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Visionary Gold Corp (TSXV: VIZ) ("Visionary" or the "Company") is pleased to announce that it has entered into an agreement to lease, with an option to buy (the "Agreement"), the Mint Gold Leaf Mine, which consists of three unpatented mining claims on sixty acres, which is contiguous with other Visionary claims in Lewiston Gold District, of Fremont County, Wyoming. The Mint Gold Leaf Mine contains two shafts, 150 metres apart with more than a dozen prospect pits along a north east trending, 1,500 metre shear structure that is exposed at surface. According to past geologic reports, sampling in the 1980s yielded assay results of 1.29 oz per tonne gold and 3.05 oz per tonne gold across a 0.76 metre vein exposure within the mine workings, which illustrates the potential for high-grade gold mineralization. The abundance of prospect pits along the mineralized structure also indicates potential for additional mineralization in parallel veins within the shear corridor. Thorough sampling of the historic workings at the Mint Gold Leaf Mine will commence shortly, as Visionary begins its 2021 exploration program and prepares for drilling this summer at its primary target just 3.7km north at the Wolf Mine.
The initial term of the Agreement expires on March 23, 2026, subject to the option of the Company to extend the expiry date for a further five-year period. Visionary will pay to the lessor the sum of USD $30,000 per year during the term of the Agreement and has an option to buy the property for USD $3,000,000 at any point during the term of the Agreement. Additionally, during the term of the Agreement, a 4% net smelter returns royalty is payable to the current owners of the property; however Visionary has the right to buy down the royalty to 2% for USD $2,000,000 per percentage point. Visionary can terminate the Agreement at any time, without penalty.
Visionary CEO, Wes Adams comments: "We are pleased that the 2021 exploration season is upon us and are excited to be kicking it off by adding another very compelling gold target with high grades reported in near-surface veins. Exploration activities are now underway and summer drilling at the Wolf Mine is right around the corner. The initial drill program should provide investors with a clearer view of the geologic potential of the district. Adding the Mint Gold Leaf Mine certainly complements our 25.26 km2 land package and gives us another exciting target to advance toward drilling this summer."
About Visionary Gold Corp.
Visionary Gold Corp. is a Vancouver-based mineral exploration company focused on precious metals discovery and development in the historically productive Lewiston gold district of Fremont County, Wyoming. The Visionary team is a first mover in the area which, despite a strong gold mining history, has never been explored using modern techniques.
Contact:
Wes Adams, Chief Executive Officer
Visionary Gold Corp.
410-325 Howe Street
Vancouver, BC V6C 1Z7
Tel: (303) 809-4668
TECHNICAL DISCLOSURE
Historic samples assay results reported from the Mint Gold Leaf Mine ranged from detection limit up to 3.05 oz per tonne gold (Hausel, 2011). Visionary has not verified these results and a due diligence program has not yet been completed which could confirm the grade and extent of mineralization.
All scientific and technical information contained within this press release was prepared under the supervision of Darren Lindsay, P.Geo. (EGBC), a Qualified Person as defined by NI 43-101. Mr. Lindsay is a Director of the Company.
It should be noted that the potential quantity and grade of the exploration targets disclosed in this press release is conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource as per the NI 43-101 reporting standards.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking statements" within the meaning of Canadian securities legislation. These include, without limitation, statements with respect to the advancement of the Wolf Gold Project and the Mint Gold Leaf Mine. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to capital and operating costs varying significantly from management estimates; the preliminary nature of metallurgical test results; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; inflation; fluctuations in commodity prices; delays in the development of projects; and the other risks involved in the mineral exploration and development industry generally. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Neither the 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 this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/80390
Figure 1: Long-section of the Never Never Gold Deposit with current resource estimation blocks (coloured by block grade).
