Visible Gold Mines Inc. Adds a Second Drill Rig in Noranda Cadillac-Lucky Break Projects
24.02.2011 | CNW
ROUYN-NORANDA, QC, Feb. 24 /CNW Telbec/ - Visible Gold Mines Inc. (TSXV: VGD) (Frankfurt: 3V4) is pleased to announce that it has received the drilling permits and will initiate a proposed 8,900 metres NQ-sized drilling campaign to its Cadillac-Lucky Break projects.Martin Dallaire, President and CEO of Visible Gold Mines stated, "We are eager to initiate this drilling program and to test these highly prospective targets on the Cadillac fault."
Hole no. East North DIP AZ Lenght (m)
PCB-11-01 616350 5338600 -55 180 750
PCB-11-02 616436 5338494 -70 180 650
PCB-11-03 616246 5338510 -70 180 600
PCB-11-04 615963 5337684 -80 180 1,200
PLB-11-01A 631202 5340240 -50 180 800
PLB-11-01B 631271 5340147 -50 180 800
PLB-11-01C 631344 5339981 -50 180 600
PLB-11-01D 630428 5340117 -50 160 800
PLB-11-02A 629013 5339531 -50 180 500
PLB-11-03A 628620 5338140 -60 160 800
PLB-11-04A 628486 5336745 -60 145 500
PLB-11-05A 631263 5336264 -60 25 500
PLB-11-06A 636700 5336100 -60 225 400
Total 8,900
See map: http://www.visiblegoldmines.com/images/property/CadillacMiningLocationMap.pdf
Cadillac-Lucky Break projects
The properties comprising the Break projects were staked in 2002 by the founders of Cadillac Mining. Exploration to date has included a projectwide airborne geophysical survey, extensive lithogeochemical sampling and diamond drilling. All of the claims making up the Break projects are subject to a 1.5-per-cent net smelter return royalty on production greater than 100,000 ounces of gold, or its equivalent, in favour of the aforesaid Cadillac Mining founders and insiders. Visible Gold Mines has acquired an exclusive option to earn a 60-per-cent interest in 217 of Cadillac Mining\'s 228 claims in its Break projects, covering approximately 7,423 hectares, in Rouyn, Beauchastel and Dasserat townships, west of Rouyn-Noranda, Quebec.
Silidor Gold Mine project update
Ten diamond drill holes have been drilled to date on the Silidor Gold Mine project, representing an aggregate of 2,001 metres. Results from SI-10-01 to SI-11-04 will be communicated next week when the re-assayed samples results will be confirmed by the laboratory. Holes SI-11-06 to SI-11-10 are drilled and logged and the samples have been sent to the laboratory for assaying. Delays in the Silidor Gold Mine project drilling schedule have been encountered due to very cold weather during the month of January.
Qualified Person
This project is under the supervision of Robert Sansfaçon, geologist and Visible Gold Mines\' vice-president exploration, a qualified person as per National Instrument 43-101.
Quality Assurance / Quality Control
Visible Gold Mines has implemented and adheres to a strict Quality Assurance/Quality Control program which includes mineralized standards, duplicata and blanks for each batch of samples. Assay samples are taken from drill core sawed in half with one half sent to a commercial laboratory and the other half retained for future reference. Analyses are performed by ALS Chemex, Val-d\'Or, an accredited laboratory.
ABOUT VISIBLE GOLD MINES INC.
Visible Gold Mines is a corporation focused on gold in the prolific Abitibi Gold Belt in Canada. There are currently 47,451,179 common shares of Visible Gold Mines issued and outstanding. Visible Gold Mines has no debt and cash liquidity of approximately $9 million.
Neither 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.
For further information:
Martin Dallaire, President and Chief Executive Officer
Telephone: 819-762-0609, Fax: 819-762-0097
E-mail: mdallaire@visiblegoldmines.com
Website: www.visiblegoldmines.com