BASE METAL & GOLD EXPLORATION: Virginia Mines drilling budget is $20-M this year

QUEBEC CITY - Northern Quebec is going to attract a lot of exploration activity this year, if the plans of Virginia Mines are anything to go by. The junior has a 2012 drilling budget of over $20 million. Programs are planned for projects in the James Bay region, in the Caniapoiscau, LG-2, LG-4 and Opinaca-Eastmain as well as in Nunavik.

Virginia plans to spend $3.0 million on 13,000 metres of diamond drilling at its Coulon project. Eight lenses with copper-zinc-silver mineralization have been tested. The project has an indicated resource of 3.7 million tonnes averaging 3.61% Zn, 1.27% Cu and 37.2 g/t Ag, plus an inferred resource of 10.1 million tonnes at 3.92% Zn, 1.33% Cu and 34.5 g/t Ag.

At the Lac Gayot project, $2.5 million will be spend on diamond drilling as well as ground and borehole geophysical surveys. Surface samples assayed with 0.5 to 15.0% Ni and reaching 17.2 g/t Pd-Pt.

Virginia is also making plans to drill several of its gold properties: 3,000 metres at Lac Pau, 3,000 metres at Nichicun, 1,500 metres at Poste Lemoyne Extension, and 3,000 metres at La Grande Sud.

To view a map locating Virginia's many exploration projects, visit Virginia.qc.ca.