copy of which is available on SEDAR at www.sedar.com, and could cause actual events or results to differ materially from those projected in any forward-looking statements. Visible Gold Mines does not intend, nor does Visible Gold Mines undertake any obligation, to update or revise any forward-looking information contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of theTSX 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: 819-762-0107, Fax: 819-762-0097, E-mail: mdallaire@visiblegoldmines.com, Website: www.visiblegoldmines.com

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