ROUYN-NORANDA, QC, June 22, 2015 /CNW Telbec/ - Visible Gold Mines Inc. (TSXV: VGD) (Frankfurt: 3V4) is pleased to provide an update of its current summer exploration activities on its 167 Property and its recent diamond drilling program.
Summer Exploration Update
Induced Polarization Ground Survey
On June 2, Rémy Bélanger Geophysics and his crew initiated a 40 kilometres phase-domain induced polarization ground survey along the new 167 provincial road. The purpose of this survey will map the lithologies, geological units and structural features underlying the 167 Property, to investigate potentially favourable zones of alteration and to map with a better accuracy the distribution of disseminated and stringer sulfides in the bedrock. The geophysical survey is carried out along the new road and was chained and picketed every 50 metres. The Phase I.P. survey is using a dipole-dipole electrode configuration. The dipole dimension is 50 metres and successive separations at multiples of n=1,2,3,4,5 and 6 times the dipole dimensions is used, in order to investigate at depth. This configuration should provide a depth penetration of about 125 to 180 metres, depending on target size.
The data processing and interpretation will be performed by Mr. Joël Dubé, P. Eng. from Dynamic Discovery Geoscience of Ottawa, an engineering firm specialized in geophysics. Inversion models of the resistivity and chargeability distribution within the ground will be generated to better understand the geometry and possible nature of anomaly sources. These products will be available by the end of June 2015. They will be integrated to other available data in the area and will ultimately provide guidance for the next exploration phase planned for the upcoming summer, which will include exploratory drilling.
Visible Gold Mines has retained the services of Inlandsis consultants, who have been specializing in boulder tracing since 1996 and who have been involved in many technical successes with a wide range of exploration companies. Inlandsis has already completed a first appraisal of glacial landforms and ice-flow sequences for Visible Gold Mines' 100% owned 167 Property. An exploration campaign based on full use of the glacial indicator tracing technique is to be initiated in the near future, in order to locate the bedrock source of the gold-rich-boulders discovered on the 167 Property. This campaign will use both rock fragments and free gold grains in till as tracers to be followed-up to their source.
On June 3, 2015, a prospecting program was initiated on both the south and north sectors of the 167 Property. It is expected that a crew of at least six geologists and technicians will be working on the 167 Property for a period of six weeks during the months of June and July, prospecting mainly for mineralized outcrops in unexplored areas of the property. The objective of the prospecting program is to identify the sources of the various boulders found during our previous prospection and exploration programs. As Visible Gold Mines cannot guarantee the origin of some of the boulders collected on the 167 Property and in order to avoid any potential contamination of samples collected to date caused by the significant work done during the construction of the new 167 provincial road or caused by any other source the prospecting team will focus on prospection and exploration of outcrops and boulders located further away from areas which may have been contaminated. Visible Gold Mines believes that the outcrops samplings method will provide more accuracy on the origin of the samples, which is not the case with boulders that can come from different sources, even sources external to the property.
Since the beginning of that prospecting program, several mineralized outcrops with pyrrhotite, pyrite and chalcopyrite were identified in the southern sector of the 167 Property. A first series of samples has been sent for analysis, the results of which will be released as they become available.
A 20-hole diamond drilling program totalling approximately 4,184 metres was performed from January to March 2015. The main objective of this drilling program was to better understand the geology and the nature of some electromagnetic (EM) conductors identified during the airborne survey completed in December 2014. The main objective of that program has been achieved. Though several drill holes have intersected mineralization over several metres, none of the 20 holes has produced results which may generate economic returns. The information obtained from this drill program is very useful for the exploration programs underway and for those to come.
However, the hole 167-15-06 is interesting. This drill hole was initially supposed to test a target in an area with an isolated intense electromagnetic (EM) anomaly located in the northern sector of the 167 Property (km144), but due to the impossibility of reaching that area, the hole was done approximately 500 metres West from the main target, but between two moderate electromagnetic (EM) anomalies. Anomalous values of 0.2% nickel were obtained on 13.5 metres.
Visible Gold Mines encountered significant delays in publishing its drilling results. The delays were mainly caused by a backlog at the laboratory used to conduct analysis of our samples and in some cases, the re-analysis of certain samples. Visible Gold Mines has taken the necessary measures to avoid these delays in the future.
Mr. Martin Dallaire, P.Eng., President and Chief Executive Officer of Visible Gold Mines, is the qualified person on the 167 Project exploration information presented in this press release under National Instrument 43-101 Standards of Disclosure for Mineral Projects, is also responsible for the technical contents of this press release and has approved the disclosure of the technical and exploration information contained herein. The data verification was conducted by Jeannot Theberge, P.Geo. under the supervision of Martin Dallaire, P.Eng.
About the 167 Project
In 2011, the Québec Government launched its ambitious Plan Nord project to develop Québec's northern region, which included the construction of a 243 kilometre-long all-season road linking Stornoway's Renard Diamond project to the provincial highway network. At that time, 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 167 Project is 100% owned by Visible Gold Mines and with recent acquisitions covers up to 61,178 hectares, or 611 km2.
About Visible Gold Mines
Visible Gold Mines Inc. 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.
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 are 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 on July 31, 2014, 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 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: 819-762-0107, Fax: 819-762-0097, E-mail: m[email protected]; Website: www.visiblegoldmines.com