Virginia Mines Inc. (?Virginia?)
is pleased to report on new results from its exploration program currently
in progress on the Coulon JV property (100% Virginia),
located 15km north of the Fontanges airport, Quebec Middle North.
Breakwater Resources Ltd. may acquire a 50% interest in
the property in exchange for payments totalling CA$180,000 and CA$6.5
million in exploration expenditures.
In the summer of 2007, prospecting and geological mapping, diamond
drilling as well as ground (InfiniTEM and Maxmin) and borehole (pulse-EM)
geophysics was carried out. The eleven new holes announced tested lenses
43 (3 holes), 44 (3 holes), and 9-25 (2 holes) as well as some regional
targets (3 holes).
NEW SURFACE DISCOVERIES
Prospecting and geological mapping conducted in the summer of 2007 led
to the discovery at surface of a new, promising mineralized showing
located several kilometres WNW of the area hosting lenses 08, 44, and 9-25
(surface plan). The Spirit showing
consists of a semi-massive to massive sulphide mineralization rich in
chalcopyrite and sphalerite, with lesser quantities of galena. The
Spirit showing is hosted by sillimanite gneisses
representing metamorphosed felsic volcanics and is associated with a
beepmat conductor followed over a lateral distance of 80m, in a general
north-south direction, and in a width of 4 to 7m. This conductor remains
totally open laterally since it disappears at both ends under a thick
overburden cover greater than the investigation depth of the beepmat
survey. Three unexplained, airborne EM conductors lie in the vicinity of
the Spirit showing. Seven selected grab samples were
collected in small trenches over a lateral distance of 30m along the
beepmat conductor. These samples yielded excellent results varying between
0.82 to 7.22% Cu, 0.28 to 12.95% Zn, 36.6 to 200 g/t Ag and up to
1.24% Pb (see table 1). Channel sampling on the
Spirit showing and a ground geophysical survey (Maxmin
and Mag) are currently ongoing and will be followed by diamond drilling.
Table 1- Assay Results of Selected Grab Samples ? Spirit
This new discovery within an unexplored area strongly illustrates the
high potential of the property since it extends the presence of
mineralized base-metal showings as well as the fertile volcanic sequence
by 4 km towards the north from the limits formerly known of the
mineralized system. This mineralized system is now traced over nearly 20km
laterally and remains totally open.
Prospecting and mapping also outlined another interesting area on the
Ishikawa grid, located 4km south of the Spirit showing.
Several rusty erratic boulders were discovered within an approximate
perimeter of 2km by 2km. The boulders are dominantly composed of
alteration minerals (anthophyllite) with, from time to time, disseminated
to semi-massive sulphides. These boulders returned metal values reaching
6.14% Cu, 4.08% Zn, 2000 g/t Ag and 20.7% Pb. It
appears that the probable source of these boulders lies to the ENE in a
sector occupied by a large lake. This sector will be the object of an
InfiniTEM survey in the winter of 2008.
LENS 44 YIELDS 8.39% Zn, 0.95% Cu AND 47.83 g/t Ag / 10.5m AND
2.28% Zn, 1.63% Cu AND 26.64 g/t Ag / 23m
Three new holes tested lens 44 to vertical depths of
360 to 400m
(longitudinal section 44/08). Two of these holes intercepted
semi-massive to massive sulphide zones with very good thicknesses. Hole
CN-07-77B yielded excellent results, with two mineralized
zones that returned values of 8.39% Zn, 0.95% Cu and 47.83
g/t Ag over 10.5m and 5.08% Zn, 0.99% Cu and 32.57 g/t Ag
over 3m. These mineralized intersections are located at vertical
depths of 360 to 370m. Hole CN-07-83
intersected a mineralized zone grading 2.28% Zn, 1.63% Cu and
26.64 g/t Ag over 23m, including a richer section
grading 8.66% Zn, 1.21% Cu and 18.82 g/t Ag over 5m. This
intersection, located at a vertical depth of 400m, is the
deepest one obtained to date in lens 44. Hole
CN-07-82 intercepted a thinner semi-massive sulphide zone
at a vertical depth of 360m at the south border of
lens 44 , which graded 1.82% Zn, 1.46% Cu
and 23.41 g/t Ag over 1.80m.
Supplementary assay results were also received for hole
CN-07-69 previously announced. The
mineralized zone now gives an intersection grading 2.74% Zn, 1.55%
Cu and 20.42 g/t Ag over 11.9m including a richer section grading
4.85% Zn, 1.45% Cu and 20.75 g/t Ag over 5.85m.
Lens 44 isnorth-south oriented and is
dipping vertically to steeply to the west. It is now confirmed over a
lateral distance of 275m and at a vertical depth of
400m. Lens 44 remains totally open at
depth and is currently the object of additional drilling.
LENS 43 EXTENDED BY 240m TOWARDS THE SOUTHWEST AND IS CONFIRMED
AT A VERTICAL DEPTH OF 380m
Three holes tested a deep InfiniTEM anomaly located in the southwest
extension of Lens 43. Two of these holes explain the
anomaly by the presence of semi-massive to massive sulphides. Hole
CN -07-79 intercepted a sulphide zone grading
2.22% Zn, 2.8% Cu and 22.06 g/t Ag over 9.65m at a
vertical depth of 380m under the surface. This
intersection prolongs by 240m towards the southwest the
extension of lens 43 from hole CN-07-62B
(longitudinal section 43).
On a section located 90m to the northeast of hole
CN-07-79, hole CN-07-84 also intercepted
a sulphide zone that returned values of 4.47% Zn, 1.24% Cu and
10.9 g/t Ag over 5.8m at a vertical depth of
360m. A third section located 110m to
the southwest of hole CN-07-79 was also tested by hole
CN-07-86, which didn?t intercept any mineralization. The
possibility that this hole did not reach the targeted horizon will be
tested by a borehole InfiniTEM survey.
Lens 43 is NE-SW oriented and seems
to present a variable dip towards the northwest. The mineralization is now
confirmed over a lateral distance of 340m and at a
vertical depth of 380m . It remains open in all
directions and additional drilling is planned to pursue the evaluation of
this very significant mineralized lens.
LENS 9-25 AND REGIONAL TARGETS
Two other holes tested the extensions of lens 9-25 (longitudinal 9-25). Hole CN-07-76 ,
which tested the south limit of the mineralized lens at a vertical depth
of 450m intercepted a thin alteration zone but no
significant mineralization. Hole CN-07-73 was drilled to
test the vertical extension of lens 9-25 , approximately
90m under its known limit.
The hole?s trajectory remaining steeper than expected and gradual
changes in geological dips at depth made the hole reach its target at more
than 250m under the known limit of the lens. Besides,
this hole didn?t intercept the lithological unit usually found at the west
contact of the mineralization, thus suggesting the possibility that the
contact hosting the mineralization has not been intersected. The hole has
been the object of a borehole InfiniTEM survey and the interpretation of
results will be completed shortly. Additional drilling is planned to test
the north and depth extensions of lens 9-25 .
Three holes tested a few regional targets. Hole
CN-07-78 tested the fertile volcanic sequence
approximately 250m north of lens9-25. It
intercepted a few alteration zones as well as two centimetric massive
sulphide horizons with 10-20% sphalerite. This sector of the property
seems very promising. Holes CN-07-80 and 81 tested EM
conductors on the Ishikawa grid, 5km west of the main grid. Hole
CN-07-81 crosscut a 4m-thick massive sulphide horizon,
which yielded values weakly anomalous in base metals. Hole
CN-07-80 did not intercept any mineralization.
Virginia is extremely encouraged by the new results of
the current campaign. The discovery of the Spirit showing
in a virgin area and the discovery of a new mineralized boulder field on
the Ishikawa grid have prompted Virginia to proceed with new territory
acquisitions to cover possible extensions of the fertile belt towards the
west and southwest of the Coulon JV property. Over 1700 new claims were
recently map designated and the confirmation from the MRNF is expected
shortly. The property now covers the Coulon volcanic belt over more than
Recent drilling assay results are also very encouraging since they
prolonged significantly the extensions of lenses 43 and
44. A third drill will be mobilized on the project very shortly
to accelerate the drill program, which will keep going throughout the fall
of 2007, while carrying out geological surface work.
The new assay results are reported in the
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.
Virginia is among the most active mining exploration companies in
Quebec with a working capital of $48,042,904 as of May
31, 2007and 26,443,198 shares issued and
outstanding as of July 31, 2007. 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.