Virginia Gold Mines (VIA-M) and Noranda Mining & Exploration are encouraged by exploration results from their jointly held La Grande Nord property in the James Bay area of northwestern Quebec.
Within the Sommet 4 portion of the property, crews discovered a new silver-cobalt-nickel vein hosted by locally hematized massive basalt, with mineralization occurring in the form of native silver, chalcopyrite, pyrite, malachite, azurite, erythrite (cobalt arsenate), silver arsenides and skutterudite (cobalt-nickel arsenide).
Along with grab-sample grades of many hundreds of grams silver per tonne, the showing had cobalt grades ranging from 0.01% to 3.42%, copper ranging from 0.25% to 25.75%, and nickel ranging from 0.01% to 1.88%.
An electromagnetic survey has identified four conductors, one of which is 50 metres south of the main showing and extends for some 400 metres.
In the eastern portion of the property, grab samples from two more showings — Chalco and Outarde Extension — have been found to contain similar copper-silver-gold grades.
Virginia reports that field work at La Grande is still in progress.
Noranda Mining & Exploration is a subsidiary of Noranda (NOR-T) and has an option to acquire a half interest in the property from Virginia by spending $2.5 million on exploration and paying $200,000 in cash over five years.
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