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Virginia Mines
Inc. (? Virginia
?) is pleased to report on the new results from its current exploration
program on the Coulon JV property, located 15km north of the
Fontanges airport, Quebec Middle North. As Breakwater Resources Ltd.
fulfilled all its payment obligations totalling CA$ 180,000 and CA$7.5
million in exploration work, it now owns a 50% interest in the Coulon
JV property.
Current exploration
includes prospecting and geological mapping, diamond drilling, a VTEM
heliborne survey as well as borehole InfiniTEM surveys. The 18 new holes
announced tested lenses 44 (7 holes), 43 (3
holes) and 08 (1 hole) and the area of the Spirit
showing (7 holes).
LENS 44 YIELDS
9.31% Zn, 1.67% Pb, 0.88% Cu and 69.18 g/t Ag / 30.45m
Seven new holes tested lens44
at vertical depths of 430m to 600m (longitudinal
section 44/08). Hole
CN-07-92 intercepted to a vertical depth of 460m
a thick massive sulphide zone that graded 9.31% Zn, 0.88% Cu, 1.67% Pb and 69.18
g/t Ag over 30.45m, including two intervals that returned 10.64%
Zn, 2.14% Cu, 1.46% Pb and 89.64 g/t Ag over 8.05 m (589.1 to
597.15m) and 12.51% Zn, 0.48% Cu, 2.19% Pb and 74.06 g/t Ag over
15.7m (603.85 to 619.55m) . Located 35m further
north, hole CN-07-105 intersected two main zones of massive
sulphides that returned 7.4% Zn, 0.9% Cu, 1.33% Pb and 81.30 g/t Ag
over 15.3m (474.45 to 489.75m) and 9.26% Zn, 1.31% Cu, 33.81
g/t Ag over 14.95m (534.15 to 549.1m). These intersections are at
vertical depths of 430 and 450m
respectively. Some other thinner massive sulphide lenses are also present in
hole CN-07-105 (see table of results). The mineralized
intersections of holes CN-07-92 and CN-07-105
represent the north extension of large mineralized zones previously announced
in holes CN-07-85 and CN-07-85B, thus
confirming the presence, at this depth, of a thick, high-grade zone within lens 44.
Furthermore, two of the
new holes testing lens 44 confirmed the continuity of the
mineralization at vertical depths of over 500m. Hole CN-07-106
intercepted, to a vertical depth of 530m, a massive sulphide
zone grading 8.21% Zn, 0.72% Cu and 61.82 g/t Ag over 3.75m.
Hole CN-07-103 intersected to a vertical depth of 575m
a massive sulphide zone grading 6.39% Zn, 0.60% Cu and 13.47 g/t Ag
over 3.50m. This intersection is the deepest one obtained to date in
lens 44.
The three other holes
testing lens 44 did not return economic intersections. Hole CN-07-95
crosscut at a vertical depth of 460m a semi-massive sulphide
zone composed mainly of pyrite and pyrrhotite, which graded 0.36% Zn, 0.73%
Cu and 8.5 g/t Ag over 8.6m. This sulphide zone is followed in the hole by a
large alteration zone of nearly 100m thick. The presence of a pegmatite
intrusion of approximately 40m in thickness in the core of this alteration
zone might explain the absence of other mineralized intersections in hole CN-07-95
. Finally, holes CN-07-100 and CN-07-109
intercepted alteration zones of 10 to 30m in thickness with disseminated
sulphides locally, at vertical depths of 580m and 600m
respectively. All these holes will be the object of borehole InfiniTEM
surveys this fall.
Lens 44 isnorth-south oriented and is
dipping vertically to steeply to the west. It is now confirmed over a lateral
distance of 300m and at a vertical depth of 575m.
Lens 44 remains totally open at depth. It is now without any
doubt the most important mineralized lens on the Coulon JV project and is
currently the focus of additional drilling.
THE CONTINUITY OF
LENS 43 ONCE MORE CONFIRMED BY THREE HOLES
Three new holes tested lens
43 and have once again proved the good continuity of this lens with
three significant mineralized intersections ( longitudinal
section 43). Holes
CN-07-99 intercepted at a vertical depth of 300m
a massive sulphide zone that yielded8.9% Zn, 1.95% Cu and 31.49
g/t Ag over 2.7m. This intersection extends the mineralization by 8
0m from holes CN-07-84 and CN-07-98
previously announced. Holes CN-07-104 and CN-07-104B
confirmed the continuity of the mineralization at 70m over
and under hole CN-07-79 (already published) respectively. Hole
CN-07-104 intercepted at a vertical depth of 290m
a disseminated to semi-massive sulphide zone that yielded 0.64% Zn,
0.90% Cu and 9.15 g/t Ag over 10.0m , including an interval grading 0.86%
Zn, 1.23% Cu and 10.55 g/t Ag over 5.45m. As for hole CN-07-104B,
it intersected a semi-massive to massive sulphide zone that yielded 4.06%
Zn, 1.36% Cu and 13.93 g/t Ag over 1.75m at a vertical depth of 430m.
This intersection is the deepest one obtained to date in lens 43.
Lens 43 is NE-SW oriented and seems to
present a variable dip towards the northwest. The mineralization is confirmed
over a lateral distance of 340m and at a vertical depth of 430m.
It remains open in all directions and additional drilling is planned to
pursue the evaluation of this very significant mineralized lens.
LENS 08
Only one hole tested lens
08 during the recent period (longitudinal
44/08). Hole CN-07-108
intercepted an alteration zone of several tens of metres in thickness,
including many intervals with disseminated sulphides reaching up to 20%
pyrite, 10% pyrrhotite and 1% chalcopyrite locally. This intersection is
located at a vertical depth of 275m at the south border of lens
08.
Lens 08 is developed at the same
stratigraphic level as lens 44 but is located 300m
further north. It is north-south oriented and has a variable, but generally
subvertical, dip. Lens 08 is now confirmed over a lateral
distance of 250m and to a vertical depth of 410m
and remains open at depth. It will be the object of additional drilling.
SPIRIT SHOWING
AREA
Three new short holes
tested the lateral extensions of the Spirit showing at 50m
on both sides of the discovery. Holes CN-07-101A and 101B,
on a section 50m south of the showing, and hole CN-07-102,
on a section 50m north of the showing, intercepted
favourable volcanics but did not intersect mineralization.
However hole CN-07-94A
testing a weak Maxmin conductor located 330m southwest of the Spirit
showing intercepted a disseminated to semi-massive sulphide zone
that returned 4.11% Zn, 2.32% Cu and 62.08 g/t Ag over 6.15 m
. Hole CN-07-94B, drilled directly under this intersection,
intercepted a thin disseminated sulphide zone that yielded 1.09% Zn,
0.58% Cu and 17.5 g/t Ag over 1m. These two intersections are
located at vertical depths of 30 and 40m
respectively. Additional drilling will be needed to test the lateral
extensions of this new mineralized zone and to evaluate its relation with the
mineralization of the Spirit showing, located over 300m to
the northwest.
Finally, holes CN-07-96
and CN-07-97, testing other Maxmin conductors located over 500m
to the west of the Spirit showing, intercepted barren mineralized zones
(pyrite-pyrrhotite-graphite).
The Spirit showing area
remains very promising with a new economic-type intersection associated with
a Maxmin conductor. Many other airborne EM conductors have not yet been
confirmed by ground surveys because of the presence of many small lakes in
the area. The area will be covered during the winter of 2008 with a surface
InfiniTEM survey and will be the object of additional drilling.
Click here
to see surface map
VTEM HELIBORNE
SURVEY
A VTEM heliborne
geophysical survey has recently commenced on the Coulon JV project. This
survey will total more than 6000 linear kilometres over a vast territory of
more than 1000km 2 covering the possible extensions of the fertile Coulon
volcanic belt. This additional property was acquired following the
identification of the Spirit showing in the summer of 2007. The survey should
be completed by the end of November 2007.
*****
New drill results are
reported in the annexed
table. All
samples have been analyzed at the certified laboratory ALS Chemex in
Val-d?Or.
Work is carried out by
the personnel of Virginia Mines Inc, under the supervision of Mr. Paul
Archer, geological engineer. Mr. Archer is a Qualified Person (as defined by
National Instrument 43-101) and has more than 25 years of experience in
exploration. Mr. Archer reviewed and approved the content of this press
release.
About Virginia
Virginia is among the
most active mining exploration companies in Quebec with a working capital of $
47,488,736 as of September 30, 2007,and 26,994,860 shares
issued and outstanding as of November 2, 2007. Virginia trades on the Toronto
Stock Exchange (TSX) under the ticker symbol VGQ. Virginia concentrates its
activities on its numerous properties that are spread over the vast
unexplored regions of northern Quebec.
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