http://stockcharts.com/def/servlet/SC.pnf?chart=MTO.V,PLAADANRBO[PA][D][F1!3!1.0!!2!20]&pref=Ghttp://stockcharts.com/h-sc/ui?s=MTO.V&p=D&b=5&g=0&id=p84557541922Metanor - MTO.V had 2 weeks of strong gains with heavy volume after coming off a bottom of .21. The downward trendline was broken at .25 and it judging by the volume a new uptrend may have started for the stock. On the weekly chart, .30 is major support and can be used as a stop loss. Resistance is .48
WEEKLY CHART
The daily chart tells a slightly different story. The stock is approaching overbought levels at this price, after a nice rise from the bottom. .33 might be worth an entry here, and .29 - .30 is support.
DAILY CHART
The P&F chart has triggered a buy signal at .28, with a price target of .66. (using average true range setting)
Major resistance is clearly indicated on the P&F at .48. The target of .66 depends on news and how well the company executes production. The target of .66 is only a guide, and peaks can be lower, or as you know much higher.
On August 26, a report by Market Equities Research Group was released.
MARKET EQUITIES RESEARCH GROUP REPORT
The have a target of $1.35 on the stock, although this is preliminary and only as the company nears production. Bulk sampling is expected to occur in Q4 of 2011, and the mill should be operating at 2/3 capacity by Q3 of 2012. As you can see, the target they have provided could be a year or two away, so trade at your own discretion using R as selling points, and S for your buys.
This could be a good one to swing trade.
Visit the company website for more information.
METANOR RESOURCES WEBSITE
Monday, August 29, 2011
Friday, August 26, 2011
Tuesday, August 23, 2011
Metanor on schedule for production
Good news from Metanor today. Trading volume has exceeded average daily volume the past 4 trading days. Cash costs are $464 an ounce and on schedule to produce over 60,000 oz of gold a year, using only 66% of mill capacity.
Metanor Resources Inc.: Shaft Sinking Complete at Bachelor Lake; Bachelor/Hewfran Drill Campaign Underway
Symbol: MTO
VAL-D'OR, QUEBEC, CANADA--(Marketwire - Aug. 23, 2011) - Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO) is pleased to provide a further update on its activities at the Bachelor Lake Gold Project. The shaft sinking of 536 feet was completed before the end of July and on budget, including the development of the 2 shaft stations (Levels 13, 14). Over 90% of the equipment required to complete the 5,000 ton bulk sample is already on site. The infrastructures are being upgraded, and are on schedule to be ready for the execution of the bulk sample. The project team is presently working with its operating team and contractor to take over the operation as the shaft sinking is complete, this phase is called the changeover - from shaft sinking to lateral development and should be complete this week. Lateral development and underground infrastructure construction will begin immediately thereafter. Serge Roy, Chairman & CEO and Ghislain Morin, President & COO both stated: "We are extremely pleased that this critical phase at the Bachelor Lake Gold Project has been completed professionally by our project team and on budget".
The Pre-Feasibility Study outlines an average annual production of 60,000 ounces commencing in July 2012 using only 66 2/3% capacity of the 1,200 tonnes per day mill with a cash cost of $464. The project has an 85% IRR with a 10 month payback using gold priced at $1,271/oz. Ron Perry, Vice-President and Treasurer commented "With today's gold price well over $1,800/oz., it is evident that the Bachelor Lake projections will far exceed those noted above".
The 15,000 m definition diamond drilling campaign at Bachelor/Hewfran is well underway and assays are in the laboratory and results are pending. Both the Bachelor Lake and the Hewfran properties, which are accessible by the present shaft, are open in all directions and at depth (with a deep hole intercept at approximately 3,500 feet). This campaign began on surface while the shaft sinking is being executed, and will move to the three new levels 13, 14 and 15 in October. The results of this drilling campaign will be inserted into the Feasibility Study.
About Metanor
Metanor is a Canadian based gold mining company with a focus on adding value per share through efficient exploration, and development of it properties. Maintaining a low risk profile through a strong operating team, sound financial management, and operating in secure jurisdictions like Quebec are key priorities for Metanor's management team.
Qualified Person
Pascal Hamelin, P. Eng, Ing, General Manager of Operations, is the Qualified Person under NI 43-101 responsible for reviewing and approving the technical information contained in this news release.
http://www.theglobeandmail.com/globe-investor/markets/stocks/summary/?q=MTO-X
Metanor Resources Inc.: Shaft Sinking Complete at Bachelor Lake; Bachelor/Hewfran Drill Campaign Underway
Symbol: MTO
VAL-D'OR, QUEBEC, CANADA--(Marketwire - Aug. 23, 2011) - Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO) is pleased to provide a further update on its activities at the Bachelor Lake Gold Project. The shaft sinking of 536 feet was completed before the end of July and on budget, including the development of the 2 shaft stations (Levels 13, 14). Over 90% of the equipment required to complete the 5,000 ton bulk sample is already on site. The infrastructures are being upgraded, and are on schedule to be ready for the execution of the bulk sample. The project team is presently working with its operating team and contractor to take over the operation as the shaft sinking is complete, this phase is called the changeover - from shaft sinking to lateral development and should be complete this week. Lateral development and underground infrastructure construction will begin immediately thereafter. Serge Roy, Chairman & CEO and Ghislain Morin, President & COO both stated: "We are extremely pleased that this critical phase at the Bachelor Lake Gold Project has been completed professionally by our project team and on budget".
The Pre-Feasibility Study outlines an average annual production of 60,000 ounces commencing in July 2012 using only 66 2/3% capacity of the 1,200 tonnes per day mill with a cash cost of $464. The project has an 85% IRR with a 10 month payback using gold priced at $1,271/oz. Ron Perry, Vice-President and Treasurer commented "With today's gold price well over $1,800/oz., it is evident that the Bachelor Lake projections will far exceed those noted above".
The 15,000 m definition diamond drilling campaign at Bachelor/Hewfran is well underway and assays are in the laboratory and results are pending. Both the Bachelor Lake and the Hewfran properties, which are accessible by the present shaft, are open in all directions and at depth (with a deep hole intercept at approximately 3,500 feet). This campaign began on surface while the shaft sinking is being executed, and will move to the three new levels 13, 14 and 15 in October. The results of this drilling campaign will be inserted into the Feasibility Study.
About Metanor
Metanor is a Canadian based gold mining company with a focus on adding value per share through efficient exploration, and development of it properties. Maintaining a low risk profile through a strong operating team, sound financial management, and operating in secure jurisdictions like Quebec are key priorities for Metanor's management team.
Qualified Person
Pascal Hamelin, P. Eng, Ing, General Manager of Operations, is the Qualified Person under NI 43-101 responsible for reviewing and approving the technical information contained in this news release.
http://www.theglobeandmail.com/globe-investor/markets/stocks/summary/?q=MTO-X
Friday, August 19, 2011
Metanor Resources
The past 2 days has seen unusually heavy volume in Metanor - MTO.V
For those not familiar with the company there's a report that was published on ResourcexInvestor from May, 2011. It seems the sinking of the shaft at the Bachelor Lake mine is possibly "ahead" of schedule and this could explain the recent interest in the company.
The company will be doing a bulk sampling this fall, which will also include some 15,000 metre diamond drilling results that was carried out during the summer. Those results will be included in an updated 43-101 report.
Here's the article, and worth a read over the weekend.
The Inflection Point of a Stock: Metanor Resources a Soon-to-be-Producer in Mining Friendly Quebec.
For those not familiar with the company there's a report that was published on ResourcexInvestor from May, 2011. It seems the sinking of the shaft at the Bachelor Lake mine is possibly "ahead" of schedule and this could explain the recent interest in the company.
The company will be doing a bulk sampling this fall, which will also include some 15,000 metre diamond drilling results that was carried out during the summer. Those results will be included in an updated 43-101 report.
Here's the article, and worth a read over the weekend.
The Inflection Point of a Stock: Metanor Resources a Soon-to-be-Producer in Mining Friendly Quebec.
Tuesday, August 16, 2011
San Gold and Wildcat sign Option Agreement
San Gold and Wildcat Sign Option Agreement
Wednesday, August 10, 2011
WINNIPEG, MANITOBA--(Marketwire - Aug. 10, 2011) -
(All amounts are in Canadian dollars, unless stated otherwise)
San Gold Corporation (TSX:SGR)(OTCQX:SGRCF) ("San Gold") announces that it has signed an option agreement to earn an 80% interest in Wildcat Exploration Ltd.'s (TSX VENTURE:WEL) ("Wildcat") Mike Power, Jeep, and Poundmaker gold exploration projects in the Rice Lake area of Manitoba (the "Wildcat Projects").
"This option agreement expands San Gold's property interests in the very prospective Rice Lake area in close proximity to our existing mining operations," stated George Pirie, President and Chief Executive Officer of San Gold. "Recent work conducted by Wildcat has identified an initial inventory of drill-ready targets and we are confident that we will identify additional drill targets through our initial exploration program."
John Knowles, Wildcat's President and Chief Executive Officer, commented, "By partnering with San Gold, with its nearby mill and proven mining and exploration teams, we have reduced the economic hurdle to advance our properties while accelerating the exploration of three projects in the vicinity of San Gold's Rice Lake Project. The transaction also brings up to $2 million into Wildcat's treasury and allows us to leverage our resources on Wildcat's gold and base metal projects in Manitoba and Ontario."
Under the terms of the option agreement, San Gold may earn an 80% interest in the Wildcat Projects by expending $5.1 million on exploration activities over a four-year period. Additionally, San Gold will be required to make cash payments to Wildcat in aggregate of $1.0 million and, subject to regulatory approval, subscribe for an aggregate of $1.0 million of Wildcat shares via private placement over a three-year period. San Gold will be the operator of the exploration program for the duration of the option agreement.
During the first year exploration program, San Gold plans to complete a minimum drill program of 5,000 metres and a high-resolution airborne magnetic geophysical survey. An overview of the Wildcat Projects and a summary of recent exploration work conducted by Wildcat was presented in Wildcat's news release dated June 24, 2011.
About San Gold
San Gold is an established Canadian-based gold producer, explorer, and developer that owns and operates the Hinge, 007, and Rice Lake mines near Bissett, Manitoba. The Company employs over 400 people and is committed to the highest standards of safety and environmental stewardship. The Company has over $40 million in cash and equivalents and is unhedged to the price of gold. As of August 1, 2011, San Gold had 310,966,175 common shares outstanding (327,360,186 shares fully diluted), which are traded on the Toronto Stock Exchange under the symbol "SGR" and on the OTCQX under the symbol "SGRCF".
About Wildcat
Wildcat Exploration Ltd. is a Winnipeg-based company exploring for gold and base metals in Canada. Its portfolio includes: (1) several gold projects in the Rice Lake greenstone belt in Manitoba, (2) the McVicar gold property in the Uchi subprovince of Ontario, (3) the Reed base metal and PGE project in the Flin Flon-Snow Lake greenstone belt in Manitoba, (4) the Burntwood nickel project in the Thompson nickel belt in Manitoba and (5) the Foster zinc-lead-silver project in Saskatchewan. The Company seeks to continuously upgrade its property portfolio through exploration and accretive transactions.
For further information on San Gold, please visit www.sangold.ca.
For further information on Wildcat, please visit www.wildcat.ca.
Cautionary Note
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release includes certain "forward-looking statements". All statements, other than statements of historical fact included in this release, including, without limitation, statements regarding forecast gold production, gold grades, recoveries, cash operating costs, potential mineralization, mineral resources, mineral reserves, exploration results, and future plans and objectives of the Company, are forward-looking statements that involve various risks and uncertainties. These forward-looking statements include, but are not limited to, statements with respect to mining and processing of mined ore, achieving projected recovery rates, anticipated production rates and mine life, operating efficiencies, costs and expenditures, changes in mineral resources and conversion of mineral resources to proven and probable mineral reserves, and other information that is based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking statements.
There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include, among others, the actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future prices of precious metals, as well as those factors discussed in the section entitled "Other MD&A Requirements and Additional Disclosure and Risk Factors" in the Company's most recent quarterly Management's Analysis and Discussion ("MD&A"). Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Exploration results that include geophysics, sampling, and drill results on wide spacings may not be indicative of the occurrence of a mineral deposit. Such results do not provide assurance that further work will establish sufficient grade, continuity, metallurgical characteristics, and economic potential to be classed as a category of mineral resource. A mineral resource that is classified as "inferred" or "indicated" has a great amount of uncertainty as to its existence and economic and legal feasibility. It cannot be assumed that any or part of an "indicated mineral resource" or "inferred mineral resource" will ever be upgraded to a higher category of resource. Investors are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into proven and probable reserves.
FOR FURTHER INFORMATION PLEASE CONTACT:
Tim Friesen
San Gold Corporation
Director, Communications
+1 (204) 772-9149 ext. 202
ORJeremy Link
San Gold Corporation
Vice-President, Corporate Development
+1 (416) 214-0024
http://www.sangold.ca/
ORStephanie Fitzgerald
CHF Investor Relations
Account Manager
(416) 868-1079 ext. 222
(416) 868-6198 (FAX)
stephanie@chfir.com
ORCathy Hume
CHF Investor Relations
CEO
(416) 868-1079 ext. 231
(416) 868-6198 (FAX)
cathy@chfir.com
The TSX and the OTCQX exchanges have not reviewed and do not accept responsibility for the adequacy or accuracy of this release.
Wednesday, August 10, 2011
WINNIPEG, MANITOBA--(Marketwire - Aug. 10, 2011) -
(All amounts are in Canadian dollars, unless stated otherwise)
San Gold Corporation (TSX:SGR)(OTCQX:SGRCF) ("San Gold") announces that it has signed an option agreement to earn an 80% interest in Wildcat Exploration Ltd.'s (TSX VENTURE:WEL) ("Wildcat") Mike Power, Jeep, and Poundmaker gold exploration projects in the Rice Lake area of Manitoba (the "Wildcat Projects").
"This option agreement expands San Gold's property interests in the very prospective Rice Lake area in close proximity to our existing mining operations," stated George Pirie, President and Chief Executive Officer of San Gold. "Recent work conducted by Wildcat has identified an initial inventory of drill-ready targets and we are confident that we will identify additional drill targets through our initial exploration program."
John Knowles, Wildcat's President and Chief Executive Officer, commented, "By partnering with San Gold, with its nearby mill and proven mining and exploration teams, we have reduced the economic hurdle to advance our properties while accelerating the exploration of three projects in the vicinity of San Gold's Rice Lake Project. The transaction also brings up to $2 million into Wildcat's treasury and allows us to leverage our resources on Wildcat's gold and base metal projects in Manitoba and Ontario."
Under the terms of the option agreement, San Gold may earn an 80% interest in the Wildcat Projects by expending $5.1 million on exploration activities over a four-year period. Additionally, San Gold will be required to make cash payments to Wildcat in aggregate of $1.0 million and, subject to regulatory approval, subscribe for an aggregate of $1.0 million of Wildcat shares via private placement over a three-year period. San Gold will be the operator of the exploration program for the duration of the option agreement.
During the first year exploration program, San Gold plans to complete a minimum drill program of 5,000 metres and a high-resolution airborne magnetic geophysical survey. An overview of the Wildcat Projects and a summary of recent exploration work conducted by Wildcat was presented in Wildcat's news release dated June 24, 2011.
About San Gold
San Gold is an established Canadian-based gold producer, explorer, and developer that owns and operates the Hinge, 007, and Rice Lake mines near Bissett, Manitoba. The Company employs over 400 people and is committed to the highest standards of safety and environmental stewardship. The Company has over $40 million in cash and equivalents and is unhedged to the price of gold. As of August 1, 2011, San Gold had 310,966,175 common shares outstanding (327,360,186 shares fully diluted), which are traded on the Toronto Stock Exchange under the symbol "SGR" and on the OTCQX under the symbol "SGRCF".
About Wildcat
Wildcat Exploration Ltd. is a Winnipeg-based company exploring for gold and base metals in Canada. Its portfolio includes: (1) several gold projects in the Rice Lake greenstone belt in Manitoba, (2) the McVicar gold property in the Uchi subprovince of Ontario, (3) the Reed base metal and PGE project in the Flin Flon-Snow Lake greenstone belt in Manitoba, (4) the Burntwood nickel project in the Thompson nickel belt in Manitoba and (5) the Foster zinc-lead-silver project in Saskatchewan. The Company seeks to continuously upgrade its property portfolio through exploration and accretive transactions.
For further information on San Gold, please visit www.sangold.ca.
For further information on Wildcat, please visit www.wildcat.ca.
Cautionary Note
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release includes certain "forward-looking statements". All statements, other than statements of historical fact included in this release, including, without limitation, statements regarding forecast gold production, gold grades, recoveries, cash operating costs, potential mineralization, mineral resources, mineral reserves, exploration results, and future plans and objectives of the Company, are forward-looking statements that involve various risks and uncertainties. These forward-looking statements include, but are not limited to, statements with respect to mining and processing of mined ore, achieving projected recovery rates, anticipated production rates and mine life, operating efficiencies, costs and expenditures, changes in mineral resources and conversion of mineral resources to proven and probable mineral reserves, and other information that is based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking statements.
There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include, among others, the actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future prices of precious metals, as well as those factors discussed in the section entitled "Other MD&A Requirements and Additional Disclosure and Risk Factors" in the Company's most recent quarterly Management's Analysis and Discussion ("MD&A"). Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Exploration results that include geophysics, sampling, and drill results on wide spacings may not be indicative of the occurrence of a mineral deposit. Such results do not provide assurance that further work will establish sufficient grade, continuity, metallurgical characteristics, and economic potential to be classed as a category of mineral resource. A mineral resource that is classified as "inferred" or "indicated" has a great amount of uncertainty as to its existence and economic and legal feasibility. It cannot be assumed that any or part of an "indicated mineral resource" or "inferred mineral resource" will ever be upgraded to a higher category of resource. Investors are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into proven and probable reserves.
FOR FURTHER INFORMATION PLEASE CONTACT:
Tim Friesen
San Gold Corporation
Director, Communications
+1 (204) 772-9149 ext. 202
ORJeremy Link
San Gold Corporation
Vice-President, Corporate Development
+1 (416) 214-0024
http://www.sangold.ca/
ORStephanie Fitzgerald
CHF Investor Relations
Account Manager
(416) 868-1079 ext. 222
(416) 868-6198 (FAX)
stephanie@chfir.com
ORCathy Hume
CHF Investor Relations
CEO
(416) 868-1079 ext. 231
(416) 868-6198 (FAX)
cathy@chfir.com
The TSX and the OTCQX exchanges have not reviewed and do not accept responsibility for the adequacy or accuracy of this release.
Visible Gold Mines - News today
Visible Gold Mines' Phase 1 drill program at Joutel targets promising mineralized structural pattern
Tuesday, August 16, 2011
AGGRESSIVE DRILLING CONTINUES AT WASA CREEK
Mr. Martin Dallaire reports:
ROUYN-NORANDA, QC, Aug. 16, 2011 /CNW Telbec/ - Visible Gold Mines (TSXV: VGD) (Frankfurt: 3V4) has identified numerous high-priority gold targets that will be tested with approximately 14 drill holes in a 7,500-metre Phase 1 drill program at its Joutel Project, 150 kilometres north of Rouyn-Noranda, Quebec. The Joutel Volcanic Complex hosts a number of former producing gold and base metal mines.
Phase 1 drilling will take place over two areas of the Joutel Extension Property, part of the Harricana-Turgeon volcano-sedimentary belt that comprises the northern sector of the prolific Abitibi Greenstone Belt.
"We are extremely excited with the Joutel Extension initial drill program that has been finalized by our geological team in consultation with Agnico-Eagle Mines Limited," stated Martin Dallaire, Visible Gold Mines' President and CEO. "Our team has taken a fresh approach to a very intriguing property as we're looking at a structural pattern to the mineralization at Joutel as opposed to a stratigraphic model. Given the geological and mining history of the Joutel Volcanic Complex, and the fact the Extension Property has been largely under-explored, we will be drilling over what we consider to be highly prospective ground with five significant past producing mines just a few kilometres to the northwest and the southwest."
A total of 5,000 metres is planned to test the extension of a NW-SE mineralized structural pattern that, based on geophysical surveys, seems to strike directly southeast of Agnico-Eagle's past producing Telbel, Eagle and Eagle West mines for two kilometres and may extend further to the former village of Joutel and beyond (please see map with drill plan on company's web site under "Joutel" section). Only very limited historical drilling has been conducted over this two-kilometre section below the Harricana River (most exploration was carried out to the northwest) while the now abandoned village represents a new potential geological target.
To the east, where limited historical drilling has demonstrated continuity of an iron-carbonate horizon within a sedimentary sequence for at least six kilometres, four Phase 1 holes (approximately 2,500 metres) are planned to test for structure and potential mineralization at depth. Previous drilling was completed mostly at shallow levels less than 150 metres in vertical depth.
No exploration work has been performed at the Joutel Extension (formerly the McClure Property) since the winter of 1993-94. The final four holes that were drilled, all in the central part of the Extension, confirmed the discovery of an anomalous gold zone (anomalous copper, zinc, lead, nickel and barium were also detected) extending 600 metres along strike and open to the west and at depth as outlined in an Agnico-Eagle report on the property in April, 1994. The holes intersected intense alteration which resembled the strongly altered tuffs of the Eagle West mine area, and the gold pathfinder element patterns suggest enrichment at depth.
Exploration results referred to above are historical in nature, were compiled before NI-43-101, and have not been verified. Visible Gold Mines believes these historical results provide an indication of the potential of the Joutel Extension and are relevant to ongoing exploration. There are no known mineral resources on the property, and there can be no assurance that any mineral resources will be discovered on the property. If discovered, there is no assurance that any mineralization can be economically extracted.
Visible Gold Mines has an option to earn a 50% interest in the Joutel Project from Agnico-Eagle by incurring exploration expenditures of $5 million over five years. Visible Gold Mines is the operator of the project until it has earned its 50% interest.
The drill permitting process is underway and the Phase 1 Joutel program will commence immediately upon the receipt of drill permits.
Wasa Creek Update (Lucky Break Project)
Nine holes have now been completed at the Wasa Creek Property, adjacent to Richmont Mines' Wasamac Property, where the first hole that was drilled on this previously unexplored ground (LBWC-11-03) intersected several zones of significant gold mineralization including a 16.4-metre mineralized shear zone as reported by Visible Gold Mines August 11, 2011.
Aggressive drilling continues at Wasa Creek in all directions surrounding the discovery area, including south toward the Cadillac Fault, with two rigs in operation. The company is eagerly anticipating additional assay results.
About Visible Gold Mines
Visible Gold Mines Inc. is a dynamic company aggressively searching for the next important gold deposit in northwestern Quebec, an area consistently ranked as one of the world's best jurisdictions for mining and exploration. Visible Gold Mines is in the midst of a $6.5 million, 40,000 metre drill program covering strategic areas in the Rouyn-Noranda mining region.
Qualified Person
This news release was written by Martin Dallaire, P.Eng., President and Chief Executive Officer of Visible Gold Mines and approved by Robert Sansfaçon, P.Geo., in his capacity as a Qualified Person (QP) under NI-43-101.
Quality Control
Visible Gold Mines has implemented and adheres to strict Quality Assurance/Quality Control for its current drill programs. It includes one mineralized gold standard, one duplicate and one blank for one batch of samples. Analyses are performed by ALS Chemex, Val-d'Or, or Techni-Lab, Ste-Germaine - Boulé, accredited laboratories.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
For further information:
Martin Dallaire, President and Chief Executive Officer
Telephone: 819-762-0609, Fax: 819-762-0097
E-mail: mdallaire@visiblegoldmines.com
Website: www.visiblegoldmines.com
Tuesday, August 16, 2011
AGGRESSIVE DRILLING CONTINUES AT WASA CREEK
Mr. Martin Dallaire reports:
ROUYN-NORANDA, QC, Aug. 16, 2011 /CNW Telbec/ - Visible Gold Mines (TSXV: VGD) (Frankfurt: 3V4) has identified numerous high-priority gold targets that will be tested with approximately 14 drill holes in a 7,500-metre Phase 1 drill program at its Joutel Project, 150 kilometres north of Rouyn-Noranda, Quebec. The Joutel Volcanic Complex hosts a number of former producing gold and base metal mines.
Phase 1 drilling will take place over two areas of the Joutel Extension Property, part of the Harricana-Turgeon volcano-sedimentary belt that comprises the northern sector of the prolific Abitibi Greenstone Belt.
"We are extremely excited with the Joutel Extension initial drill program that has been finalized by our geological team in consultation with Agnico-Eagle Mines Limited," stated Martin Dallaire, Visible Gold Mines' President and CEO. "Our team has taken a fresh approach to a very intriguing property as we're looking at a structural pattern to the mineralization at Joutel as opposed to a stratigraphic model. Given the geological and mining history of the Joutel Volcanic Complex, and the fact the Extension Property has been largely under-explored, we will be drilling over what we consider to be highly prospective ground with five significant past producing mines just a few kilometres to the northwest and the southwest."
A total of 5,000 metres is planned to test the extension of a NW-SE mineralized structural pattern that, based on geophysical surveys, seems to strike directly southeast of Agnico-Eagle's past producing Telbel, Eagle and Eagle West mines for two kilometres and may extend further to the former village of Joutel and beyond (please see map with drill plan on company's web site under "Joutel" section). Only very limited historical drilling has been conducted over this two-kilometre section below the Harricana River (most exploration was carried out to the northwest) while the now abandoned village represents a new potential geological target.
To the east, where limited historical drilling has demonstrated continuity of an iron-carbonate horizon within a sedimentary sequence for at least six kilometres, four Phase 1 holes (approximately 2,500 metres) are planned to test for structure and potential mineralization at depth. Previous drilling was completed mostly at shallow levels less than 150 metres in vertical depth.
No exploration work has been performed at the Joutel Extension (formerly the McClure Property) since the winter of 1993-94. The final four holes that were drilled, all in the central part of the Extension, confirmed the discovery of an anomalous gold zone (anomalous copper, zinc, lead, nickel and barium were also detected) extending 600 metres along strike and open to the west and at depth as outlined in an Agnico-Eagle report on the property in April, 1994. The holes intersected intense alteration which resembled the strongly altered tuffs of the Eagle West mine area, and the gold pathfinder element patterns suggest enrichment at depth.
Exploration results referred to above are historical in nature, were compiled before NI-43-101, and have not been verified. Visible Gold Mines believes these historical results provide an indication of the potential of the Joutel Extension and are relevant to ongoing exploration. There are no known mineral resources on the property, and there can be no assurance that any mineral resources will be discovered on the property. If discovered, there is no assurance that any mineralization can be economically extracted.
Visible Gold Mines has an option to earn a 50% interest in the Joutel Project from Agnico-Eagle by incurring exploration expenditures of $5 million over five years. Visible Gold Mines is the operator of the project until it has earned its 50% interest.
The drill permitting process is underway and the Phase 1 Joutel program will commence immediately upon the receipt of drill permits.
Wasa Creek Update (Lucky Break Project)
Nine holes have now been completed at the Wasa Creek Property, adjacent to Richmont Mines' Wasamac Property, where the first hole that was drilled on this previously unexplored ground (LBWC-11-03) intersected several zones of significant gold mineralization including a 16.4-metre mineralized shear zone as reported by Visible Gold Mines August 11, 2011.
Aggressive drilling continues at Wasa Creek in all directions surrounding the discovery area, including south toward the Cadillac Fault, with two rigs in operation. The company is eagerly anticipating additional assay results.
About Visible Gold Mines
Visible Gold Mines Inc. is a dynamic company aggressively searching for the next important gold deposit in northwestern Quebec, an area consistently ranked as one of the world's best jurisdictions for mining and exploration. Visible Gold Mines is in the midst of a $6.5 million, 40,000 metre drill program covering strategic areas in the Rouyn-Noranda mining region.
Qualified Person
This news release was written by Martin Dallaire, P.Eng., President and Chief Executive Officer of Visible Gold Mines and approved by Robert Sansfaçon, P.Geo., in his capacity as a Qualified Person (QP) under NI-43-101.
Quality Control
Visible Gold Mines has implemented and adheres to strict Quality Assurance/Quality Control for its current drill programs. It includes one mineralized gold standard, one duplicate and one blank for one batch of samples. Analyses are performed by ALS Chemex, Val-d'Or, or Techni-Lab, Ste-Germaine - Boulé, accredited laboratories.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
For further information:
Martin Dallaire, President and Chief Executive Officer
Telephone: 819-762-0609, Fax: 819-762-0097
E-mail: mdallaire@visiblegoldmines.com
Website: www.visiblegoldmines.com
Sex on the Moon
Good article in the National Post today on Ben Mezrich's new book, "Sex on the Moon". Mezrich wrote The Social Network which went on to become an Oscar winning film. Sex on the Moon is also a true story and will also be made into a movie. This one's on my wishlist.
http://arts.nationalpost.com/tag/sex-on-the-moon/
http://arts.nationalpost.com/tag/sex-on-the-moon/
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