Villeneuve stakes granites, expands in Mishibishu camp

Villeneuve Resources (VSE) has completed the staking of four additional claim blocks in the Mishibishu area west of Wawa, Ont. The staking has increased the company’s ground position in this camp to 24,200 acres or 605 claims.

The staking has ventured away from the volcanic suite of rocks, which are the main exploration targets, and into the large granite plutons which intrude the volcanics. Several major gold discoveries have been made in the volcanics by other companies; the most important being the Magnacon deposit which will enter production next year.

Villeneuve argues that the granites are analogous to those which host the Belmoral and Silador deposits in Quebec. On the Mt. Nash property, which is near Villeneuve’s Dennison Falls claims, a sample from a sheared granite assayed 0.47 oz gold per ton, the company says. However, the granites have been the subject of little, if any, exploration in the past and few gold showings or discoveries are known to exist.

On the Miron property, a 6,000-ft drill program will test several precious and base metal showings. A drill hole completed in the 1960s intersected a 17-ft section assaying 1.47% copper.

The company is also acquiring a property in Arizona which remains subject to regulatory approval. Known as the Cruce prospect, the property is located 35 miles north of Tucson. The property will be explored for its large tonnage open pit potential. Based on existing data, Villeneuve says the claims have the potential for hosting up to 10 million tons grading 0.04-0.08 oz gold.