ROUYN-NORANDA, QC, Jan. 15, 2013 /CNW Telbec/ - Visible Gold Mines Inc. (TSXV: VGD) (Frankfurt: 3V4) is pleased to announce the final results from its Phase 2 "Wasa Creek/Wasa East" drilling program on the Corporation's Break project, west of Rouyn-Noranda, Québec.
The Wasa Creek 2012 drilling program is located approximately 3.0 kilometres southwest of Richmont Mines' 6.75 Mt (M+I) Wasamac project and was composed of 10 drill holes totaling 5,698 metres. The Wasa East drilling program was composed of 3 drill holes totaling 564 metres and is located 3.5 kilometres east of Wasamac. (see map on the Corporation website at www.visiblegoldmines.com)
The oriented data provides a new perspective on the results obtained, such that future drilling will consider these structural complexities and will be testing extensions to known NNW-SSE zones as well as other linear features in the same orientation. At least two such magnetic lineaments, defined by a detailed magnetic survey conducted earlier by Cadillac Mining Corp., are now priority drill targets.
Under the terms of a December 2010 option agreement Visible Gold Mines can earn a 60% undivided interest in 226 of Cadillac's 239 claims by spending $4.2 million on exploration, and making a series of payments aggregating $100,000 and 500,000 shares. To date, Visible Gold Mines has expended approximately $4.3 million and paid Cadillac Mining Corp. $75,000 and issued 300,000 common shares.
Joutel Project Option
The Corporation has completed its phase 2 drilling program for a total of 8 holes and 2,982 metres on its Joutel gold project located in the Joutel township Province of Quebec.
About Visible Gold Mines
Visible Gold Mines Inc. is a dynamic company aggressively searching for the next important gold deposit in northwestern Québec, an area consistently ranked as one of the world's best jurisdictions for mining and exploration.
SOURCE Visible Gold Mines