Visionary Receives Phase 2 Drill Approval for Its Pt. Leamington Gold/Copper/Zinc/Silver VMS Deposit in Newfoundland
Visionary Receives Phase 2 Drill Approval for
Its Pt. Leamington Gold/Copper/Zinc/Silver
VMS Deposit in Newfoundland
Highlights:
Phase 2 approved:
Visionary is cleared to advance its next phase of diamond drilling at its
100%-owned Pt. Leamington VMS Deposit.
Kraken adds mineral resource upside:
The 2026 Phase 1 drilling discovery is a broad copper-
rich feeder system that was not
included in the 2021 Mineral Resource Estimate.
Large mineral resource base to build on:
Pt. Leamington hosts existing mineral
resources of
5.0 Mt Indicated and 15.4 Mt Inferred; Phase 2 drilling will target mineral resource conversion and
expansion, including
the Kraken Zone.
Government support:
Pt. Leamington has been selected by the Newfoundland Department of
Mines and Energy for the Junior Exploration Assistance program qualifying it for a rebate of
eligible exploration expenditures.
Vancouver, British Columbia--(Newsfile Corp. - September 2, 2026) - Visionary Copper and Gold Mines
Inc. (TSXV: VCG) (OTCQB: VCGMF) (the "Company" or "Visionary") is pleased to announce that it has
received approval from the Newfoundland and Labrador Department of Energy and Mines, for its 2026
Phase 2 diamond drilling program at the Company's 100%-owned gold/copper/zinc/silver rich Pt.
Leamington VMS deposit (the "Deposit) in Newfoundland.
The upcoming Phase 2 program will focus on converting Inferred Mineral Resources to Indicated,
expanding the deposit's total Mineral Resources, and defining the scale and grade of the Kraken Zone-
the near-surface, copper-rich feeder system discovered during Visionary's 2026 Phase 1 drilling
program(see news releases dated
April 1, 2026
and
May 13, 2026
). Kraken is not included in the Pt.
Leamington 2021 Mineral Resource Estimate and has the potential to favorably impact the Deposit
mineral resources and
economics.
Jason Flight, P.Geo., Vice President of Exploration said,
"We look forward to building on what is
already a substantial resource at Pt. Leamington. The discovery of Kraken during Phase 1 drilling has
added an entirely new dimension to the Project — a broad copper-rich stringer system, interpreted to
represent part of the VMS feeder system, that sits outside the 2021 Mineral Resource Estimate. He
went on to say, "What makes Pt. Leamington particularly compelling is the scale of the resource we
are starting with — we already have a substantial pit-constrained gold, copper, zinc and silver
resource, and we are now evaluating a newly discovered component of the mineralized system that
was not recognized when the 2021 resource was estimated." "Defining Kraken Zone and converting
resources to the indicated category are now our principal priorities at the Deposit so that we have a
clear path toward economic studies including a PEA. Kraken remains sufficiently open that
substantially more drilling is warranted before we understand the full scale of the system."
Phase 2 Drilling: Grow the Mineral Resources and Define Kraken
The 2026 Phase 1 drilling discovered the Kraken Zone while further delineating the Pt. Leamington
Deposit, with every hole completed intersecting base and precious metal mineralization. The Kraken
Zone remains open and represents a new mineralized target not included in the current Mineral
Resource Estimate.
Phase 2 drilling has four objectives: upgrade portions of the Inferred Mineral Resource, expand the
known massive sulphide system, define Kraken and test additional discovery opportunities.
2021 Mineral Resource - The Starting Point
The Pt. Leamington Mineral Resource Estimate was prepared by P&E Mining Consultants Inc. ("P&E")
for Callinex Mines Inc. The NI 43-101 Technical Report had an effective date of August 20, 2021, signing
date of December 5, 2023 and was filed on December 18, 2023 and the table below states the mineral
resources from the P&E 2021 Technical Report.
Resource
Tonnes
(Mt)
Au
Ag
Cu
Pb
Zn
CuEq
g/t
koz
g/t
Moz
%
Mlb
%
Mlb
%
Mlb
%
Mlb
Pit Indicated
5.013
0.90
145.7
12.2
2.0
0.54
60.0
0.01
1.5
1.39
153.5
1.42
156.8
Pit Inferred
13.727
0.80
354.8
14.0
6.2
0.36
110.2
0.02
7.0
1.74
527.3
1.27
384.8
Out-of-Pit
Inferred
1.713
1.19
65.4
25.5
1.4
0.35
13.3
0.07
2.6
2.72
102.9
1.74
65.7
Total Indicated
5.013
0.90
145.7
12.2
2.0
0.54
60.0
0.01
1.5
1.39
153.5
1.42
156.8
Total Inferred
15.440
0.85
420.2
15.3
7.6
0.36
123.5
0.03
9.6
1.85
630.1
1.32
450.5
Table 1. Point Leamington Mineral Resource Estimate. Source: P&E Mining Consultants Inc., NI 43-101 Technical Report - Point Leamington
Project, Newfoundland, Canada, Report No. 403, effective August 20, 2021 with a signing date of December 5, 2023.
1
.
Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability.
2
.
The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing or
other relevant issues.
3
.
The Inferred Mineral Resource has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted
to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral
Resource with continued exploration.
4
.
Mineral Resources were classified in accordance with CIM Definition Standards (2014) and CIM Best Practices Guidelines (2019).
5
.
The 2021 Mineral Resource Estimate used C$25/t NSR cut-offs for pit-constrained Indicated and Inferred Mineral Resources and C$75/t for
out-of-pit Inferred Mineral Resources. Copper-equivalent values were calculated using the following metal prices: Au at US$1,625/oz, Cu at
US$3.50/lb, Zn US$1.20/lb, Ag at US$22/oz.
Foreign exchange rate of CDN$1.00 = US$0.77.
Metallurgical recoveries have been estimated to
be 75% gold, 80% copper, 85% zinc and 25% silver. Smelter payables have been estimated to be 85% gold, 90% copper, 85% zinc and
90% silver.
Junior Exploration Assistance
Visionary gratefully acknowledges the support of the Government of Newfoundland and Labrador through
the Department of Energy and Mines' Junior Exploration Assistance ("JEA") program. The Province's
2026 JEA program estimates a potential rebate of C$96,118 for the project.
Qualified Person
The technical information contained in this news release has been reviewed and approved by Jason
Flight, P. Geo, a "qualified person" under NI 43-101. Mr. Flight is not independent under NI 43-101 as he
is Vice President of Exploration for the Company.
About Visionary Copper and Gold Mines Inc.
Visionary Copper and Gold Mines Inc.
(TSXV: VCG) (OTCQB: VCGMF)
is advancing its portfolio of
base and precious metals rich deposits located in established Canadian mining jurisdictions. The
focus of the portfolio is highlighted by the 100% owned Pt. Leamington Deposit in Newfoundland,
located in one of the richest VMS and Gold Districts in Canada. The Company prepared a pit
constrained Indicated Mineral Resource of 5.0 Mt grading 1.42% CuEq for 156.8 Mlb CuEq (145.7
koz gold, 60.0 Mlb copper, 153.5 Mlb zinc, 2.0 Moz silver, 1.5 Mlb lead), a pit constrained Inferred
Mineral Resource of 13.7 Mt grading 1.27% CuEq for 384.8Mlb CuEq (354.8 koz gold, 110.2 Mlb
copper, 527.3 Mlb zinc, 6.2 Moz silver, 7.0 Mlb lead) and an out-of-pit Inferred Mineral Resource of
1.7 Mt grading 1.74% CuEq for 65.7Mlb CuEq (65.4 koz gold, 13.3 Mlb copper, 102.9 Mlb zinc, 1.4
Moz Ag, 2.6 Mlb lead) (see news release dated October 25, 2021). Additionally the Company is
permitting the Rainbow deposit at its rich VMS Pine Bay Project located near existing infrastructure in
the Flin Flon Mining District. The Company prepared an indicated mineral resource on the Rainbow
deposit of 3.44 Mt grading 3.59% CuEq for 272.4 Mlb CuEq (238.3 Mlb Cu, 56.9 Mlb Zn, 37.6 koz Au,
692.8 koz Ag, 2.3 Mlb Pb), an inferred mineral resource on the Rainbow deposit of 1.28 Mt grading
2.95% CuEq containing 83.4 Mlb CuEq (72.1 Mlb Cu, 19.5 Mlb Zn, 11.1 koz Au, 222.2 Koz Ag, 0.8
Mlb Pb) and an inferred mineral resource at the Pine Bay deposit of 1.0 Mt grading 2.62% Cu
containing 58.1 Mlb Cu (see news release dated July 10, 2023). Additionally, the portfolio includes the
Nash Creek Project located in the VMS rich Bathurst Mining District of New Brunswick. A 2018 PEA
generates a strong economic return with a pre-tax IRR of 34.1% (25.2% post-tax) and NPV8% of $230
million ($128 million post-tax) at $1.25 Zinc (see news release dated May 14, 2018).
For additional information, please contact:
Visionary Copper and Gold Mines Inc.
Max Porterfield, President and Chief Executive Officer
Phone:
(604) 605-0885
E-mail:
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Some statements in this news release contain forward-looking information. These statements include,
but are not limited to, statements with respect to future expenditures. These statements address future
events and conditions and, as such, involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by the statements. Such factors
include, among others, the ability to complete the proposed drill program and the timing and amount
of expenditures. Except as required under applicable securities laws, Visionary does not assume the
obligation to update any forward-looking statement
.
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https://www.newsfilecorp.com/release/312543