/CNW Telbec/ - Visible Gold Mines Inc. (TSXV: VGD) ( FRANKFURT : 3V41)
Visible Gold Mines Acquires 100% Stake in the
Horsefly Gold Property
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE
UNITED STATES
/
ROUYN-NORANDA, QC
,
June 5, 2019
/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 108 mining claims comprising the Horsefly gold property (the "
Horsefly Property
"),
which is covering approximately 6,050 hectares (60.5 km
2
). The Horsefly Property is located in the
Druillettes and Gradis townships, approximately 50 kilometres south of the town of
Chapais
in the
province of Québec.
The Horsefly property is centrally located within a highly prospective area of the
Chapais
-
Chibougamau
gold-copper camp, an area currently experiencing extensive mineral exploration. The
Horsefly Property contains several gold showings and 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 Horsefly
Property (see Vanstar's press releases dated
May 30, 2019
,
January 10, 2019
and
November 16,
2018
).
In addition, these same anastomosing regional structures over which the Horsefly 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.
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 and Hazeur projects in proximity".
The terms of the Acquisition
Prior to acquiring the Horsefly Property, Visible Gold Mines entered into an agreement with 9304-
2141 Québec Inc. ("
9304-2141
") to acquire the rights of 9304-2141 in an offer to purchase entered
into between 9304-2141 Québec and the Vendors, pursuant to which 9304-2141 had a first right to
acquire the Horsefly Property from the Vendors. Pursuant to this agreement with 9304-2141, Visible
Gold paid an amount of
$15,000
to 9304-2141 and is required to issue to 9304-2141 150,000
common shares of Visible Gold Mines.
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 108 mining
claims comprising the Horsefly Property by making a $10,000$ cash payment to the Vendors and by
issuing 1,000,000 common shares to the Vendors. The Horsefly 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 21,089,339 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/June2019/04/c0391.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 08:30e 05-JUN-19