ROUYN-NORANDA, QC, Dec. 8, 2015 /CNW Telbec/ - Visible Gold Mines
Inc. (TSXV: VGD) (Frankfurt: 3V4) is pleased to announce
that it has commenced a previously-announced drilling campaign on
its 167 Project located in the James
Bay region in the Province of Québec.
The first five drill holes totalling approximately 1,000 metres
are expected to be completed before the end of December on the
mining claims comprising the North Block of the 167 Project,
which mining claims are located 10 kilometres north of the
Eastmain River. The remainder of the drilling program is expected
to be completed early in 2016. These five drill holes will allow
Visible Gold Mines to earn an additional 30% interest, for an
aggregate interest of 90%, in the 80 mining claims comprising the
North Block of the 167 Project. The North Block covers a
distance of approximately 15 kilometres of the
167 provincial road and an area of approximately
40 km2. The south boundary of the claims comprising
the North Block is located 14 kilometres north of the former
Eastmain Mine and the north boundary is located 30 kilometres
south of Stornoway Diamond's Renard project. Mineralized boulders
containing gold were found along these mining claims during the
2015 summer prospection program and a 100 kilometre induced
polarization survey generated many medium-to-strong induced
polarization anomalies on these claims.
Chibougamau Diamond Drilling Ltd of Chibougamau, Québec has been engaged to
conduct the current drilling campaign.
Recent Financing
On December 1, 2015 Visible Gold Mines completed a
$313,088 non-brokered private
placement, the proceeds of which will be used to drill certain
induced polarization anomalies recently identified on its
167 Project, including the five drill holes to be completed on
the North Block of the 167 Project. Visible Gold Mines is
seeking additional funding to conduct a diamond drilling program on
the Center and South Blocks of its 167 Project in order to
test the numerous induced polarization anomalies identified during
the summer 2015 exploration program and certain of the
electromagnetic conductors identified during the 2014 airborne
survey.
Hazeur Gold Project
In November 2015, Visible Gold
Mines entered into an option and exploration agreement with
TomaGold Corp. pursuant to which TomaGold has an option to acquire
a 70% interest in the Hazeur property. TomaGold recently conducted
a high-definition magnetic VTEM-type airborne survey over the
Hazeur project and the data is expected to be available during the
first quarter of 2016. The Hazeur property is comprised of 61
mining claims covering an area of approximately 2,863 hectares on
the southern border of TomaGold's Monster Lake property.
Qualified Persons
Mr. Martin Dallaire, P.Eng.,
President and Chief Executive Officer of Visible Gold Mines, is the
qualified person on the 167 EXTENSION exploration 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. The data verification was conducted by Jeannot Theberge, P.Geo. under the supervision
of Martin Dallaire, P.Eng.
About Plan Nord 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 167
provincial road was completed in October 2014 at a
construction cost of approximately $350 million. The 167
Project 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 60% interest. The 167 Project covers
approximately 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.
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 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.