/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
ROUYN-NORANDA, QC, July 17, 2020 /CNW Telbec/ - Visible Gold
Mines Inc. (TSXV :VGD) (FRANKFURT:3V41) is pleased to
announce that it has entered into a purchase agreement
(the "Purchase Agreement") with two prospectors (the
"Vendors") to acquire a 100% ownership interest in the 25
mining claims comprising the Doda South gold property (the "Doda
South Property"), which is covering approximately 1,400
hectares (14 km2). The Doda South Property is
located five kilometres north of the recently acquired Horsefly
property and approximately 40 kilometres south of the town of
Chapais in the province of
Québec.
The Doda South property is centrally located within a highly
prospective area of the Chapais -
Chibougamau gold-copper camp, an
area currently experiencing extensive mineral exploration. The Doda
South Property is strategically located over anastomosing regional
structures associated with recent gold mineralization discoveries
the most recent one being on the Nelligan property held by Vanstar
and IAMGOLD Corporation located east of the Doda South Property
(see Vanstar's press releases dated May 30,
2019, January 10, 2019 and
November 16, 2018). Reader should
note that mineralization hosted on adjacent and nearby properties
and operations is not necessarily indicative of mineralization
hosted on the Doda South property to be acquired by Visible Gold
Mines.
In addition, these same anastomosing regional structures over
which the Doda South Property occurs host several gold mines
and deposits which include the: Lac Short Mine and Fenton Deposit
to the west, the Joe Mann Mine and Philibert Deposit to the east
and the Chevrier Deposit to the northeast. Reader should note that
mineralization hosted on adjacent and nearby properties and
operations is not necessarily indicative of mineralization hosted
on the Doda South property to be acquired by Visible Gold
Mines.
Martin Dallaire, President and
CEO of Visible Gold Mines stated, "with this important
Vanstar/Iamgold discovery on the Nelligan property, we firmly
believe that this region has the potential to become a very active
mining camp, in which Visible Gold Mines will be well positioned
with its Horsefly, Hazeur and Doda South properties in
proximity".
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 25
mining claims comprising the Doda South Property by issuing 500,000
common shares to the Vendors. The Doda South Property is not
subject to any royalty in favor of the Vendors.
Qualified Person
Robert Sansfaçon, PGeo, senior geologist and Visible Gold Mines'
vice-president exploration, is the qualified person for the
Horsefly Property 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 in
Canada. The Corporation has
25,814,539 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.
SOURCE Visible Gold Mines Inc.