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Virginia Mines Inc. (TSX:VGQ) ("Virginia") is pleased to report on
the last results of its year 2007 drilling program on the Coulon JV property
(50% Virginia - 50 % Breakwater Resources Ltd), located 15km north of the
Fontanges airport, Quebec Middle-North.
The exploration program that ended mid-December 2007 also included a VTEM
heliborne survey as well as borehole InfiniTEM surveys. The 18 new holes
tested lenses 44 (7 holes), 43 (7 holes), 9-25 and 08 (1 hole) as well as
other geological and geophysical targets (3 holes). In addition, 4 old holes
were extended to test lenses 08 and 43.
LENS 9-25 EXTENDED BY 50m TOWARDS THE NORTH WITH 4.05% Zn, 7.68% Cu AND 118.7
g/t Ag / 3.6m AND 3.14% Zn, 1.15% Cu AND 17.03 g/t Ag / 4.75m
Drilling resumed recently on lens 9-25 and a new hole was completed in
December 2007 (longitudinal 9-25). Hole CN-07-123 confirmed the extension of
the mineralization at depth towards the north with two massive to
semi-massive sulphide zones, which yielded values of 4.05% Zn, 7.68% Cu and
118.7g/t Ag over 3.6m and 3.14% Zn, 1.15% Cu and 17.03 g/t Ag over 4.75m.
These two closely spaced intersections are located at a vertical depth of
530m and extend the known limit of lens 9-25 towards the north by 50m.
Lens 9-25 is in general north-south oriented and is steeply dipping (85
degrees) towards the west. It is now confirmed over more than 200m laterally
and over nearly 400m vertically. It remains open at depth and will be tested
by several additional drill holes in the winter of 2008.
LENS 08 BLOSSOMS AT DEPTH WITH VALUES OF 2.87% Zn, 1.22% Cu AND 27.61 g/t Ag
/ 20.15m AND 2.25% Zn, 1.92% Cu AND 41.13 g/t Ag / 13.5m
In December 2007, three holes testing the extension of lens 08 at depth
yielded very encouraging results (longitudinal 44/08). Holes CN-07-53B and
CN-07-67, drilled in the summer of 2007 to test lens 9-25, were extended
recently to crosscut the geological contact corresponding to lens 08 at
depth. Hole CN-07-53B intercepted a thick massive sulphide zone that graded
2.87% Zn, 1.22% Cu and 27.61 g/t Ag over 20.15m, including a richer section
grading 5.08% Zn, 1.25% Cu and 25.59 g/t Ag over 8m. This massive sulphide
zone is followed a little further down the hole by another thick zone of
semi-massive to disseminated sulphides grading 1.23% Zn, 0.9% Cu and 12.65
g/t Ag over 19m. These two large mineralized intervals correspond to the
extension of lens 08, to a vertical depth of 475m. On the same section, hole
CN-07-67 was also lengthened for the same reasons and it intercepted a
massive sulphide zone grading 2.25% Zn, 1.92% Cu and 41.13 g/t Ag over 13.5m,
to a vertical depth of 660m. On another section located 150m further north,
the new hole CN-07-123 drilled in December to test lens 9-25, also reached
the contact hosting lens 08 where it intercepted a semi-massive sulphide zone
that yielded 1.25% Zn, 1.76% Cu and 65.45 g/t Ag over 4.3m. This mineralized
intersection is located at a vertical depth of over 700 m, which is, as of
now, the deepest intersection in lens 08.
Lens 08 is located directly to the west of lens 9-25 and is parallel to it.
It has a north-south general direction and is dipping subvertically to
steeply to the east. Near the surface, both lenses are 150 to 200m apart but
because of their opposite dip, both mineralized zones are closer at depth.
Results obtained from recent drilling extend the mineralization by over 300m
vertically and confirm that lens 08 becomes more important at depth where it
remains open. Additional drilling will be carried out in the winter of 2008.
LENS 44 YIELDS OTHER GOOD RESULTS
Seven new holes tested lens 44 in the recent period (longitudinal 44/08).
Best results were obtained with holes CN-07-126 and CN-07-127, which tested
the south extension of lens 44 to a vertical depth of 230m. Hole CN-07-127
intercepted a thick massive sulphide zone grading 2.22% Zn, 1.16% Cu and
19.66 g/t Ag over 13.53m. Hole CN-07-126, located 60m further south, also
intercepted a massive sulphide zone that yielded values of 2.73% Zn, 1.58% Cu
and 18.1 g/t Ag over 5.05m. The other five holes tested the north extension
of lens 44. Hole CN-07-116 intersected a semi-massive to massive sulphide
zone at a vertical depth of over 300m that graded 2.89% Zn, 1.01% Cu and 17
g/t Ag over 6m. On another section located 75m further north, holes
CN-07-112, CN-07-118 and CN-07-122 intercepted massive to semi-massive
sulphide zones, in metric thicknesses, which returned values of up to 6.41%
Zn, 0.7% Cu and 40.89 g/t Ag over 1.65m. These intersections are located at
vertical depths of 350m to 600m. Finally, hole CN-07-125 was drilled on a
section located 150 m further north in order to test at depth (550m) the area
between lenses 44 and 08. This hole did not intercept significant
mineralization but the borehole InfiniTEM survey conducted subsequently
detected a good off-hole conductor that will be modeled in order to identify
its exact position.
Lens 44 is north-south oriented and is dipping vertically to steeply to the
west. It is now confirmed over a lateral distance of 400m and to a vertical
depth of 600m. Lens 44 remains open at depth and will be the object of
additional drilling in 2008.
LENS 43 RETURNS SEVERAL HIGH GRADE, THIN INTERSECTIONS
Seven new holes were drilled and two old ones (CN-07-43 and CN-07-59) were
deepened to test lens 43 (longitudinal section 43). Overall, these holes
intersected intense alteration zones hosting, in many cases, thin massive to
semi-massive sulphide zones sometimes very rich in base metals. Best results
include 2.99% Zn, 21.5% Cu, 140 g/t Ag over 0.4m and 3.29% Zn, 9.69% Cu, 67.8
g/t Ag over 0.5m (hole CN-07-107C), 3.26% Zn, 0.17% Cu and 13.35 g/t Ag over
2.2m (hole CN-07-111) and 0.78% Zn, 4.27% Cu and 61.7 g/t Ag over 2m (hole
CN-07-115).
Despite a lack of wide intersections, recent drilling better defined the
geology of the area. Lens 43 seems to be folded and many of the holes testing
its NE portion intercepted two distinct alteration and mineralization zones
that represent, according to our current knowledge, the same mineralized
horizon on both sides of the fold. The axial plan of this fold seems to be
NE-SW oriented with a variable dip towards the NW. For now, all mineralized
intersections of lens 43 are reported on the same longitudinal section while
awaiting a more detailed geological interpretation.
In 2008 Lens 43 will be the object of several additional holes, more
particularly in its SW extension, which will be accessible from the surface
of a frozen lake.
OTHER TARGETS
Three holes were drilled outside the areas of the known mineralized lenses.
Hole CN-07-110 tested the fertile volcanic sequence approximately 250m north
of lens 9-25. It intercepted an alteration zone with disseminated sulphides
including a small, centimetric sphalerite horizon. The borehole InfiniTEM
survey carried out subsequently indicates a probable extension of the
alteration and mineralization zone towards the south.
Holes CN-07-113 and CN-07-117 tested the InfiniTEM anomalies situated in the
area of the Tension showing, located SW of lens 43. In both cases, the target
was missed but borehole InfiniTEM surveys indicate the proximity of good
off-hole conductors. Additional drilling is planned in 2008 as a follow-up to
these three holes that yielded interesting results.
VTEM HELIBORNE SURVEY
A VTEM heliborne geophysical survey of more than 6000 linear kilometres was
recently completed on the Coulon JV project. This survey identified a great
number of new EM conductors of which many are directly located in the
immediate extensions of the fertile Coulon volcanic belt. The VTEM anomalies,
associated with the most promising geological settings, will be the object of
ground geophysics at the beginning of the winter of 2008 and will then be drill
tested.
Virginia is very much encouraged by the recent results obtained and most
generally by the important progress made on the Coulon JV project in the
course of year 2007. In order to keep up with its momentum, Virginia and
Breakwater will spend over C$20 million on the project in 2008. This budget
will finance an important drilling program that will commence in February
2008 and will continue throughout the year, jointly with ground geophysical
surveys, prospecting and geological mapping.
New drill results are reported in the annexed table. All samples have been
analyzed at the certified laboratory ALS Chemex in Val-d'Or.
Work is carried out by the personnel of Virginia Mines Inc, under the
supervision of Mr. Paul Archer, geological engineer. Mr. Archer is a
Qualified Person (as defined by National Instrument 43-101) and has more than
25 years of experience in exploration. Mr. Archer reviewed and approved the
content of this press release.
About Virginia
Virginia is among the most active mining exploration companies in Quebec with
a working capital of $51,088,315 as of November 30, 2007, and 27,002,110
shares issued and outstanding as of January 15, 2008. Virginia trades on the
Toronto Stock Exchange (TSX) under the ticker symbol VGQ. Virginia concentrates
its activities on its numerous properties that are spread over the vast
unexplored regions of northern Quebec.
This press release may contain forward-looking statements that are subject to
known and unknown risks and uncertainties that could cause actual results to
vary materially from targeted results. Such risks and uncertainties include
those described from time to time in Virginia's periodic reports including
the annual report on Form 40-F filed with the U.S. Securities and Exchange
Commission. Virginia undertakes no obligation to publicly release the result
of any revision of these forward-looking statements to reflect events or
circumstances after the date they are made or to reflect the occurrence of
unanticipated events
A table and four (4) maps are available on Marketwire's Web site at the
following address: http://www.ccnmatthews.com/docs/tab0116.pdf
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