ROUYN-NORANDA, QC, Jan. 5,
2021 /CNW Telbec/ - Visible Gold Mines Inc. (TSXV: VGD)
(OTCQX: VGMIF) (FRANKFURT:
3V41) is very pleased to announce that it has acquired a non
royalty 100% ownership interest in 99 mining claims covering
5551.66 hectares directly adjacent to Northern Superior's Lac
Surprise Gold Project and Visible Gold Mines' Horsefly Gold
Project.
The mining claims are located along the Doda & Pambrun
deformation zones where numerous historical gold/copper showings
have been identified over the years. A digital compilation and
synthesis of all the historic work on the Doda/Horsefly
acquisitions and the newly acquired Phooey Lake Project will be
completed in the coming weeks. A Stage 2 exploration program will
be considered as early as the end of March
2021 on any newly generated gold targets. The program may
include airborne and/or ground geophysical surveys with additional
diamond drilling if warranted.
Martin Dallaire, President and
CEO of Visible Gold Mines stated, "With the additional
acquisitions, the Visible Gold Mines land package in this area has
exceeded 17,500 hectares. The acquisition places Visible Gold Mines
as one of the top 3 claim owners in the area and demonstrates to
our shareholders that our exploration activity will be focused in
the Nelligan (Renard) and Lac Surprise (Epervier Zone) gold
discovery sector".
The terms of the Acquisition
Pursuant to the terms of the agreement and subject to the
regulatory approval, including that of the TSX Venture Exchange,
Visible Gold Mines will acquire 100% ownership interest in the 99
mining claims comprising Horsefly "extension" and Phooey Lake for a
consideration of a $15,000Cdn cash
payment to the Vendors and by issuing 600,000 common shares to the
Vendors. The 99 claims are not subject to any royalty in
favor of the Vendors.
Qualified Person
Robert Sansfaçon, P.Geo, senior geologist and Visible Gold
Mines' vice-president exploration, 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 30
864 539 common shares outstanding.
Forward-Looking Statements
This news release contains statements that may constitute
"forward-looking information" within the meaning of applicable
Canadian securities legislation. Forward-looking information may
include, among others, statements regarding the future plans,
costs, objectives or performance of Visible Gold Mines, or the
assumptions underlying any of the foregoing. In this news release,
words such as "may", "would", "could", "will", "likely", "believe",
"expect", "anticipate", "intend", "plan", "estimate" and similar
words and the negative form thereof are used to identify
forward-looking statements. Forward-looking statements should not
be read as guarantees of future performance or results, and will
not necessarily be accurate indications of whether, or the times at
or by which, such future performance will be achieved. No assurance
can be given that any events anticipated by the forward-looking
information will transpire or occur, including the development of
the properties. Forward-looking information is based on information
available at the time and/or management's good-faith belief with
respect to future events and are subject to known or unknown risks,
uncertainties, assumptions and other unpredictable factors, many of
which are beyond Visible Gold Mines' control. These risks,
uncertainties and assumptions include, but are not limited to,
those described under "Risk Factors" in the management's discussion
and analysis of Visible Gold Mines for the fiscal year ended
July 31, 2020 and under "Financial
Instrument Risks" in Visible Gold Mines' Annual Report for the
fiscal year ended July 31, 2020,
copies of which is available on SEDAR at www.sedar.com, and could
cause actual events or results to differ materially from those
projected in any forward-looking statements. Visible Gold Mines
does not intend, nor does Visible Gold Mines undertake any
obligation, to update or revise any forward-looking information
contained in this news release to reflect subsequent information,
events or circumstances or otherwise, except if required by
applicable laws.
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.
SOURCE Visible Gold Mines Inc.