- Visible Gold Mines (TSXV:VGD) raised C$2.6 million in non-dilutive cash from the sale of its shares in Fokus Mining, which will support the advancement of its flagship Horsefly project in Quebec’s Chibougamau Mining Camp.
- Horsefly is west of and contiguous with IAMGOLD’s 11-million-ounce Nelligan Mining Complex.
- Visible Gold stock has added 125 per cent year-over-year and 28.57 per cent since 2021.
Visible Gold Mines (TSXV:VGD) raised C$2.6 million in non-dilutive cash from the sale of its shares in Fokus Mining, which will go towards numerous growth initiatives, including the advancement of its flagship Horsefly project in Quebec’s Chibougamau Mining Camp.
Horsefly is west of and contiguous with IAMGOLD’s 11-million-ounce Nelligan Mining Complex, where recent drilling has substantiated significant untapped growth potential.
Horsefly backs up this association with numerous gold occurrences, including the Chemin Barrette-Ouest showing, which is analogous to the Nelligan gold showing, plus a grab sample yielding 9.26 grams per ton (g/t) gold and 0.24 per cent copper at Lac Phooey, later confirmed by diamond drilling intercepting 18.13 g/t gold over 1.65 m and 1.10 g/t gold over 1 m.
This is in addition to high-resolution heliborne magnetic surveys capturing large deformation corridors, shearing zones, as well as a sizeable felsic-to-intermediate intrusion northwest of Horsefly Lake, all of which are commonly associated with orogenic gold systems.
The news follows the recent expansion of the Horsefly project, enhancing company and investor exposure to the high-potential, largely underexplored land package.
About Visible Gold Mines
Visible Gold Mines is a mineral exploration company acquiring, exploring and developing gold projects in Quebec’s Abitibi Gold Belt and James Bay region.
The junior gold stock (TSXV:VGD) is unchanged trading at C$0.18 as of 9:55 am ET. The stock has added 125 per cent year-over-year and 28.57 per cent since 2021.
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