ROUYN-NORANDA, QC, Dec. 7, 2022
/CNW Telbec/ - Visible Gold Mines Inc. (TSXV: VGD)
(FRANKFURT: 3V41) is very pleased
to provide to its shareholders the latest activities in the lithium
space in the James Bay region of
the Province of Québec. On December 6,
2021, one year ago, Visible Gold Mines staked 78 claims
adjacent to the Corvette project of Patriot Battery Metals. At such
time very few exploration companies were actives in this sector.
Visible Gold Mines saw the great potential of the area so it ceased
the opportunity by acquiring 40 km2 of land (as close as
2.8 kilometres from the Corvette 5 major discovery) and today
with Patriot's outstanding success, Visible Gold Mines firmly
believe this area will eventually turn into a lithium district and
Visible Gold Mines and its shareholders actively be part of it.
On August 4, 2022, Visible Gold
Mines Inc. has entered into a mineral option agreement with SPOD
Lithium (see Visible Gold Mines' press release dated August 4, 2022), a company listed on the Canadian
Securities Exchange, pursuant to which SPOD has an option to
acquire a 50-per-cent undivided interest in the MegaLi property.
SPOD has the obligation to spend 1.85M$ in exploration on the
MegaLi property.
Early in October 2022, the Spod
engaged Japosat Satellite Mapping to provide analysis of satellite
imagery at SPOD's Megali (under option) and Lithium Grande 4
projects and SPOD announced it was extremely encouraged by the
images received from Japosat.
At the end of October 2022, SPOD
engaged Dahrouge Geological Consulting Ltd. to carry out an initial
exploration program on SPOD's MegaLi (under option) and Lithium
Grande 4 properties. The work was mainly concentrated on the claims
block portion located close to the sheared contact between
amphibolite derived from volcanic rocks and granitoid complexes.
This context is a well-documented favourable environment for the
discovery of lithium-bearing pegmatites in the James Bay area.
In November 2022, Dahrouge
successfully initiated the fieldwork program. Dahrouge walked and
prospected over 46 kilometers on the MegaLi and Lithium Grande 4
properties. Many pegmatites have been identified and 60 samples
were taken from those pegmatites. The assay results (54 elements)
and Dahrouge final report are expected in the coming weeks. The
phase one fieldtrip lasts six days and will resume early this
spring.
CARLi LITHIUM PROJECT
On September 26, 2022, following a
technical compilation from the Natural Ressources Ministry
database, Visible Gold Mines acquired 125 mining claims covering an
area of 6,400 hectares (64 km2) on the newly identified
Wachiskw's intrusion. A recent mapping fieldwork executed by the
Government geologists on the Wachiskw's intrusion has identified
many Vieux Comptoir pegmatites. The
foregoing mining claims are located 22 kilometres east of the
Patriot's Corvette 5 project at the contact of the Guyer formation
belt and the Wachiskw's intrusion.
NataLi (Lithium) - MISTUMIS BATHOLITH
Early in December 2021, Visible
Gold Mines acquired, for its lithium and gold potential, the NataLi
property (comprised of 107 mining claims) also located in the
region of the James Bay area in
the Province of Québec. These mining claims are located mostly in
the Mistumis Batholith, a deformed tonalite containing pegmatite
pockets. The NataLi property is covering an area of 5,667 hectares
(56 km2) of mining land package located 25 kilometres
west of Critical Elements' Rose lithium tantale deposit. The
municipality of Nemaska is located
40 kilometres south east of the NataLi property.
Qualified Person
Jeannot Theberge, 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 the
Bay James region in the province of Québec. The Corporation has
only 33,827,039 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.
Website: www.visiblegoldmines.com
SOURCE Visible Gold Mines Inc.