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
|* see March 15, 2012 Press Release|
|FINAL ASSAY RESULTS FROM THE WASA-EAST 2012 DRILLING PROGRAM -3-HOLES 564 METRES|
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).
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.
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
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