The recent discovery by
In the fall of 1999, Virginia discovered a series of previously unmapped komatiite lava flows in the Gayot Lake area, about 100 km north of the Fontanges Airport and the Trans-Taiga Road.
The 325-sq.-km Gayot property occupies part of the unexplored Venus volcano-sedimentary belt. The lower portion of the belt consists of a high-magnesium volcanic ultramafic sequence that ranges up to 4 km in thickness and consists mainly of komatiitic flows interbedded with sulphidic sediments and mafic-to-felsic volcanics. This ultramafic sequence can be traced laterally over a distance of 15 km, and its extensions remain totally unexplored.
To date, surface work has led to the discovery of four nickel-cobalt-copper-platinum-palladium showings and a series of different mineralized boulder fields that spread out over 10 km. The showings — dubbed Gagnon, Gayot, Baseline and “L” — consist of disseminated sulphides (less than 40% sulphides), net-textured sulphides (40-80% sulphides) and/or massive sulphide zones consisting of pyrrhotite, pentlandite chalcopyrite and pyrite. These sulphides are typically situated at the base of the ultramafic flows.
The Gagnon showing was stripped over a strike length of 50 metres along the contact between the ultramafic flow unit and a felsic tuff. The mineralization found at the contact consists mainly of disseminated and net-textured sulphides with an occasional massive sulphide lens. Assays range between 7.53% and 9.5% nickel in the massive sulphide facies. The sulphides are also rich in platinum group elements; combined platinum and palladium values are as high as 17.17 grams. The total thickness of the sulphide mineralization varies, though, in some areas, it has reached 4 metres.
At the Gayot showing, 1.5 km west of Gagnon, two trenches spaced 30 metres apart reveal a mineralized zone more than 3 metres thick. Most of the mineralization is disseminated, though massive sulphide lenses measuring 20-40 cm thick are present at the base. These massive sulphides assayed 3.99-5.10% nickel and 1.1-1.65 grams combined platinum and palladium.
At the Base Line showing, about 6 km east of Gagnon, a trench has exposed a 1-metre-thick, massive sulphide zone at the base of the ultramafic flow, where it comes into contact with sedimentary rocks. The massive sulphides consist mainly of pyrrhotite and pyrite and have returned values ranging from 1.39% to 1.98% nickel and from 0.42 to 1.2 grams combined platinum and palladium.
Recently, Virginia’s geologists identified the “L” showing, which consists of 20% pyrrhotite plus some chalcopyrite and which assayed 1.46-1.73% nickel, 0.63-0.72% copper and 1.26-1.54 grams combined platinum and palladium.
Throughout the overall property, many boulders of ultramafic composition have been found. These have been found to contain an average of about 5% sulphides but have returned values up to 1.44% nickel and 1.5 grams combined platinum and palladium.
The geological setting is similar to that of the nickeliferous camp of Kambalda in Australia, which boasts a resource of 48 million tonnes grading 3.6% nickel and 0.25% copper.
Virginia intends to carry out geophysical surveys and extensive drilling to evaluate its newly discovered showings.
In January, the company optioned a half-interest in the Gayot project to the Canadian subsidiary of British-based Billiton. Billiton has agreed to arrange a $750,000 private placement at $1 per share and spend $4.5 million on exploration over 3.5 years. Once vested, Billiton will have the opportunity to complete a second private placement for an amount equal to 5% of the outstanding shares of Virginia at that time. Over the next seven years, Virginia will remain operator of the project.
In related news, Virginia has received results from several projects in the James Bay and Grand-Nord region of Quebec.
At the Duquet project, situated on the Ungava Peninsula, Virginia has identified gold and polymetallic showings associated with altered volcanic rocks and synvolcanic intrusions. A 1,300-metre drill campaign is planned for the spring. Ownership of the project is currently shared equally with Quebec government-owned
At another project, Lac Fagnant, 75 km east of Poste-de-la-Baleine, several gold showings were discovered within a 4-sq.-km area. The showings are associated with shear and polymetallic veins. Highlights include 29.25 grams gold, 70.2 grams silver, 8.9% zinc, and 7.7% lead in grab samples. One channel sample returned 6.77 grams gold, 19.9 grams silver and 4.6% zinc over 1.34 metres. The project is held 74.6% by Virginia and 25.4% by the Fagnant Syndicate.
The Corvet West-Island Lake project is in the heart of the volcano-sedimentary belt of Guyer, about 100 km east of the Grand Sud project. Work to date has identified a 17-km-long horizon containing several gold showings. Grab samples returned values as high as 21.2 grams gold per tonne, whereas channel samples returned up to 1.54 grams gold over 5 metres. The Corvet West-Island Lake project is wholly owned by Virginia, though
Meanwhile, geological reconnaissance work in the Caniapiscau region has led to the discovery of unexplored volcanic greenstone belts. Work carried out in the heart of these belts has identified two main gold showings as well as erratic boulders with assay values of up to 20.16 grams gold. The Caniapiscau project is a 50-50 joint venture between Virginia Gold and
Virginia Gold has 25.9 million shares outstanding, $11 million in cash and no debt. It has interests in 40 properties throughout Quebec.
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