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Virginia Mines Inc. ("Virginia") is pleased to report the first
results of its drilling program that started in February 2008 on the
Coulon JV property (50% Virginia - 50 % Breakwater Resources Ltd), located
15km north of the Fontanges airport, Quebec Middle-North. The exploration
program also includes a large ground InfiniTEM survey as well as borehole
InfiniTEM surveys.
Complete assay results have been received for
the first seven holes of the 2008 drill program. Principally, these holes
tested lenses 08, 9-25 and 44 and some geophysical targets.
LENS 08
CONFIRMED AT DEPTH WITH HIGH GRADE INTERSECTIONS OF UP TO 12.04% Zn, 0,86%
Cu AND 86.83 g/t Ag OVER 5.7m AND 10.3% Zn, 0.55% Cu AND 39.32 g/t Ag OVER
6.8m
During the recent period, three previous holes (CN-06-38,
CN-07-57 and CN-07-71B) were extended and a new hole (CN-07-120) was
completed to test the extension of lens 08 at a vertical depth of 500 to
700m. Results are very encouraging as these holes have intercepted several
high grade, mineralized intersections that confirm the continuity at depth
of lens 08 (longitudinal 44/08). On section 19+75 N, hole CN-07-57
intersected two massive sulphide zones that yielded 10.3% Zn, 0.55% Cu and
39.32 g/t Ag over 6.8m and 4.89% Zn, 0.43% Cu and 42.04 g/t Ag over 2.15m,
at vertical depths of 550m and 600m respectively. On the same section,
hole CN-07-71B crosscut, at a vertical depth of 675m, an intersection
grading 12.04% Zn, 0.86% Cu and 86.83 g/t Ag over 5.7m. This hole also
intercepted many other thinner mineralized zones, the best one returning
5.19% Zn, 1.26% Cu and 25.11 g/t Ag over 2.45m to a vertical depth of
700m. On the section situated 75m further south (19+00N), hole CN-06-38
intersected a large alteration zone comprising three massive sulphide
intersections that yielded 3.92% Zn, 1.54% Cu and 63.21 g/t Ag over 7.1m,
4.63% Zn, 0.67% Cu and 13.3 g/t Ag over 8.5m as well as 5.19% Zn, 1.3% Cu
and 34.67 g/t Ag over 5.85m. These intersections are at vertical depths of
500 to 550m. Finally, on section 20+25N, hole CN-07-120 intersected, to a
vertical depth of 625m, a sulphide zone grading 6.6% Zn, 1.14% Cu and
63.05 g/t Ag over 3.55m.
Lens 08 has a north-south orientation and
is dipping sub-vertically to steeply to the east. Results obtained in
recent drilling confirm the continuity of the mineralization and indicate
that lens 08 becomes richer in zinc at a depth of over 500m where it
remains entirely open. Lens 08 will be the object of additional drilling
in the winter of 2008.
EMERGENCE OF A NEW LENS AT
DEPTH
Recent drilling suggests the emergence of a new mineralized
lens at depth. This new lens is located nearly 150m to the west of lens 08
and at a vertical depth of 750 to 800m. It was discovered by hole
CN-07-71B that intersected two closely spaced massive sulphide zones that
yielded 3% Zn, 1.26% Cu and 18.86 g/t Ag over 9.6m and 3.21% Zn, 0.79% Cu
and 14.,09 g/t Ag over 9.9m respectively (cross section 19+75N). In a
direct extension of these intersections 75m further north, hole CN-07-120
intercepted three alteration and disseminated sulphide zones that returned
subeconomic values. Besides these two holes, this new fertile contact
remains practically unexplored at that depth and the lens remains entirely
open to exploration. Its exact relation with lens 08 is not well defined
yet, but for now this mineralized zone is considered to be a new distinct
lens (lens 08W), which will be the object of additional drilling in the
following months.
LENS 9-25 RETURNS 4.43% Cu, 1.99% Zn AND 72.64
g/t Ag OVER 10.15m
Only one new hole tested lens 9-25 (longitudinal
9-25). Hole CN-07-120 intercepted a massive sulphide zone that yielded
4.43% Cu, 1.99% Zn and 72.64 g/t Ag over 10.15 m including an interval
grading 13.88% Cu, 5,18% Zn and 197.24 g/t Ag over 2.1m. Because of
deviation problems experienced in hole CN-07-120, this intersection is
located much nearer to hole CN-07-123 than expected but nevertheless
confirms the presence of high grades in this portion of lens 9-25 (Hole
CN-07-123 had intersected 7.68% Cu, 4.05% Zn and 118 g/t Ag over 3.6m).
Lens 9-25 has a north-south general orientation and is dipping (85
degrees) to the west. It is now confirmed over more than 200m laterally
and nearly 400m vertically and it remains open at depth. Lens 9-25 will be
the object of additional drilling in the winter of 2008.
OTHER
HOLES
Three other holes were drilled in the recent period. Hole
CN-08-128 tested the south extension of lens 44 near the surface and it
intercepted an alteration zone without mineralization at a vertical depth
of less than 150m (longitudinal 44/08). Holes CN-08-129 and CN-08-130
tested InfiniTEM anomalies south of lens 43 and in the area of the Tension
showing. Hole CN-08-129 intercepted a barren sulphide stringer zone that
explains the conductor. Hole CN-08-130 didn't intercept any significant
mineralization and will be the object of a borehole InfiniTEM
survey.
SURFACE INFINITEM SURVEY
A vast surface InfiniTEM
survey of over 300 linear kilometres was undertaken in January 2008 on the
Coulon JV project. This survey covers conductors exposed by the heliborne
VTEM survey carried out in the fall of 2007 on the immediate extensions of
the fertile Coulon volcanic belt. The most promising InfiniTEM anomalies
will be drill tested afterwards.
Virginia is encouraged by the
first results obtained on the Coulon JV project in 2008. The continuity of
lens 08 is confirmed to a depth of 700m and its general grade seems to
improve. Moreover, the deepest holes suggest the emergence of a new
promising lens. Virginia and partner Breakwater Resources Ltd. plan to
spend over $20 million in 2008. It is expected this important drilling
program will be carried out throughout the year, jointly with other work,
including ground geophysics and prospecting as well as 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 ccontent 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 27,005,110 shares issued and outstanding as of February 29,
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
three (3) maps are available on Marketwire's Web site at the following
address: http://media3.marketwire.com/docs/tab0318.pdf
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FOR
MORE INFORMATION, PLEASE CONTACT: Amelie Laliberte, Investor Relations,
Paul Archer, V-P Exploration and Qualified Person, or Andre Gaumond,
President.
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 |