Virginia Gold Mines Inc. - Project Minto-Vizien: Agreement with Soquem and Cominco Ltd.QUEBEC, Quebec--(BUSINESS WIRE)--May 16, 1996-- Virginia Gold Mines Inc. ("Virginia") is pleased to announce the signature of an option agreement with Societe quebecoise d'exploration miniere ("SOQUEM") and Cominco Ltee ("Cominco") on the project Minto-Vizien, Province of Quebec, Canada. Under the terms of the agreement, Virginia is granted a 50 percent interest in the Minto-Vizien project in exchange for $ 1,200,000 in exploration work over 5 years. Virginia will have to spend $ 300,000 during the first year of the agreement. SOQUEM will be the manager until December 31, 1996, thereafter SOQUEM and Virginia will manage the project on an equal basis. The Minto-Vizien project consists of Kogaluk (85 mi2 (210 km2)), Payne (53 mi2 (132 km2)) and Dupire (30 mi2 (77 km2)) properties all located in the Ungava Peninsula Ungava Peninsula Northern part of New Quebec district, northern Quebec, Canada. It is bounded by the Hudson Strait, Ungava Bay, Labrador, the Eastmain River, and Hudson Bay. Physiographically, it is part of the Canadian Shield. , New-Quebec, an area where SOQUEM and Cominco have performed several exploration programs since 1992. The most promising results come from the Kogaluk property where many decimetrical and plurimetrical gold-bearing structures have been discovered over a 8.5 mi (14 km) distance, within chert-oxyde- grunerite, gold-bearing iron formations. Surface sampling and diamond drilling Diamond Drilling is a highly specialized industry used for mineral exploration around the world. Most commonly using wireline and core bits with diamond encrusted matrix. To drill holes to max depths of twelve thousand feet, for the recovery of core used in verifying mineral (14 holes totalling 5,800 ft O returned values defined on the chart (herewith here·with adv. 1. Along with this. 2. By this means; hereby. herewith Adverb Formal together with this: ). So far the best results obtained at the surface (0.17 oz/t Au over 16 ft including 0.42 oz/t Au over 5 ft (5.76 g/t Au over 5 m including 14.25 g/t Au over 1.5 m)) and through a subjacent subjacent /sub·ja·cent/ (sub-ja´sent) located beneath. sub·ja·cent adj. Below or beneath another part. drilling (0.14 oz/t Au over 18 ft including 0.49 oz/t Au over 5 ft (4.92 g/t Au over 5.57 m including 16.94 g/t Au over 1.5 m)) coincide with the north end of an electromagnetic electromagnetic /elec·tro·mag·net·ic/ (-mag-net´ik) involving both electricity and magnetism. electromagnetic pertaining to or emanating from electromagnetism. conductor which remains open and unexplained unexplained Adjective strange or unclear because the reason for it is not known Adj. 1. unexplained - not explained; "accomplished by some unexplained process" over more than 2,000 mi (600 m) towards South. A drilling campaign will be performed during this coming summer in order to test the best geological targets on the Kogaluk property. Propecting, mapping and sampling are of this summer program to be performed on the Payne property located 42 mi (70 km) north of Kogaluk. The Payne property has been acquired to cover an unexplored volcano-sedimentary belt which presents many geological and geophysical ge·o·phys·ics n. (used with a sing. verb) The physics of the earth and its environment, including the physics of fields such as meteorology, oceanography, and seismology. similarities with the fertile Kogaluk Belt. A brief survey done during the summer of 1995 had allowed to grab a sample of low-mineralized iron formation which has graded 0.07 oz/t Au (2.5 g/t Au). On the Dupire property, located 140 mi (235 km) south of Kogaluk, previous prospecting led to the discovery of a corridor of outcrops rusted rust n. 1. Any of various powdery or scaly reddish-brown or reddish-yellow hydrated ferric oxides formed on iron and iron-containing materials by low-temperature oxidation in the presence of water. 2. of iron formation laterally extended over 1,650 ft (500 m). This corridor is very anomalous a·nom·a·lous adj. 1. Deviating from the normal or common order, form, or rule. 2. Equivocal, as in classification or nature. in gold as many grab samples Noun 1. grab sample - a single sample or measurement taken at a specific time or over as short a period as feasible sample - a small part of something intended as representative of the whole returned values between 0.003 oz/t Au and 0.03 oz/t Au (0.1 and 1 g/t Au) while the best mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. zones returned values up to 0.19 oz/t Au (6.4 g/t Au). The next exploration work has to be done on ice in order to verify the continuity of the corridor under water of the Lac Dupire. This agreement is subject to the approval of the regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities . -0-
SUMMARY OF ANALYSES ON KOGALUK
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AREA OF GRAB CHANNELS INTERSECTIONS PROPERTY SAMPLES oz/t Au/ft g/t Au/m oz/t Au/ft g/t Au/m _____________________________________________________________
Zone 1 up to 0.8 / 13.5 2,85 / 4,1 0.18 / 2 6,1 / 0,70
(West 0.35 oz/t 0.16 / 6.3 5,45 / 1,9 0.11 / 4.4 3,9/1,32
Centre) Au (12 0.25 / 3 8,50 /0,85 0.28 / 3 9,69/0,90
g/t Au) 0.14 / 4 4,74 / 1,2 0.04 / 10 1,50/3,08
0.08 / 21 2,87/ 6,4 0.2 / 4 7,1 / 1,19
0.07 / 18 2,45 / 5,6 0.08/ 7 2,68 / 2,06
0.04 / 12 1,28 / 3,5 0.22/1.7 7,7 / 0,50
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Zone 2 up to 0.15 / 3.6 5,05 / 1,1 0.06/4.8 2,0/1,46
(North) 0.27 oz/t 0.03 / 12 1,02 / 3,7 0.11/1.7 3,8/0,50
Au (9.26 0.09 / 7 3,12 / 2,2 0.1 /3.4 3,4/0,99
g/t Au)
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Zone 3 up to 0.3 / 1.6 9,67 / 0,50
(North 1,75 oz/t 0.06 / 10 2,08 / 3,1
boundary)Au (60 g/t
Au)
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Zone 4 up to 0.17 / 16 5,76 / 5,0 0.14/18 4,92 / 5,57
(East 1,16 oz/t including: including: including: including:
Centre) Au (40 g/t 0.42/5 14,25/1,5 0.5 / 5 16,94/1,5
Au)
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Zone 5 0.13/3 4,39/0,9
(south)
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CONTACT: VIRGINIA GOLD MINES INC. Andre Gaumond President 418/694-9832 800/476-1853 |
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