Visible Gold Mines Optionee TomaGold Reports Significant Gold Intersections On Hazeur Property
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 Qu?(C)bec, 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.
SOURCEVisible Gold Mines Inc.
