/CNW Telbec/ - Visible Gold Mines Inc.
Visible Gold Mines Acquires 100% Stake in the
Doda South Gold Property
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE
UNITED STATES
/
ROUYN-NORANDA, QC
,
July 17, 2020
/CNW Telbec/ -
Visible Gold Mines Inc.
(TSXV :VGD)
(FRANKFURT:3V41) is pleased to announce that it has entered into a purchase agreement
(the "
Purchase Agreement
") with two prospectors (the "
Vendors
") to acquire a 100% ownership
interest in the 25 mining claims comprising the Doda South gold property (the "
Doda South
Property
"), which is covering approximately 1,400 hectares (14 km
2
). The Doda South Property is
located five kilometres north of the recently acquired Horsefly property and approximately
40 kilometres south of the town of
Chapais
in the province of Québec.
The Doda South property is centrally located within a highly prospective area of the
Chapais
-
Chibougamau
gold-copper camp, an area currently experiencing extensive mineral exploration. The
Doda South Property is strategically located over anastomosing regional structures associated with
recent gold mineralization discoveries the most recent one being on the Nelligan property held by
Vanstar and IAMGOLD Corporation located east of the Doda South Property (see Vanstar's press
releases dated
May 30, 2019
,
January 10, 2019
and
November 16, 2018
). Reader should note that
mineralization hosted on adjacent and nearby properties and operations is not necessarily indicative
of mineralization hosted on the Doda South property to be acquired by Visible Gold Mines.
In addition, these same anastomosing regional structures over which the Doda South Property
occurs host several gold mines and deposits which include the: Lac Short Mine and Fenton Deposit
to the west, the Joe Mann Mine and Philibert Deposit to the east and the Chevrier Deposit to the
northeast. Reader should note that mineralization hosted on adjacent and nearby properties and
operations is not necessarily indicative of mineralization hosted on the Doda South property to be
acquired by Visible Gold Mines.
Martin Dallaire
, President and CEO of Visible Gold Mines stated, "with this important
Vanstar/Iamgold discovery on the Nelligan property, we firmly believe that this region has the
potential to become a very active mining camp, in which Visible Gold Mines will be well positioned
with its Horsefly, Hazeur and Doda South properties in proximity".
The terms of the Acquisition
Pursuant to the terms of the agreement and subject to the regulatory approval, including that of the
TSX Venture Exchange, Visible Gold Mines will acquire 100% ownership interest in the 25 mining
claims comprising the Doda South Property by issuing 500,000 common shares to the Vendors. The
Doda South Property is not subject to any royalty in favor of the Vendors.
Qualified Person
Robert Sansfaçon, PGeo, senior geologist and Visible Gold Mines' vice-president exploration, is the
qualified person for the Horsefly Property under National Instrument 43-101 -
Standards of
Disclosure for Mineral Projects
, responsible for the technical contents of this news release, and has
approved the disclosure of the technical information contained herein.
About Visible Gold Mines Inc.
Visible Gold Mines is a corporation focused on gold in the prolific
Abitibi Gold Belt
in
Canada
. The
Corporation has 25,814,539 common shares outstanding.
Neither 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 the
release.
SOURCE
Visible Gold Mines Inc.
View original content:
http://www.newswire.ca/en/releases/archive/July2020/17/c3229.html
%SEDAR: 00025339E
For further information:
Martin Dallaire, President and Chief Executive Officer, Telephone: 819-
762-0107, Fax: 819-762-0097, E-mail: [email protected], Website:
www.visiblegoldmines.com
CO: Visible Gold Mines Inc.
CNW 15:09e 17-JUL-20