Visible Gold Mines Inc. (VGD: TSX Venture Exchange) is launching its diamond drill program on its Hazeur gold property. The program will consist of 10 holes for a total of 2500 metres.
The Hazeur property is located approximately 25 kilometres south-west of the city of Chibougamau. The property is easily accessible by the Barrette-Chapais-South road and various other logging roads which are located in this region.
The property is comprised of 147 mineral claims, covering a surface area of 2,382 hectares. The property was acquired from Fieldex Exploration in July 2007 and all of the claims are in full force and effect. Ten gold showings have been identified on the property.
The gold potential of the Coapatina metavolcanic-metasedimentary segment is evident by the presence of the Joe Mann mine, operated by Campbell Resources, the Philibert deposit and numerous gold showings that are dispersed along the segment. The Joe Mann mine, located approximately 15 kilometres east of the Hazeur property, has produced more than 1,000,000 ounces of gold and 22 million pounds of Copper since the 1950s. The Philibert deposit, located less than one kilometre to the east of the Hazeur property, contains resources from 1.4 Mt to 5.32 g/t. Au (MB-99-33: Government of Québec database).
Ongoing compilation, geophysical interpretation combined with 2006 and recent field work have guided the drill hole target generation. The trenching and stripping program, focused on the gold showings area, exposed widespread quartz veining in a shear zone. Extensive detailed channel sampling has been completed and returned value in gold up to 9.8 g/t (see gold value map on our website.
To date, the exploration program has met all its objectives. Diamond drilling will be focused on discovering new mineralization over key sections spread across the entire property. The Hazeur exploration program is conducted under the supervision of Mr. Laurent Hallé, P. Geo., Qualified Person as defined by National Instrument 43-101.
Visible Gold Mines is a company focused on gold in the prolific Abitibi Gold Belt in Quebec. The Company has 25 369 929 shares outstandings, no debt and cash liquidity representing $0.21/share. A major portion of the 2007-2008 exploration budget will be invested on the company's tier 1 Stadacona East Mine' property. -- www.cnxmarketlink.com
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