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Virginia Mines Inc.
(? Virginia ?) is pleased to report on the new
results from the current exploration program on the Coulon
JV property (100% Virginia), located 15km north
of the Fontanges airport, Quebec Middle North. Breakwater
Resources Ltd. has the option to acquire a 50% interest in the
property in exchange for payments totalling CA$180,000 and CA$7.5 million
in exploration work.
The ongoing program consists of prospecting, geological mapping,
Diamond drilling, and ground and borehole InfiniTEM surveys. The ten new
holes announced tested lenses 44 (4 holes), 08 (3 holes), 43 (1 hole), and
the recently discovered Spirit showing (2 holes).
Lens 44 yields 6.95% Zn, 1.51% Cu and 34.28 g/t Ag/26.8m and
4.34% Zn, 1.12% Cu and 33.79 g/t Ag/30.85m
Four new holes tested lens44 of which
three were at vertical depths of over 400m (longitudinal section 44/08) . Two of these holes
intercepted semi-massive to massive sulphides over very good widths. Hole
CN-07-85 crosscut a large, highly mineralized interval
that yielded 6.95% Zn, 1.51% Cu and 34.28 g/t Ag over 26.8m,
including a very rich zone that returned 11.03% Zn, 1.18% Cu and 47.89 g/t
Ag over 12.6m . The same hole also intersected two other
mineralized intervals that returned 3.76% Zn, 2.01% Cu and
43.41 g/t Ag over 4.55m as well as 1.33% Zn, 0.90%
Cu and 35.15 g/t Ag over 23.9m. These three mineralized
intersections are located at vertical depths of 425 to
470m. Located 50m further north, hole
CN-07-85B also intercepted a large, well mineralized zone
grading 4.34% Zn, 1.12% Cu and 33.79 g/t Ag
over 30.85m, including a richer section grading
7.77% Zn, 0.68% Cu and 18.11 g/t Ag over 11.55m. Further in
the hole, a second mineralized zone yielded 0.62% Zn, 1.14% Cu and
22.24 g/t Ag over 27.05m. The two mineralized intersections
from hole CN-07-85B are situated at vertical depths of
410 to 440m under the surface.
HoleCN-07-89, located 75m south of
hole CN-07-85, intercepted a semi-massive sulphide zone
grading 5.42% Zn, 1.93% Cu and 20.89g/t Ag over
3.6m at a vertical depth of 500m. The presence
of a 30m wide pegmatite intrusion directly in the core of the alteration
zone could explain the absence of thicker mineralized intersections in
hole CN-07-89. Finally, hole CN-07-91
intercepted a massive sulphide zone in metric width at the north border of
lens 44 to a vertical depth of 220m.
The mineralized intersections of holes CN-07-85
and CN-07-85B are amongst the best results obtained to
date on the Coulon JV project and confirm the emergence of a thick, high
grade zone within lens 44. 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 to a vertical depth of 500m .
Lens 44 remains open at depth and is currently the object
of additional drilling.
DRILLING CONFIRMS THE VERTICAL CONTINUITY OF LENS 08
Three new holes testing lens 08 confirmed the conti
nuity of the mineralization at vertical depths of 210 to
310m under the surface (longitudinal section 44/08). Hole
CN-07-87 intercepted two semi-massive to massive sulphide
zones that graded 4.74% Zn, 1.26% Cu and 33.28 g/t Ag over
4.95m and 3.55% Zn, 0.59% Cu and 109.15 g/t Ag over
2.65m respectively. These two mineralized intervals are located
at vertical depths of 240m and 250m under the surface. In
the same section, hole CN-07-90 intercepted, at a
vertical depth of 310m , a massive sulphide zone grading
8.04% Zn, 0.66% Cu and 40.16 g/t Ag over 3.35m . Hole
CN-07-88 intersected, 75m further north,
two thin massive sulphide zones: the first one grading 7.97% Zn,
2.76% Cu and 93 g/t Ag over 0.6m at a vertical depth of
210m and the second one grading 3.72% Zn, 0.12%
Cu and 40.16 g/t Ag over 1.5m at a vertical depth of
270m under the surface. This second intersection is
crosscut by a large pegmatite intrusion; therefore its original width is
unknown.
These new results from lens 08 are very encouraging
since they link the previous intersections obtained near the surface
(holes CN-04-08, 12, 15 and 23) with those of holes CN-04-25 and CN-04-29,
which are located at vertical depths of 300 and
410m respectively. The mineralization shows a strong
polymetallic signature with frequent high values in zinc, silver and lead.
Lens 08 is developed at the same stratigraphic level as
lens 44 but is located 300m further
north. It is north-south oriented and has a variable, but generally
subvertical, dip. Lens 08 is now confirmed over a lateral
distance of 250m and to a vertical depth of
410m. Lens 08 remains open at depth and
will be the object of additional drilling.
SPIRIT SHOWING ? NEW RESULTS
The Spirit showing was tested at surface by channel sampling over a
lateral distance of approximately 40m. The polymetallic mineralization has
an average thickness of a few metres and returned good values in zinc,
copper and silver (Table 1). The mineralized zone remains open laterally
under the overburden cover.
Table 1- Assay Results from channel samples ? Spirit Showing
|
Rainure/
Channel Sample |
Zn
(%) |
Cu
(%) |
Pb
(%) |
Ag
(g/t) |
Longueur /Length
(m) |
|
R1 |
3.70 |
0.46 |
0.19 |
21.98 |
2.50 |
|
R2 |
3.91 |
0.82 |
0.43 |
34.68 |
3.35 |
|
R3 |
4.38 |
2.65 |
0.16 |
76.35 |
2.75 |
|
R4 |
12.17 |
0.33 |
0.90 |
36.66 |
1.60 |
|
R5 |
0.31 |
1.29 |
0.02 |
34.40 |
3.00 |
The vertical continuity of the Spirit showing was also confirmed by
hole CN-07-93A that intercepted a massive sulphide zone rich in sphalerite
yielding 13.07% Zn, 0.14% Cu and 4.94 g/t Ag over 3m at a
depth of 25m. Hole CN-07-93B, which was drilled directly under this
intersection, intercepted a pegmatite intrusion in the projected extension
of the mineralization. The Spirit showing area is currently the object of
additional drilling.
LENS 43
Only one hole was completed in lens
43 .Hole CN-07-98 intercepted a
semi-massive to massive sulphide zone that yielded 2.08% Zn, 1.28%
Cu and 13.53 g/t Ag over 3m. Including the underlying alteration
and disseminated sulphide zone, the intersection returned 0.63%
Zn, 0.82% Cu and 12.15 g/t Ag over 13.3m. This intersection
confirms the continuity of the mineralization 90m
vertically above hole CN-07-84 (longitudinal section 43). Furthermore, the borehole
InfiniTEM survey carried out in hole CN-07-86 detected
the signature of a significant conductor at the end of the hole, thus
confirming that this hole was stopped prematurely. This hole tested the
southwest extension of lens 43 and will be deepened
shortly.
Lens 43 is NE-SW oriented and seems
to present a variable dip towards the northwest. The mineralization is
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.
Recent drill results are very encouraging since, in all cases, they
prolong the extensions of the mineralized zones, particularly in the case
of lenses 44 and 08.
The drill program will continue throughout the fall of 2007, in
conjunction with geological surface work.
New drill results are reported in the annexed table. All samples have been analyzed at
the certified laboratory ALS Chemex in Val-d?Or.
Click here to see the Surface Plan
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 $ 49,581,941
as of August 31, 2007,and
26,471,698 shares issued and outstanding as of October 9,
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.
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