Visible GOLD Mines, IN Partnership with Spod Lithium, Announces the Discovery of Several Pegmatites ON Megali Project
VISIBLE GOLD MINES, IN PARTNERSHIP
WITH SPOD LITHIUM, ANNOUNCES THE
DISCOVERY OF SEVERAL PEGMATITES ON
MEGALI PROJECT
Highlights :
Several pegmatite outcrops have been identified and sampled. Observations shows the
potential to identify large pegmatites on Block C. Pegmatites are concentrated in 500 metres
wide swarms recognized over a kilometric strike length.
Mineralogical and textural characteristics observed allow to link Block C pegmatites to the LCT
type (Lithium-Cesium-Tantalum).
The MegaLi project shares its border with Patriot Battery Metals Inc's Corvette property and is
located about 3 km south from CV5 pegmatite system. The CV5 pegmatite contains 109.2 Mt
of inferred resources at 1.74% LiO2 contains in spodumene (Patriot Battery Metals, Corporate
presentation,
August 2023
,
Presentation - Patriot Battery Metals
).
111 prioritised rock-chip samples are on their way to ALS Laboratories for alkaline fusion
assaying.
Fieldwork remains ongoing with only 18 of the forecasted 25 ground campaign days completed
to date.
ROUYN-NORANDA, QC
,
Oct. 4, 2023
/CNW/ -
Visible Gold Mines Inc.
(TSXV: VGD)
(
FRANKFURT
: 3V41)
("Visible Gold"
or the "Company"
)
is pleased to provide shareholders with
an exploration update on its MegaLi project located approximately fifty (50) kilometres south-
southwest of the 2779 MW LG4 hydropower facility and 16 km from all-weather road access,
JamesBay. The property consists of 78 mining claims covering a total area of 3,996.67 hectares (40
square kilometers) and is accessible by helicopter operating from a camp located along the
hydropower reservoir.
The MegaLi project is currently wholly owned by Visible Gold Mines but is subject to an option
agreement signed with SPOD Lithium in
August 2022
whereby SPOD Lithium can earn a maximum
of 50% interest in the project. For further details see press release dated
August 5, 2022
.
Block "C" pegmatite discovery
In September, the exploration team identified multiple outcropping pegmatites and boulders over the
three (3) blocks (B,C,F) during 18 days of exploration work in the field. A significant discovery was
made on Block "C" where multiple large pegmatite intrusions follow the north-east regional structural
trend. Individual pegmatite ridges can be followed for about 1km along strike. Peripheric exploration
and mapping of the geology, indicated that potential thickness of these intrusions can be in a 10 to
50 metres range. The distribution of outcrops suggests a 500 metres wide swarm composed of
stacked intrusions. Host rocks of the pegmatite observed are composed mainly of amphibolite
although described as a tonalite on the MERN website.
Pegmatites identified show variable concentrations of potassic feldspar, albitic plagioclase, quartz
and muscovite as main components. Locally, tourmaline (black and dark blue) and garnet appear as
accessory phases. The crystallization texture can be locally very coarse grain when compared with
average pegmatite with individual crystals reaching locally 20 cm. Preliminary observations indicate
common evidence of different crystallization texture corresponding to different magmatic episodes.
During this first scouting phase, 111 samples were taken for assaying including 79 samples
originating from Block C.
Figure 1 : MegaLi location map (CNW Group/Visible Gold Mines Inc.)
Figure2 : View to the east of the Block “C”
pegmatites complex. (CNW Group/Visible Gold Mines
Inc.)
Figure 3: A) shallow dipping pegmatite-amphibolite contact. B) magmatic contact between two
pegmatite layers. (CNW Group/Visible Gold Mines Inc.)
Prospecting method
Rock chips fragments are collected from bedrock surface in areas that enable works. The
mineralogical composition of fragments is described. A portable XRF is used on a routine basis to
detect the presence of an excess of Rubidium. This element is used to identify the presence of LCT
pegmatites (Lithium-Cesium, Tantalum), which is the deposit type for spodumene bearing pegmatite,
as largely recognized, and documented in the
James Bay
area. Based on scientific literature, the
correlation between rubidium and lithium is generally accepted for exploration geochemistry purpose.
The Company thinks that by promoting this approach, the identification of favorable sectors for
lithium mineralization can be identified using the Rubidium enrichment (1).
(1)
Source: Cerny P., Meintzer R.E., 1988: Fertile granites in the Archean and Proterozoic fields of rare-element pegmatites: crustal environment, geochemistry and petrogenetic
relationships
in
Recent advances in the Geology of Granite-Related Mineral Deposits, Proceedings of the CIM Conference on Granite-Related Mineral Deposits, Sept 1985, Eds
Taylor R.P., Strong D.F.
This strategic approach aims at compensating for the difficulty of sampling large and representative
areas of pegmatites and the often-discreet characteristic of spodumene. During a prospecting
program, the portable XRF is used to discriminate pegmatites whose emplacement process was
more favorable to lithium enrichment and spodumene crystallization.
The lithium pegmatites at Corvette commonly contain elevated levels of Rubidium (Rb) and Cesium
(Cs) compared to less differentiated granites, confirming their strongly differentiated signature that is
typically for LCT pegmatites. Whole rock rubidium contents are commonly 1000 to 4000 ppm Rb
(ref. NI43-101 Technical Report Mineral Resource Estimate for the CV5 Pegmatite, Corvette
Property p.51).
Figure 4: Partial view of Block C prospecting coverage. (CNW Group/Visible Gold Mines Inc.)
Cautionary note:
Rubidium and potassium measurement with a portable XRF instrument has to be considered as
geochemical indicators used in routinely in the course of prospecting work to orient and prioritize
sampling sectors. Values expressed can be considered as a representative assay performed
laboratory conditions and supervised by a QAQC protocol. Also, the presence of Rb in sampled rock
is by anyway correlated unless a proper assaying method is performed. The representation of
prospecting data illustrates favourability sectors for the presence of a lithium enrichment.
Patriot Battery Metals
The Company highlights that
September 8th
, The CV5 mineral resource estimate (MRE) has firmly
established it as the largest lithium pegmatite mineral resource in the Americas and eighth largest
globally containing a maiden mineral resource estimate of 109.2 million tonnes at 1.42 per cent Li2O
(see Patriot Battery Metals' News Release
July 31st, 2023
). Moreover, an all-weather exploration
access road in construction extending from the all-weather Trans-Taiga Road to CV5 will facilitate
our upcoming exploration programs. The road anticipated to be operational for
November 2023
(see
Patriot Battery Metals' News Release
July 31st, 2023
) will stop around 3km from the MegaLi
project.
Martin Dallaire
, President and Chief Executive Officer of Visible Gold Mines, stated, " Our
expectations towards the MegaLi project have always been very high based on our previous
technical compilations and the proximity with CV5. Now being in the field and finding "giant" fertile
and zoned pegmatites returning comparable Rubidium values and low K/Rb ratios as CV5 is way
above our expectations."
Nomination of new director
Visible Gold Mines has appointed Mr. Joel Gagné to the Company's board of directors effective
immediately. Joel worked in the mining industry as a miner and a driller from 2010 to 2019. Joel
retired from his mining career in 2019 working for
Kirkland Lake Gold
at the Holt mining complex.
Joel will serve as an independent director for the Company and will participate to the technical
committee. The Company has granted to Mr. Gagné 75 000 stock options exercisable at
$0.15
,
vesting immediately with a 5 year term. The stock options are granted in accordance with the
Company's Stock Option Plan.
Qualified Person
Martin Demers
, PGeo, senior geologist, and a consultant to Visible Gold Mines, is the qualified
person for Visible Gold Mines' properties 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
and lithium in the
James Bay
region in the province of Québec. Visible Gold Mines has 35,077,039 common shares
issued and 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.
This news release has been approved by the Board of Directors.
"Martin Dallaire"
Forward-Looking Statements
This news release contains statements that may constitute "forward-looking information" within the
meaning of applicable Canadian securities legislation. Forward-looking information may include,
among others, statements regarding the future plans, costs, objectives or performance of Visible
Gold Mines, or the assumptions underlying any of the foregoing. In this news release, words such as
"may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate"
and similar words and the negative form thereof are used to identify forward-looking statements.
Forward-looking statements should not be read as guarantees of future performance or results, and
will not necessarily be accurate indications of whether, or the times at or by which, such future
performance will be achieved. No assurance can be given that any events anticipated by the
forward-looking information will transpire or occur, including, the follow up exploration program being
planned by SPOD Lithium and Visible Gold Mines and the result of such exploration program.
Forward-looking information is based on information available at the time and/or management's
good-faith belief with respect to future events and are subject to known or unknown risks,
uncertainties, assumptions and other unpredictable factors, many of which are beyond Visible Gold
Mines' control. These risks, uncertainties and assumptions include, but are not limited to, those
described under "Financial Risks" and "Risk Factors" in Visible Gold Mines' Annual Report for the
fiscal year ended
July 31, 2022
, a copy of which is available on SEDAR+ at
www.sedarplus.ca
, and
could cause actual events or results to differ materially from those projected in any forward-looking
statements. Visible Gold Mines does not intend, nor does Visible Gold Mines undertake any
obligation, to update or revise any forward-looking information contained in this news release to
reflect subsequent information, events or circumstances or otherwise, except if required by
applicable laws.
SOURCE
Visible Gold Mines Inc.
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For further information:
Martin Dallaire, President and Chief Executive Officer, Telephone: 819-
762-0107, Fax: 819-762-0097, cell: 819-763-6663, E-mail: [email protected],
Website: www.visiblegoldmines.com
CO: Visible Gold Mines Inc.
CNW 08:12e 04-OCT-23