ROUYN-NORANDA, QC,
Dec. 19, 2017 /CNW Telbec/ - Visible Gold Mines Inc. (TSXV:
VGD) (Frankfurt: 3V4) is
pleased to provide an update on its successful 2017 summer
exploration activities in the Abitibi greenstone belt, in northwest
Québec.
The 2017 exploration program consisted mainly of mineral
exploration on land in the Abitibi-Témiscamingue region that has
seen little to no exploration to date. The prospecting work
produced two gold discoveries, namely the Veronik property (gold)
and the PIKO property (gold/copper). To the knowledge of Visible
Gold Mines, no drilling has ever been conducted in the vicinity of
these discoveries.
The Veronik Property (a new project 100% owned)
The Veronik gold property is comprised of 130 mining claims
acquired immediately after the discovery by Visible Gold Mines by
map designation and covers an area of approximately
62 km2. The Veronik gold property is located 75
kilometres southeast of Hecla's
Casa Berardi gold mine.
The Veronik property is underlain by the mafic volcanic rocks
(basalt, andesite) and gabbros of the Clermont-Disson Formation, in
the eastern part of the Archean Abitibi belt. While generally NW
striking and steeply dipping in the western and central parts of
the property, the mafic units are nevertheless folded at a
kilometric scale, on the western edge of the syenitic to tonalitic
intrusion known as the Lac de La Perdrix pluton. Prospecting was
carried out in the summer and fall of 2017 on a group of outcrops
located in the centre-east of the property. The outcrops contain a
zone of iron carbonate chlorite schists at least 50 metres wide
within the basalts and gabbros. This zone can contain 1% to 3%
pyrite locally, a few quartz veins and silicification,
chloritization and sericitization. Grab samples take over a section
of this zone approximately 200 metres long returned gold grades of
604 ppb Au, 824 ppb Au and 3.2 g/t Au (an average of 3.07 g/t Au
(fire assay) and 3.30 g/t Au (gravity method)). These grades
are found a few metres south of a 2.0-m wide felsic vein. An
iron carbonate erratic boulder some 25-30 centimetres in diameter
found on these same outcrops returned a grade of 4.0 g/t Au (an
average of 4.047 g/t Au (fire assay) and 3.99 g/t Au (gravity
method)). The boulder has essentially the same composition as the
schists but is less schistose. It contains 3-5% pyrite and several
quartz veins of the same nature as those seen in the outcrops.
Technical compilation is currently under way in order to plan the
next stage of field work.
PIKO Property (a new project a 100% owned)
The PIKO gold/copper property consists of 50 mining claims
acquired by Visible Gold Mines by map designation and covers an
area of approximately 25 km2. The PIKO property is
located approximately 10 kilometres east of Royal Nickel's Dumont
Nickel project.
The Archean rocks of the Piko property straddle the eastern
contact between the Taschereau
granodiorite/tonalite pluton to the west and the mafic rocks of the
Figuery volcanic group to the east. The southern property boundary
also lies approximately 2.5 kilometres north of the Macamic
Fault. This NW-striking fault, as well as the pluton and host rocks
at its contacts, contains several gold showings, as described in
Liboiron (2005 – GM 61556), Mai (2011 – GM 66144) and Beauregard
and Gaudreault (2005 – GM 62359). It should be noted that a
historical resource of 541,300 t at 3.98 g/t Au has been delineated
within the Taschereau pluton
(Liboiron, 2005 – GM 61556, Beauregard and Gaudreault, 2005 – GM
62359). The showing discovered by Visible Gold Mine recently on an
outcrop east of the contact of this intrusion returned grades of
882 ppb and 2.4 g/t Au in grab samples (average of fire assays (2.1
g/t Au) and a gravity assay (2.72 g/t Au). These samples were taken
from a 1.5 metres wide, NW-striking felsic dyke. The intrusion,
hosted in silicified basalts, shows silicification, carbonation,
quartz veins and trace to 2% pyrite in disseminated and veinlet
form. Technical compilation is presently under way in order to plan
the next stage of field work.
Financing
Visible Gold Mines intends to complete a private placement of
"flow-through" units before the end of the 2017 year in order to
finance the next exploration program to be conducted on both the
Veronik and PIKO properties. The terms and details of the private
placement will be announced shortly in a subsequent press
release.
Qualified Person
Robert Sansfaçon, PGeo, a consultant to Visible Gold Mines, is
the qualified person for the Veronik and the PIKO properties under
National Instrument 43-101 - Standards of Disclosure for Mineral
Projects, responsible for the technical contents of this news
release, and has approved the disclosure of the technical
information contained herein. The data verification was conducted
by Robert Sansfaçon, P.Geo.
Quality Control
Visible Gold Mines has implemented and adheres to a strict
Quality Assurance/Quality Control program for its drilling program.
It includes the insertion of one mineralized gold standard, one
duplicate and one blank in 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 Visible Gold Mines
Visible Gold Mines is a vibrant company actively exploring for
the next major gold deposit in northwestern Québec, considered one
of the world's best jurisdictions for mining and exploration.
Visible Gold Mines has 12,588,789 common shares issued and
outstanding.
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 completion of
the private placement and the development of the Veronik and the
PIKO properties. 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 "Risk Factors" in the
management's discussion and analysis of Visible Gold Mines for the
fiscal year ended July 31, 2017 and
under "Financial Instrument Risks" in Visible Gold Mines' Annual
Report for the fiscal year ended July
31, 2017, copies 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 this release.
Website: www.visiblegoldmines.com
SOURCE Visible Gold Mines Inc.