Visible Gold Mines Exploring Quebec
When it comes to exploring or mining in Canada, the province of Quebec is known as being probably the most mining friendly of them all. It's a province that has a wide variety of resources and seem to be do well exploring and developing them. Some of the largest mining companies in the world have worked in Quebec and with gold prices going back up alond with the new interest in lithium, Quebec seems to be the place to explore.
Today we're going to take a look at a junior that is taking advantage of the mining friendly place. The company is called Visible Gold Mines VGD and they have several projects on the go. At the time of this writing they have just released some results from a winter drill program. This project was focused on the 167 property which is comprised of 1156 mining claims covering 611 Sq/km. It is located approximately 320 kilometres north of Chibougamau city in the James Bay region inan area called Plan Nord. The Plan Nord project was launched to develop Quebec'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 decided to aquire the available mining rights along the new road in order to have access to new outcrops and strippings generated by the road construction. Visible Gold Mines kept adding claims since and so the project 167 was born. The Project 167 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 90% interest. The Project 167 covers approximately 67,074 hectares or 670 km2.
The company also has a property called the Green Giant. The Green Giant property is made up of of 74 mining claims covering 35.89 Sq/km. It is located in the Abitibi region of northwestern Quebec, approximately 70 kilometres north of Amos, a town of about 13,000 inhabitants, and only 8 kilometres south of the former Sleeping Giant mine owned by North American Palladium.
Another interesting property is the Hazeur property. This property has 84 mining claims covering 27.4 Sq/km. This property was acquired for its potential in base metals and gold, as well as its strategic position and relation to the deposit of Joe Mann and Philibert. Recently, Tomagold and its partner Quinto Real Capital Corp have hit 6 high-grade gold intersections including 42g/t Au over 7.20 meters
Another property called the Lucky Break/ Cadillac is 7,423 hectares in size. Most of that ground covers the Lucky Break Project which includes the promising Wasa Creek and Wasa East Properties in the immediate vicinity of Richmont Mines' growing Wasamac deposit. Some very interesttin grades were found from drilling in this area.
LBWC-11-03 From (m) To (m) Length (m) Grade (g/t Au)
27.00 28.00 1.00 16.37
39.00 40.50 1.50 1.24
334.50 336.00 1.50 19.73
541.60 558.00 16.40 0.92
including 541.60 550.50 8.90 1.31
586.50 590.00 3.50 2.76
643.50 645.00 1.50 1.08
Another grouping of claims the company has called the Stadacona-East Gold Property consists of 78 mining claims. Two past producers, the famous Horne Mine (nearly 10 million ounces of gold and 2.5 billion pounds of copper) and the Stadacona Gold Mine (approximately 466,000 ounces of gold) are situated one kilometre north and 400 metres west, respectively, from the northern and western boundaries of Stadacona-East. A National Instrument 43-101 inferred resource for Stadacona-East of 163,800 ounces (980,000 tonnes grading 5.19 g/t Au at a cut-off of 2.5 g/t Au) was announced.
The company also owns 100% ownership of the 13-claim Silidor Property that it aquired from Newmont Mining and IAMGOLD Corporation. Discovered in late 1985, the former Silidor Mine was officially opened in September, 1990, by owners Noranda, Cambior, and Nova-Cogesco Resources. It entered production with reported reserves (pre-NI-43-101) of 4.78 million tonnes grading 5.4 g/t Au.
There is about 115 million shares O/S at the present time. With a good working capital this should be a good little junior to watch over the summer months as more prospecting is planned. The company has a chart on their website that shows you the work in progress along with the cost involved.
As always, use Due Diligence and see our Disclaimer and be sure to sign up for our free news letter located on the right hand side of this page.