Virginia Mines drills 57.14 g/t Ag over 3.5 m at Coulon
2006-12-19 08:48 ET - News Release
Mr. Andre Gaumond reports
VIRGINIA MINES INC.: COULON PROJECT, DISCOVERY OF NEW LENSES 43 AND 44-CONFIRMATION OF LENS 9-25 AT DEPTH WITH 8.96% ZN, 1.76% CU AND 50.20 G/T AG OVER 16.14 M
Virginia Mines Inc. has received results from the 2006 exploration program recently completed on the Coulon property (Virginia -- 100 per cent), situated 15 kilometres north of the Fontanges airport in mid-Northern Quebec. Breakwater Resources Ltd. can acquire a 50-per-cent interest in the Coulon property by making payments totalling 180,000 and spending $6.5-million in exploration work over a period of eight years.
The Coulon project is located within an unexplored Archean volcanic belt with typical geological characteristics of belts that are fertile in volcanogenic massive sulphide deposits. Three polymetallic massive sulphide lenses discovered in 2004 reported up to: 15.39 per cent Zn, 3.12 per cent Pb, 117 grams per tonne Ag and 0.46 per cent Cu over 10.5 metres (Lens 16-17); 2.91 per cent Zn, 1.12 per cent Cu, 34.25 g/t Ag and 0.3 g/t Au over 21.8 m (Lens 9-25); and 12.65 per cent Zn, 1.36 per cent Cu, 1.54 per cent Pb, 125 g/t Ag and 0.3 g/t Au over 4.70 m (Lens 08) (see press releases of April 29, 2004, and Nov. 15, 2004).
The exploration program carried out during the summer and fall of 2006 included eight diamond drill holes, totalling 2,586 metres, heliborne (Emosquito), ground (InfiniTEM) and borehole Pulse-EM geophysical surveys, as well as prospecting and geological mapping. This work led to the discovery of two new important polymetallic lenses (Lens 43 and Lens 44), bringing the total of known lenses to five and confirming the vertical continuity of Lens 9-25 to a depth of 365 m. Furthermore, this recent work brought to light many new priority drill targets on the property.
Lens 43
Lens 43 was discovered by hole CN-06-43, which tested a new EM anomaly detected in the summer of 2006 by an InfiniTEM survey in an area of thick overburden (20 m to 25 m), where the preceding geophysical surveys had not detected any conductor. Hole CN-06-43 intersected a sequence of altered felsic volcanic rock (anthophyllite-phlogopite-biotite), including, at a depth of 145 m along the hole (120 m vertically), a massive sulphide zone grading 4.58 per cent Zn, 1.37 per cent Pb, 57.14 g/t Ag and 0.6 per cent Cu over 3.5 m. This intersection is located at the northern border of the InfiniTEM anomaly that remains entirely open to the southwest. The borehole pulse EM survey carried out subsequently in hole CN-06-43 also confirmed that it intersected the border of an extensive conductor. This new discovery is situated 1.5 km west of Lens 16-17 in a completely unexplored area where no other drilling has taken place over a one-kilometre radius. During the winter of 2007, the InfiniTEM survey will be extended to the southwest and additional drilling will be done to evaluate Lens 43.
Lens 44
Lens 44 was confirmed by hole CN-06-44 with an intersection grading 3.05 per cent Zn, 1.54 per cent Cu, 21.55 g/t Ag, 0.21 g/t Au over 11 m to a vertical depth of 170 m. This very encouraging intersection is located 120 m vertically under hole CN-04-10 that crosscut a much thinner sulphide zone, grading 2.82 per cent Zn, 0.49 per cent Cu and 20 g/t Ag over 3.07 m at the upper border of the lens.
Lens 44 now constitutes a new important massive sulphide lens and is located along the same stratigraphic horizon hosting Lens 08 but 400 m farther to the south. It remains completely open to the south and at depth and will be tested by additional drilling in 2007.
Depth extension of Lens 9-25
Hole CN-06-38 confirmed the extension of Lens 9-25 to a vertical depth of 365 m, with an impressive intersection grading 8.96 per cent Zn, 1.76 per cent Cu, 50.20 g/t Ag, 0.46 per cent Pb and 0.16 g/t Au over 16.14 m, including 11.09 per cent Zn, 1.76 per cent Cu, 31.52 g/t Ag and 0.09 g/t Au over 11.14 m. Situated 180 m vertically under discovery hole CN-04-25, this mineralized interval constitutes the deepest intersection obtained to date in Lens 9-25 that remains entirely open to the south and at depth. Hole CN-06-38 also intersected another thinner massive sulphide zone grading 18.34 per cent Zn, 2.24 per cent Cu, 44.44 g/t Ag and 0.10 g/t Au over 1.10 m, about 10 m along the hole above the main lens.
Other priority targets
The 2006 summer-fall exploration program also brought to light several other priority targets on the property.
In the east portion of the main grid, the InfiniTEM survey detected a new EM conductor within the favourable stratigraphy. The conductor was tested by hole CN-06-41 that confirmed the presence of fertile volcanic rock but did not intersect any sulphide zones. However, the borehole pulse EM survey done subsequently in this hole detected an off-hole anomaly indicating the proximity of a significant conductor zone. This promising target will be tested by additional drilling during 2007.
In the southwest area of the main grid, a field of rusty erratic boulders was delimited in a 300-metre-by-50-metre area. The boulders are mainly composed of alteration minerals (anthophyllite-tremolite) with disseminated to semi-massive sulphides. These boulders returned metal values from 0.15 per cent to 3.63 per cent Cu, seven grams per tonne to 284 g/t Ag, 0.1 to 7.13 per cent Zn, 0.1 g/t to 0.908 g/t Au and traces to 5.27 per cent Pb. This boulder field is 1.5 km down ice (southwest) from the newly discovered area of Lens 43.
Mapping also identified two new altered felsic volcanic outcrops (sillimanite-biotite) with chalcopyrite stringers in the northeast corner of the main grid. Grab samples taken on these two outcrops 350 m apart returned values of 0.63 per cent Zn, 0.46 per cent Cu and 3.3 g/t Ag. The values also included 0.10 g/t Au in one case, and 0.65 per cent Cu, 7.9 g/t Ag and 0.13 g/t Au in the other case. This sector was covered recently by an InfiniTEM survey and an interpretation of the results is under way.
The Mag-EM heliborne survey covering the presumed extension of the fertile volcanic sequence to the west detected many new interesting conductors. The geological reconnaissance conducted in the area confirmed the presence of favourable felsic rocks, of which certain rocks show a high degree of alteration. Furthermore, a rusty erratic boulder discovered in the area returned a value of 3.62 per cent Zn. Ground geophysical surveys and drilling are anticipated in 2007 to test the EM conductors in this new promising sector that prolongs the fertile volcanic sequence over more than 10 km to the west.
Aside from the previously mentioned holes (CN-06-38, 41, 43 and 44), four other holes were drilled during the 2006 program. Holes CN-06-37,39 and 42 intersected altered zones from a few metres to over 10 m in thickness, containing low quantities of sulphides (plus or minus pyrite-pyrrhotine, plus or minus sphalerite and plus or minus chalcopyrite), locally reaching 5 to 10 per cent (assays pending). The last hole (CN-06-40) did not intersect any mineralization of interest.
Virginia is very encouraged by the results of the 2006 campaign. Two new important lenses were discovered (Lens 43 and Lens 44) and Lens 9-25 was confirmed to a vertical depth of 365 m. All these lenses remain open and the potential to increase their tonnage is excellent. Many other priority targets were also defined within this fertile volcanic belt that now presents mineralized showings and alteration along a lateral distance of over 20 km. Virginia plans to begin a new campaign consisting of geophysical surveying and diamond drilling during the winter of 2007. A second drill rig will be mobilized on the project in order to accelerate the exploration work.
The results of the drill campaign are reported and are illustrated in a surface plan available on the company website.
Work is carried out by the personnel of Services Techniques Geonordic, under the supervision of geological engineer, Paul Archer. He is a qualified person (as defined by National Instrument 43-101) and has more than 20 years of experience in exploration.
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