Hello Everyone:
I have been lucky enough to get involved at this stocks low. Here is the latest News Release.
Virginia Gold Mines Inc -
La Grand Nord results
Virginia Gold Mines Inc
VIA
Shares issued 16486204
1997-09-08 close $2.85
Tuesday Sep 9 1997
Mr Andre Gaumond reports
The first sampling results from the 1997 summer-fall exploration
program, jointly conducted with partner Mines and Exploration Noranda
on the La Grande Nord property. This exploration program led to the
discovery of many new polymetallic showings which have returned high
grades in silver, copper, cobalt and nickel.
A silver-copper-cobalt-nickel structure (oriented 255 degrees/60
degrees) has been identified during exploration work at Sommet 4. The
mineralization concentrates in a thin zone followed over more than 20
metres. A 15 cm x 20 cm mass of native silver has been observed in the west portion of the structure. Grades from selected samples are
variable along the vein and are reported on the following chart:
Ag Ag Co Cu Ni
g/t g/t % % %
101.2 0.03 1.27 0.01
1 621.0 0.01 23.99 0.02
55.24 3.42 0.55 0.75
1 363.8 0.03 7.77 0.04
786.8 0.04 0.19 0.04
49.7 0.01 13.82 0.02
478.6 0.04 0.08 0.07
10.81 1.88 3.02 1.59
3 799.4 2.43 0.85 1.88
1 532.3 0.2 18.52 0.09
66.0 0.3 0.25 0.23
480.0 1.61 0.78 -
711.0 0.1 25.75 0.1
To date native silver, chalcopyrite, pyrite, malachite, azurite, erythrite (cobalt arsenate), silver arsenide and skutterudite (cobalt-nickel arsenide) ores have been identified. Mineralization is hosted by a massive basalt locally hermatized.
Another zone mineralized in pyrite and chalcopyrite has also been
discovered approximately 40 metres further east. The mineralogy is
similar to the main zone's except for native silver which is absent and for chalcopyrite which is less abundant. Sub-economic copper and silver have been returned.
An electromagnetic survey (maxmin) conducted in the area has
identified four conductors one of which is 50 metres to the south of the main showing and spreads over 400 metres long.
The new Chalco and Outarde extension showings have been
discovered in the east portion of the property. These showings
approximately 200 metres apart have similar geology. The
mineralization consists of disseminated chalcopyrite or centimetric
stringers forming metric to plurimetric horizons within
garnet-chlorite-biotlte rocks. Selected samples have graded up to
14.6% Cu and 111 g/t Ag on the Chalco showing and up to 7.5% Cu,
1.5 g/t Au and 100 g/t Ag on the Outarde extension showing. Channels
performed on the Chalco showing have graded up to 0.9% Cu over 4
metres. The two showings show many similarities with the Petit Canard
(1.9% Cu and 21.6 g/t Ag over 3 metres) and Girard-Dupras (10% Cu;
241 g/t Ag and 3.6 g/t Au over 1 metre) showings discovered in 1996 in the same area.
The discovery of these new copper, silver (cobalt, nickel) showings
indicates the presence of an important polymetallic system on the La
Grande Nord property. Field work is still in progress to evaluate its
potential.
Noranda has the option to acquire a 50% interest in return for $2.5
million in exploration expenditures and cash payments totalling
$200,000 over five years.
Have a good day,
Bob |
