Visible Gold Mines Inc. (VGD: TSX Venture Exchange and 3V4:FRANKFURT) has announced the discovery of a vein-hosted gold prospect by field prospection on its Silidor project located 945 metres southwest of the former Silidor Gold Mine in the vicinity of Rouyn-Noranda, Quebec.
Visible Gold Mines recently acquired the Silidor project from Newmont Mining Corporation and IAMGOLD Corporation (see March 8, 2010 news release for details). Visible Gold Mines owns 100% of the Silidor project and the property is not subject to any royalties.
Martin Dallaire, President and CEO of Visible Gold Mines stated, "This new, never-before drilled, high-grade gold discovery is what our exploration team was searching for the whole summer. All the credit goes to our exploration team. Our next step is to bring a drill rig on site and drill this discovery."
Silidor Gold Mine
Production at the Silidor Gold Mine ceased in July 1997 due to a depletion of reserves. The Silidor deposit was a pluton-hosted lode gold deposit. The Silidor mine contained 2.95 million tons grading 5.1 g/t Au (data from the Government of Québec). The mineralized zone was 900 metres in length a vertical extent of 900 metres, an average thickness of 3.5 metres, and trends northwest-southeast with a dip of 50°to 70° NE.
Qualified Person
This project is under the supervision of Robert Sansfaçon, geologist and Visible Gold Mines' Vice-President Exploration, a qualified person as per National Instrument 43-101.
Quality Assurance / Quality Control
Visible Gold Mines has implemented and adheres to a strict Quality Assurance/Quality Control program which includes one mineralized gold standard and one blank for the batch of samples. Analyses are performed by ALS Chemex, Val-d'Or, an accredited laboratory. Some high-grade samples have been re-assayed to ensure better quality control.
Source: Visible Gold Mines Inc.