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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.
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.
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