for fans of virginia. via seemsto have slipped recently. does antone have
an opinion on the 7.58oz figure?
Virginia Gold Mines Inc. Marie-Claude Poitras Investor Relations
(418) 694-9832 or 1-800-476-1853 (418) 692-3969 (FAX)
ME SYMBOL: VIA NOV26,96
Virginia: Discovery of a New Target Area With Exceptional Potential at La
Grande Sud-Till Sampling Returning up to 7.58 oz/t (260 g/t) Gold
QUEBEC, QUE--Virginia Gold Mines Inc. ("Virginia") is pleased to announce
the discovery of a new target area with exceptional gold potential on its
La Grande Sud property (100% Virginia), located near LG-3, in the James Bay
area of Quebec.
Surface work done on Km 85 grid has identified a shear zone associated with
a major contact between volcanic and sedimentary rocks including iron
formations.Many conductors (the most important one measuring more than 3
km long) have been detected within or along this structural corridor.
Because they correspond to a topographic depression,conductors located in
the core of the shear zone haven't been tested by surface work.Several
mineralized showings have been discovered along these conductors laterally
over more than 1 km within the shear zone.Most of these showings,
mineralized in pyrrhotite,arsenopyrite and pyrite (sometimes chalcopyrite)
within volcanics,iron formations and sedimentary rocks; grab samples have
returned values varying between 0.07 and 1.07 oz/t (2.5 and 36.8 g/t) gold.
More than half the samples grade over 0.17 oz/t (6.0 g/t) gold.
Till Sampling : Up to 7.58 oz/t (260 g/t) gold
The potential of this area is further enhanced by a till geochemical survey
since 4 samples of heavy mineral concentrates grabbed along the shear zone
have returned values highly anomalous in gold, grading between 0.05 and
7.58 oz/t (1.7 and 260 g/t).This high value is directly associated with the
important EM conductor located in the core of the shear zone.
This very promising sector will soon be the object of a drill
program planned to begin in Dec on the La Grande Sud property.
Highlights
Virginia within a mining syndicate stakes over 1,500 claims outside the
government's former reserve in Sept-Iles, 475 claims inside the limits and
signs an agreement with Kennecott on the latter.
Virginia is awarded the title of Prospector of the year 1996 by
the Quebec's Prospectors Association for its work in the James Bay area.
Discovery of an important mineralized structure on La Grande Sud:the
Wedding zone has returned values of 0.28 oz/t Au /13 ft
including 0.49 oz/t /6ft (9.9 g/t Au /4m including 16.67 g/t Au /2m)
Discovery of polymetallic showings on the La Grande project (option Barrick
Gold).Channel sampling has returned values of 10% Cu,7.03 oz/Ag (241 g/t),
0.105 oz/t Au (3.6 g/t)
Virginia Gold Mines
One of the most important junior mining exploration companies in Quebec
Over 30 properties in Quebec
Covering over 4000 km2 of favourable geology
Major Partners - Kennecott - Barrick Gold - Cominco - SOQUEM
- Battle Mountain
Exploration budget for 96 $3,500,000 (minimum)
Working capital $10,000,000 no debt
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