Visible Gold Mines commences drilling program on the North Block of its 167 Project
December 8, 2015
ROUYN-NORANDA, QC , Dec. 8, 2015 /CNW Telbec/ - Visible Gold Mines Inc. (VGD.V) (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.
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.
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.