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.