LA GRANDE SUD: NEW SPECTACULAR DISCOVERIES
MILAN SHOWING: 20.43 g/t Au over 5.0 metres
MICO SHOWING: UP TO 6,524.16 g/t GOLD
GOLD-SEARING TILL: UP TO 597 GOLD GRAINS
QUEBEC, Nov. 11 /CNW/ - Virginia Gold Mines Inc. (''Virginia'') is very
pleased to announce the discovery of many new gold-bearing structures on the
La Grande Sud property. These new showings have been identified within a
2-kilometre radius around Zone 32 on which Virginia will soon release a
resource calculation.
Among these showings note the following:
The Mico Showing: up to 6,524.16 g/t gold (190.29 oz/t Au)
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This showing discovered inside the tonalite at 350 metres north of Zone
32 (see attached map) is associated with a shear zone near the north contact
of the tonalite. The showing is characterized by a spectacular dissemination
of native gold and contains a small amount of sulfides. Drilling will soon be
performed in order to test at depth the extensions of this showing and to
confirm or invalidate the relation between Mico and Zone 32. The best grab
sampling results done within a 50-metre radius on the Mico showing have
returned:
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GOLD GRADE (g/t)
----------------------
11.90 92.13
8.20 1811.69
12.10 6524.16
8.44 612.44
16.13 14.87
13.99
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The Milan Showing: 20.43 g/t gold over 5 metres (0.595 oz/t Au over
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16.5 feet) up to 477.02 g/t gold (13.91 oz/t Au)
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Located 100 metres south of the Mico showing and 250 metres north of Zone
32, the Milan showing confirms the presence of a shear system intersecting the
tonalite. Exploration work is planed in order to test this showing at depth
and gather information on the relation between the Mico, Milan and Zone 32
showings. The best results from samples collected within a 25-metre radius on
the Milan showing have graded 14.56, 22.15 and 477.02 g/t gold respectively.
Moreover, a channel intersecting the Milan showing has returned 20.43 g/t gold
over 5.0 metres (0.595 oz/t gold over 16.5 feet).
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Milan Continuous Channel Sample
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Gold Grade Interval
(g/t) (metre)
------------------------------------------------------------------------
5.81 0 to 1
6.40 1 to 2
72.69 2 to 3
14.95 3 to 4
2.20 4 to 5
------------------------------------------------------------------------
Average of 20.43 g/t over 5.0 m
------------------------------------------------------------------------
The Ugo Showing: up to 31.68 g/t gold (0,92 oz/t Au)
----------------------------------------------------
Located 2 kilometres east of Zone 32, the Ugo showing is associated with
a shear zone intersecting basalts near the north contact of the tonalite. Also
characterized by the presence of quartz veinlets, visible gold, pyrite,
arsenopyrite and chalcopyrite, the Ugo showing spreads towards east the
gold-bearing corridor identified on the La Grande Sud property. The best
channel results obtained have returned 1.75 g/t gold over 16 metres.
Furthermore, several grab samples collected within a 25-metre radius on the
main showing have graded between 10.83 and 31.68 g/t gold. These promising
results justify further work that will test the lateral and depth extensions
of this new structure.
The Breccia Showing
-------------------
Located approximately 1.5 kilometre northeast of Zone 32, the Breccia
zone is characterized by gold mineralization mainly associated with pyrite
finely disseminated in a breccia consisting of tonalitic fragments. That wide
structure generally of low grade has returned values up to 7.54 g/t gold over
1 metre inside the breccia. Note that like the Mico and Milan showings, the
Breccia showing has no geophysical signature.
Gold-bearing Till: up to 597 gold grains
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A till sampling program conducted in order to test the almost unexplored
areas led to the discovery of spectacular gold-bearing anomalies in the till.
Two 15-kilogram samples collected south of the tonalite and east of the Zone
32 have returned 386 and 597 gold grains respectively. Most of these gold
grains were of pristine shape. The delicate shape of the grains along with
the glacial displacement implicates a proximal source located east of the till
samples in a sector nearly unexplored to date. That new targeted area will be
tested in priority.
Virginia Gold Mines is among the most active mining exploration companies
in Qu‚bec, Canada, with an exploration budget exceeding $6 million for 1997,
$14 million in cash, approximately 24 million shares issued and outstanding,
and is debt free. Virginia owns more than 30 properties covering 4,000 square
kilometres. The Company concentrates its activities in the vast unexplored
regions of northern Qu‚bec.
-30-
For further information: Andr‚ Gaumond, President or Marie-Claude Poitras, Investor Relations, 1-800-476-1853 - (418) 694-9832, E-mail: mines@virginia.qc.ca
VIRGINIA GOLD MINES INC. has 14 releases in this database. |
