EXPLORATION – Virginia finds more gold in Quebec

Junior Virginia Gold Mines (VIA-M) has discovered more gold at its La Grande Sud and Poste Lemoyne properties in the James Bay region of northern Quebec.

Four holes drilled at Grande Sud intersected a zone of gold-bearing quartz veins in a tonalite intrusion. Results are as follows:

• hole 131 hit 14 metres (71-85 metres) averaging 5.64 grams gold per tonne, with most of the gold occurring in a 3-metre sub-interval grading 19.64 grams;
• hole 120, which hit 2 metres (115-117 metres) grading 1.92 grams;
• hole 132, which hit 9 metres (112-121 metres) averaging 3.41 grams, including 1.5 metres of 15.17 grams; and
• hole 136, which hit 3 metres (49-52 metres) averaging 14.67 grams.

Results are still pending for another four holes; a fifth hole failed to intersect significant mineralization.

The drilling was focused on the Veine zone, which lies 200 metres south of the more advanced Zone 32, where drilling is testing for mineralized extensions. So far, mineralization has been outlined over a strike length of 150 metres and down to a vertical depth of 100 metres.

Gold mineralization is associated with pyrite and chalcopyrite, strikes east-west and dips subvertically.

La Grande Sud is part of the expansive La Grande project, which covers more than 1,000 sq. km in the La Grande volcanic belt. At La Grande Nord, surface exploration has returned up to 41.92 grams gold, 14.37 grams platinum, 13.78 grams palladium and 11,515 grams silver. The program is being managed by Noranda (NOR-T), which can earn a 50% interest.

At Poste Lemoyne, 70 km to the east, gold showings in silicified iron formation were discovered during follow-up exploration on a 5.5-km-long geophysical anomaly. Visible gold is associated with pyrrhotite-pyrite beds having traces of chalcopyrite and arsenopyrite.

Results from channel samples taken in two trenches spaced 2.1 km apart varied from 0.72 to 67.35 grams over 1 to 5 metres. Furthermore, grab samples from two areas in silicified and sericitized felsic tuffs to the north assayed between 1.08 and 10.77 grams.

Virginia owns a 50% interest in Poste Lemoyne, with the remaining half held by Boreal Exploration (BOR-M).

In other developments, Virginia has expanded its exploration portfolio in the James Bay area by jointly acquiring two properties with Cambior (CBJ-T). The properties cover 200 sq. km and were nabbed on results of reconnaissance and compilation work which suggest they contain previously unknown volcanic belts.

Virginia will manage exploration, which is set to begin shortly.

As well, a 3-way partnership between Virginia, Inmet Mining (IMN-T) and Denison Mines (DEN-T) has ended. The companies were jointly exploring, with Inmet as operator, for gold and uranium on the Sagar property in the north-central Quebec.

Drilling and prospecting in 1997 identified a 1-km-long, thin horizon along which up to 223.4 grams gold has been returned in grab samples, 28.7 grams gold and 0.03% uranium over 0.5 metre in channel samples, and 2.3 grams gold and 0.1% uranium over 1 metre in drilling.

Virginia plans to solicit a new partner but says it will renew exploration in the new year alone if it does not secure one.

The company, which has $13 million in cash, holds interests in properties spanning over 6,000 sq. km in Quebec.