Property Lucky Break / CadillacVisible Gold Mines is aggressively exploring a highly prospective land package west of Rouyn-Noranda that was optioned in December, 2010, and comprises 7,423 hectares. Most of that ground covers the Lucky Break Project which includes the promising Wasa Creek and Wasa East Properties in the immediate vicinity of Richmont Mines' growing Wasamac deposit.
As of mid-September, Visible Gold Mines had completed a Phase 1 campaign consisting of 13 holes and 8,800 metres of drilling at Wasa Creek. Assay results for 12 of those holes are pending. A ground-based IP survey as well as a down-hole geophysics probe are being undertaken at the property in order to assist in identifying drill targets for an aggressive Phase 2 program. In the meantime, the company's Wasamac-area land package drilling will shift from Wasa Creek to Wasa East before returning to Wasa Creek.
Mineralization has been observed in drill core over a wide area at previously unexplored Wasa Creek, from LBWC-11-05 at the western edge of the property to LBWC-11-11 in the northeast sector (a distance of 2300 metres). LBWC-11-12, for example, centered approximately in between those two holes and collared 430 metres northeast of LBWC-11-03, the very first hole drilled at Wasa Creek, intersected a total of 10 zones of mineralization beginning 46 metres from surface and ending near the bottom of the hole (total vertical depth was 563 metres). This included multiple mineralized shear zones up to 13 metres in length in addition to a well-mineralized five-metre quartz carbonate vein structure in Archean volcanic rock near the end of the hole.
A better geological understanding of Wasa Creek is beginning to emerge as reported by the company in its September 12, 2011, news release.
"In a very short period of time our geological team has gained an immense amount of new understanding concerning structure at Wasa Creek which will aid us tremendously as we move forward and attempt to define a potential deposit," stated Martin Dallaire, Visible Gold Mines' President and CEO.
Hole LBWC-11-03, collared 450 metres north of the Cadillac Fault in a flat-lying area where virtually no historical drilling has ever occurred, intersected several zones of gold mineralization including an intensely altered 16.4-metre shear zone from 541.60 to 558 metres with gold in disseminated pyrite.
Significant Assay Results - LBWC-11-03
LBWC-11-03 From (m) To (m) Length (m) Grade (g/t Au) 27.00 28.00 1.00 16.37 39.00 40.50 1.50 1.24 334.50 336.00 1.50 19.73 541.60 558.00 16.40 0.92 including 541.60 550.50 8.90 1.31 586.50 590.00 3.50 2.76 643.50 645.00 1.50 1.08
True width is estimated to be 85% of core length.
A total of 12 other holes have been completed at Wasa Creek including LBWC-11-08 which was collared just 900 metres south of the Richmont's Wildcat Zone and 1200 metres south of the Wasamac Main Zone. Visible Gold Mines' geologists have traced the Wildcat Zone to the southwest to Lake Wasa and three claims that form part of the Wasa Creek Property. This is where LBWC-11-08 was drilled in a perpendicular direction (401 metres total core length) in order to intercept the south-dipping Wildcat structure.
Meanwhile, drill targets are being finalized for Wasa East which adjoins part of the eastern boundary of Richmont's Wasamac Property, immediately south of the Wasa Shear, and is mostly composed of volcanic rocks (basalt, andesite and diorite).
Wasa East is situated between two major faults that are 2.5 kilometres apart - the Cadillac Fault, spatially related to numerous gold deposits in the Abitibi Greenstone Belt, and the Wasa Shear, the principle structure hosting gold mineralization at the Wasamac deposit.
Visible Gold Mines considers Wasa East to be highly prospective for a potential gold deposit. Geophysical anomalies indicate there could be many parallel zones to the Wasa Shear and the Cadillac Fault, and ground surveys show the presence of a fault suggesting a direction which can connect both gold-bearing systems. Historically, very little exploration work has been carried out at Wasa East and the company is looking forward to testing the potential of this area.
Richmont Mines' February 17, 2011, news release provided an updated NI-43-101 resource calculation for its Wasamac Mine Property. A total of 5,093,180 tonnes grading 2.51 g/t Au was announced in the measured and indicated categories and 11,515,020 tonnes grading 2.72 g/t Au in the inferred resource category for a total of 1,418,948 ounces of gold).
Three exploration holes have been completed over other parts of Visible Gold Mines' Lucky Break Project (2 kilometres southwest, 3.5 kilometres south and 7.5 kilometres southeast, respectively, of LBWC-11-03). No significant values were intersected in the first two holes while the last hole did not reach the bedrock. In addition, three holes completed at the Cadillac Break Project near Vantex Resources' Galloway Project did not return significant intersections of gold mineralization and no further drilling is planned in that area at this time.
The 217 optioned Lucky Break and Cadillac Break claims cover approximately 24 kilometres of the prolific Cadillac Fault and are situated between the Noranda camp which has produced 18 million ounces of gold and the 11-million ounce former Kerr Addison Mine at Virginiatown, Ontario.