Highlights :
- Several pegmatite outcrops have been identified and sampled.
Observations shows the potential to identify large pegmatites on
Block C. Pegmatites are concentrated in 500 metres wide swarms
recognized over a kilometric strike length.
- Mineralogical and textural characteristics observed allow to
link Block C pegmatites to the LCT type
(Lithium-Cesium-Tantalum).
- The MegaLi project shares its border with Patriot Battery
Metals Inc's Corvette property and is located about 3 km south from
CV5 pegmatite system. The CV5 pegmatite contains 109.2 Mt of
inferred resources at 1.74% LiO2 contains in spodumene (Patriot
Battery Metals, Corporate presentation, August 2023, Presentation - Patriot Battery
Metals).
- 111 prioritised rock-chip samples are on their way to ALS
Laboratories for alkaline fusion assaying.
- Fieldwork remains ongoing with only 18 of the forecasted 25
ground campaign days completed to date.
ROUYN-NORANDA, QC, Oct. 4, 2023
/CNW/ - Visible Gold Mines Inc. (TSXV: VGD) (FRANKFURT: 3V41) ("Visible Gold" or
the "Company") is pleased to provide shareholders with
an exploration update on its MegaLi project located approximately
fifty (50) kilometres south-southwest of the 2779 MW LG4 hydropower
facility and 16 km from all-weather road access, JamesBay. The
property consists of 78 mining claims covering a total area of
3,996.67 hectares (40 square kilometers) and is accessible by
helicopter operating from a camp located along the hydropower
reservoir.
The MegaLi project is currently wholly owned by Visible Gold
Mines but is subject to an option agreement signed with SPOD
Lithium in August 2022 whereby SPOD
Lithium can earn a maximum of 50% interest in the project. For
further details see press release dated August 5, 2022.
Block "C" pegmatite
discovery
In September, the exploration team identified multiple
outcropping pegmatites and boulders over the three (3) blocks
(B,C,F) during 18 days of exploration work in the field. A
significant discovery was made on Block "C" where multiple large
pegmatite intrusions follow the north-east regional structural
trend. Individual pegmatite ridges can be followed for about 1km
along strike. Peripheric exploration and mapping of the geology,
indicated that potential thickness of these intrusions can be in a
10 to 50 metres range. The distribution of outcrops suggests a 500
metres wide swarm composed of stacked intrusions. Host rocks of the
pegmatite observed are composed mainly of amphibolite although
described as a tonalite on the MERN website.
Pegmatites identified show variable concentrations of potassic
feldspar, albitic plagioclase, quartz and muscovite as main
components. Locally, tourmaline (black and dark blue) and garnet
appear as accessory phases. The crystallization texture can be
locally very coarse grain when compared with average pegmatite with
individual crystals reaching locally 20 cm. Preliminary
observations indicate common evidence of different crystallization
texture corresponding to different magmatic episodes.
During this first scouting phase, 111 samples were taken for
assaying including 79 samples originating from Block C.
Prospecting method
Rock chips fragments are collected from bedrock surface in areas
that enable works. The mineralogical composition of fragments is
described. A portable XRF is used on a routine basis to detect the
presence of an excess of Rubidium. This element is used to identify
the presence of LCT pegmatites (Lithium-Cesium, Tantalum), which is
the deposit type for spodumene bearing pegmatite, as largely
recognized, and documented in the James
Bay area. Based on scientific literature, the correlation
between rubidium and lithium is generally accepted for exploration
geochemistry purpose. The Company thinks that by promoting this
approach, the identification of favorable sectors for lithium
mineralization can be identified using the Rubidium enrichment
(1).
(1)
|
Source: Cerny P.,
Meintzer R.E., 1988: Fertile granites in the Archean and
Proterozoic fields of rare-element pegmatites: crustal environment,
geochemistry and petrogenetic relationships in Recent
advances in the Geology of Granite-Related Mineral Deposits,
Proceedings of the CIM Conference on Granite-Related Mineral
Deposits, Sept 1985, Eds Taylor R.P., Strong D.F.
|
This strategic approach aims at compensating for the difficulty
of sampling large and representative areas of pegmatites and the
often-discreet characteristic of spodumene. During a prospecting
program, the portable XRF is used to discriminate pegmatites whose
emplacement process was more favorable to lithium enrichment and
spodumene crystallization.
The lithium pegmatites at Corvette commonly contain elevated
levels of Rubidium (Rb) and Cesium (Cs) compared to less
differentiated granites, confirming their strongly differentiated
signature that is typically for LCT pegmatites. Whole rock rubidium
contents are commonly 1000 to 4000 ppm Rb (ref. NI43-101 Technical
Report Mineral Resource Estimate for the CV5 Pegmatite, Corvette
Property p.51).
Cautionary note:
Rubidium and potassium measurement with a portable XRF instrument
has to be considered as geochemical indicators used in routinely in
the course of prospecting work to orient and prioritize sampling
sectors. Values expressed can be considered as a
representative assay performed laboratory conditions and supervised
by a QAQC protocol. Also, the presence of Rb in sampled rock is by
anyway correlated unless a proper assaying method is performed. The
representation of prospecting data illustrates favourability
sectors for the presence of a lithium enrichment.
Patriot Battery Metals
The Company highlights that September
8th, The CV5 mineral resource estimate (MRE) has firmly
established it as the largest lithium pegmatite mineral resource in
the Americas and eighth largest globally containing a maiden
mineral resource estimate of 109.2 million tonnes at 1.42 per cent
Li2O (see Patriot Battery Metals' News Release July 31st, 2023). Moreover, an all-weather
exploration access road in construction extending from the
all-weather Trans-Taiga Road to CV5 will facilitate our upcoming
exploration programs. The road anticipated to be operational for
November 2023 (see Patriot Battery
Metals' News Release July 31st, 2023)
will stop around 3km from the MegaLi project.
Martin Dallaire, President and
Chief Executive Officer of Visible Gold Mines, stated, " Our
expectations towards the MegaLi project have always been very high
based on our previous technical compilations and the proximity with
CV5. Now being in the field and finding "giant" fertile and
zoned pegmatites returning comparable Rubidium values and low K/Rb
ratios as CV5 is way above our expectations."
Nomination of new
director
Visible Gold Mines has appointed Mr. Joel Gagné to the Company's
board of directors effective immediately. Joel worked in the mining
industry as a miner and a driller from 2010 to 2019. Joel retired
from his mining career in 2019 working for Kirkland Lake Gold at the Holt mining complex.
Joel will serve as an independent director for the Company and will
participate to the technical committee. The Company has granted to
Mr. Gagné 75 000 stock options exercisable at $0.15, vesting immediately with a 5 year term.
The stock options are granted in accordance with the Company's
Stock Option Plan.
Qualified Person
Martin Demers, PGeo, senior
geologist, and a consultant to Visible Gold Mines, is the qualified
person for Visible Gold Mines' 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.
About Visible Gold Mines
Inc.
Visible Gold Mines is a corporation focused on gold in the
prolific Abitibi Gold Belt and
lithium in the James Bay region in
the province of Québec. Visible Gold Mines has 35,077,039 common
shares issued and outstanding.
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.
This news release has been approved by the Board of
Directors.
"Martin Dallaire"
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 follow up
exploration program being planned by SPOD Lithium and Visible Gold
Mines and the result of such exploration program. 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 "Financial
Risks" and "Risk Factors" in Visible Gold Mines' Annual Report for
the fiscal year ended July 31, 2022,
a copy of which is available on SEDAR+ at www.sedarplus.ca, 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.
SOURCE Visible Gold Mines Inc.