ROUYN-NORANDA, QC, Sept.
26, 2016 /CNW Telbec/ - Visible Gold Mines Inc. (TSXV:
VGD) (Frankfurt: 3V4) is
pleased to provide shareholders with information on recent drilling
by TomaGold Corporation on property under option by TomaGold from
Visible Gold Mines as announced on November
5, 2015. Please see the TomaGold press release of today's
date for more details.
The program consisted of a total of seven holes. The drill
targets were for the most part significant geophysical anomalies,
often supported by nearby historical drill results.
The best results were obtained in Holes HA-16-03 to HA-16-08,
which were essentially drilled to test the mineralized structure of
the Philibert deposit (historic resource of 1.4 million tonnes at
5.3 g/t Au(i); Soquem 1990). This deposit lies about 1 km southeast
of the eastern edge of the property, and the structure hosting it
crosses the entire Hazeur property from east to west. The results
for these holes were as follows:
Hole
#
|
From
(m)
|
To
(m)
|
Length
(m)
|
Grade
(g/t
Au)
|
HA-16-03
|
99.90
107.70
|
104.70
113.30
|
4.80
5.60
|
1.09
0.58
|
HA-16-04
|
82.50
96.00
97.50
|
84.45
101.25
98.75
|
1.95
5.25
1.25
|
6.50
1.63
4.47
|
HA-16-05
|
75.80
|
76.20
|
0.40
|
0.04 (VG)
|
HA-16-06
|
122.25
|
123.75
|
1.50
|
0.82
|
HA-16-07
|
129.00
148.50
|
142.50
151.50
|
13.50
3.00
|
0.40
0.48
|
HA-16-08
|
64.95
76.50
|
69.00
79.50
|
4.05
3.00
|
1.15
1.12
|
Two specks of visible gold were observed in Hole HA-16-05, but
were not included in the subsample sent for assaying. Based on the
observation of the dips in the core, the TomaGold estimates the
true width of the mineralized zone at about 90% of the width
intersected by drilling.
TomaGold has an option to acquire a 70% interest in the property
from Visible Gold Mines. Under the agreement with TomaGold must:
(i) pay $5,000 to Visible Gold Mines
on the signature date of the option and exploration agreement; (ii)
issue 1.55 million common shares to Visible Gold Mines over a
three-year period; and (iii) incur $225,000 in exploration work on the Hazeur
property over a three-year period.
The Hazeur property comprises 61 mining claims covering an area
of approximately 2,863 hectares on the southern border of the
Monster Lake property. TomaGold is the project operator with
support from Visible Gold Mines' staff during the earn-in
period.
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 Inc.