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Virginia Mines Inc. (? Virginia ?)(TSX:VGQ) is pleased
to present an update on the drilling programs carried out in the winter of
2011 on its Lac Pau, Poste Lemoyne Extension and Anatacau-Wabamisk gold projects, and on its Coulon base-metal project. All projects are located in
the James Bay region.
LAC PAU
In the winter of 2011, Virginia carried out a drill
program totalling 2,776 metres
on the Lac Pau project (100% Virginia) in the north portion of the
Caniapiscau reservoir, James Bay. The property covers the Lac Pau auriferous
corridor, a major structure followed over 12 kilometres
separating intrusive rocks of the Beausac Suite and
paragneisses of the Grosbois
Suite. This fertile auriferous structure is host to several significant gold
showings, including the Tricorne Showing (up to
9.02 g/t Au over 5 metres in channel and 3.43
g/t Au over 6 metres in drilling); the Jedi showing
(up to 2.35 g/t Au over 6 metres in channel); the
Hope showing (2.27 g/t Au over 10 metres including
3.91 g/t Au over 5 metres, and 13.04 g/t Au
over 3 metres in channel); the Beausac-2 showing
(14.43 g/t Au over 2 metres in channel); and the Obiwan showing (2.10 g/t Au over 5 metres in channel). Holes drilled during the winter of
2011 mainly tested the Jedi showing and its northeast extension as well as
the Hope and Tricorne showings (see annexed figure
1/surface plan: http://media3.marketwire.com/docs/figure1VM.pdf).
A series of nine holes (PAU-11-032 to 040) tested at
shallow depth the Jedi showing and its northeast extension over a lateral
distance of 2.4 kilometres and according to a
spacing of 100 to 300 metres. All holes testing
this portion of the Lac Pau corridor intercepted significant auriferous
intervals, except for hole PAU-11-035, which missed
the target. Hole PAU-11-040, located to the northeast end of this tested
segment, yielded the best results with an intersection grading
3.56 g/t Au over 5.5 metres including
12.05 g/t Au over 1.25 metres. The other
intersections obtained along this fertile auriferous segment are as follows:
1.64 g/t Au over 11.6 metres including 2.51 g/t Au
over 4.5 metres (PAU-11-032); 2.17 g/t Au over 8.5 metres including 3.56 g/t Au over 3 metres (PAU-11-033); 1.26 g/t Au over 10.9 metres including 4.2 g/t Au over 1.5 metres
(PAU-11-034); 0.47 g/t Au over 10.5 metres
(PAU-11-038); 0.93 g/t Au over 12.1 metres
(PAU-11-037); 0.86 g/t Au over 7.75 metres
(PAU-11-036); and 0.86 g/t Au over 7.6 metres
(PAU-11-039).
Four other holes (PAU-11-041 to 044) were drilled
2.4 kilometres northeast of hole
PAU-11-040 to test at shallow depth the continuity of the Hope showing over a
lateral distance of about 250 metres. The
vertical continuity of the mineralization was confirmed by three of the four
holes. Hole PAU-11-044 crosscut a mineralized intersection grading 69.78 g/t
Au (24.15 cut) over 1.2 metres including a
high-grade interval of 112.5 g/t Au over 0.7 metre.
Holes PAU-11-041 and 042, in turn, yielded 1.33 g/t Au over 9.15 metres and 1.29 g/t Au over 3.6 metres,
respectively. Hole PAU-11-043 failed at intercepting significant
mineralization.
Three other holes (PAU-11-029, 030 and 031) were
drilled and a previous hole (PAU-10-007) was extended in the area of the Tricorne showing, located a few hundred metres the north of the Jedi showing. These holes
intercepted a few sub-economic intersections, specifically 9.74 g/t Au over
0.5 metre (PAU-11-031), 2.94 g/t Au over
4.5 metres (PAU-11-029), and 2.47 g/t Au over 2 metres (PAU-10-007 extension). Complete results of the
winter 2011 drill program are reported in annexed Table 1(http://media3.marketwire.com/docs/Tableau1VM.pdf).
Virginia is encouraged by the recent results
obtained on the Lac Pau project. The Jedi and Hope areas generated several
intersections of economic interest, and these intersections remain totally
open laterally and vertically. Many portions of kilometric extension of the
Lac Pau corridor remain practically unexplored and will eventually have to be
tested by stripping and drilling. Stripping and mapping is foreseen for the
summer of 2011 to test at surface the mineralized zones discovered during the
winter program as well as the unexplored portions of the Lac Pau auriferous
corridor.
COULON
During the winter of 2011, Virginia carried out a
15-hole drilling program totalling 7,952 metres on the Coulon project
(100% Virginia), located 15 kilometres north of the
Fontanges airport, on the Quebec Middle North
territory. The program aimed at testing the extensions of lenses 16-17, 43,
and 201 as well as many other regional targets.
In the area of Lens 16-17, hole CN-11-223
intercepted a semi-massive to massive sulphide
intersection grading 3.86% Zn, 0.7% Cu, and 75,09 g/t Ag over 44 metres (true thickness of 37.4 metres),
including a richer interval that yielded 7.32% Zn, 0.88% Cu, and 85.14 g/t Ag
over 12.15 metres (true thickness of 10.35 metres). This new intersection is located to a vertical
depth of only 350 metres and is totally open at
depth and to the south (it is closed to the north by hole CN-11-122,
which failed at intercepting mineralization). At this time, the mineralized zone
is interpreted as a new lens named Lens 223, but it could also represent the
faulted depth extension of Lens 16-17 (see annexed figure 2/cross section: http://media3.marketwire.com/docs/figure2VM.pdf), and figure 3/ longitudinal section: http://media3.marketwire.com/docs/figure3VM.pdf).
The extensions of Lens 201 were tested by five new
holes (CN-11-224, 225, 226, 227 and 230). The continuity at depth of the
mineralization was confirmed by hole CN-11-225, which intercepted a sulphide zone grading 5.21% Zn, 1.18% Cu and 35.14 g/t Ag
over 6.15 metres (true thickness of 3.6 metres) to a vertical depth of 425 metres,
thus extending Lens 201 by 100 metres downward. The
other holes testing Zone 201 all have intercepted alteration zones frequently
containing disseminated sulphides (pyrite-pyrrhotite-chalcopyrite+/- sphalerite)
in plurimetric thicknesses, hence confirming that
the fertile hydrothermal system remains totally open in this area.
Hole CN-11-221 tested the plunge of Lens 43 to the
southwest. It did not intercept any significant mineralized zone but
encountered several hydrothermal alteration zones. Three off-hole conductors were
detected by the InfinitTEM survey done on this
hole.
Elsewhere on the Coulon
property, seven holes (CN-11-231 to 237) tested numerous geophysical or
geological targets without much success. Hole
CN-11-232 was the only one to intercept a significant mineralized zone, which
yielded 1.04% Zn over 0.95 metre. This intersection
is interpreted as a mineralized exhalative horizon and represents the
extension to the south of the same horizon crosscut in 2007 by hole
CN-07-055, which at the time yielded 1.65% Zn over 1 metre.
Complete results of the campaign are reported in annexed Table 2(http://media3.marketwire.com/docs/Tableau2VM.pdf).
Virginia is very satisfied with its drilling program
at Coulon as it resulted in the discovery of an
eighth mineralized lens on the property (Lens 223). This lens remains totally
open at depth and to the south and many other holes are required to test its
extensions.
POSTE LEMOYNE EXTENSION
Virginia also carried out, in the winter of 2011, a
drilling program on its Poste Lemoyne Extension
property, located along the Trans-Ta?ga
road in the area of the LG-3 reservoir, in the James Bay region. The claims
are owned 100% by Virginia, however the 112 claims acquired before October
2005 are subject to a 1% NSR royalty in favour of Globestar Mining Corporation. Virginia has the right at
any time to buy back 0.5% of this royalty for $500,000.
The program consisted of 13 holes (PLE11-148 to
PLE11-160) totalling 4,020 metres
and was mainly targeting a strong till gold anomaly spreading over a distance
of 1.8 kilometres in an east-north-east direction
and over a width of about 250 metres. It coincides
with a porphyric diorite intrusion. Drilling tested
the anomaly and the diorite according to 200-metre-spaced sections in general
and more locally according to 100-metre-spaced sections (see annexed figure
4/surface plan: http://media3.marketwire.com/docs/figure4VM.pdf). Many corridors altered in sericite
and silica containing up to 10% disseminated pyrite were intercepted mainly
within the diorite but also in the enclosing basalts. These corridors of
metric to plurimetric thicknesses yielded anomalous
gold values varying between 0.5 g/t Au over 1 metre
and 1.49 g/t Au over 5 metres in general. At times,
alteration zones are much thicker and create large halos highly anomalous in
gold, specifically 0.5 g/t Au over 15.25 metres
(PLE11-155) and 0.39 g/t Au over 60 metres
(PLE11-149). Some metric intersections also yielded higher gold values with
6.68 g/t Au over 3 metres (PLE11-148),
12.91 g/t Au over 1 metre (PLE11-152),
6.62 g/t Au over 1 metre (PLE11-149), and 3.04
g/t Au over 2.1 metres (PLE11-156). The two first
intersections are located within the basalts bordering the diorite intrusion
while the two last ones are found within the diorite. Complete results are
reported in annexed Table 3(http://media3.marketwire.com/docs/Tableau3VM.pdf).
ANATACAU-WABAMISK
A limited 6-hole drilling program totalling 1,272 metres was also
completed in the winter of 2011 on the Anatacau-Wabamisk
project, located in the area of the Opinaca
reservoir, on the Quebec Middle-North territory. Virginia owns a 100%
participating interest in the Wabamisk portion and
has the option to acquire IAMGOLD's 100% participating interest in the
adjoining Anatacau portion, in consideration of
exploration expenses totalling $3 million before
December 31, 2015, and a $25,000 cash payment, which was paid upon signing
the agreement.
Holes WB-11-33, 34 and 35 tested the vertical
extension of the Isabelle showing to a vertical depth of 75 to 125 metres and did not return significant gold values despite
the fact that holes 33 and 34 intercepted Isabelle-type, mineralized zones. A
small zone weakly mineralized in disseminated sulphides
yielded 15.03 g/t Au over 1 metre in hole
WB-11-33, in the sediments located in the hanging wall of the Isabelle zone.
For now this small zone does not appear to have any significant extension.
Holes WB-11-36, 37 and 38 tested the IP anomalies located within a sequence
of sediments similar to that of the Isabelle showing, one kilometre
northwest of this showing. Drilling failed at intercepting significant
mineralization.
Work was carried out by the personnel of Virginia
Mines and Services Techniques Geonordic Inc., under
the supervision of Geological Engineer, Paul Archer who is a Qualified Person
(as defined by National Instrument 43-101) and has cumulated more than 30
years of experience in exploration.
Quality Control
In 2004 Virginia set up an Analytical Quality
Assurance Program to control and assure the analytical quality of assays in
its exploration. This program includes the systematic addition of blank
samples and certified standards to each batch of samples sent for analysis at
commercial laboratories. Blank samples are used to check for possible
contamination in laboratories while certified standards determine the
analytical accuracy and precision.
Samples have been assayed at the Laboratoire
Expert Inc. in Rouyn-Noranda for the Poste Lemoyne Extension and Anatacau-Wabamisk
projects, and at ALS Chemex
Inc. in Val-d'Or for the Lac Pau and Coulon
projects.
As for gold projects samples are assayed by
fire-assay followed by atomic absorption according to industry standards.
Repeats are carried out by fire-assay followed by gravimetry
on each sample containing 500 ppb gold or more.
About Virginia
Virginia is among the most active mining exploration
companies in Quebec with a working capital of $45 million as at November
30, 2010, and 30,954,407 shares issued and outstanding as at April 30, 2011.
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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