ROUYN-NORANDA, QC, March 11, 2016 /CNW Telbec/ - Visible Gold
Mines Inc. (TSXV: VGD) (Frankfurt: 3V4) is pleased to
announce that phase two of its winter diamond drill exploration
program consisting of three drill holes totalling 603 metres is now
complete.
The drill program targeted two anomalies generated by induced
polarization (167-16-26 and 167-16-27) as well as one geochemistry
soil anomaly (167-16-28). Located at kilometre 561 (341 km
north of Chibougamau city), the
beginning of hole 167-16-28 consisted of a zone of disseminated
pyrite while a zone of cemented breccia, hematized was intercepted
deeper. Located at kilometre 555, hole 167-16-26 intercepted a zone
of approximately a dozen metres containing mineralization
consisting of disseminated pyrite also hematized containing
volcanic rocks. Hole 167-16-27 was located at kilometre 558, the IP
anomalous zone intercepted, can be explained by finely disseminated
mineralization within a conglomerate matrix.
"We are progressively moving forward with this exciting Project
167" stated Martin Dallaire,
President and CEO of Visible Gold Mines. "Our 2015 summer till
sampling program yielded a significant amount of gold and last
December, two holes on the north block and our first hole on the
central block of the Project 167 returned anomalous gold values"
added Mr. Dallaire.
December 2015 Drilling
Results
Assay results from the December
2015 five hole drilling program totalling 966 metres on the
North Block of the Project 167 have been announced in
February 2016. Of these, two drill holes, 167-15-23 and
167-15-25, intersected anomalous gold values. 167-15-23,
intersected a mineralized quartz vein in a mudstone that returned
0.356 g/t over 0.29 metre and hole 167-15-25 a vein
containing pyrite, pyrrhotite and arsenopyrite in sedimentary rock
that returned 0.242 g/t over 0.40 metre.
Claims Acquisition
On March 9, 2016, Visible Gold
Mines acquired by map designation seven new mining claims located
about 8.5 kilometres west of the 167 provincial road near km
596. These mining claims will be added to the Northern Block which
is owned 100% by Visible Gold Mines.
Qualified Persons
Mr. Martin Dallaire, P.Eng., President and Chief Executive
Officer of Visible Gold Mines, is the qualified person on the
Project 167 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.
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-Boulé, Québec, both accredited laboratories.
About Plan Nord Project 167
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 Project 167 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 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 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 Project 167, 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, 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 the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of the release.
SOURCE Visible Gold Mines Inc.