Visionary Copper and Gold Mines Inc. (TSXV: VCG) (OTCQB: VCGMF) has announced a 20,000-metre Phase 2 diamond drilling program at its 100%-owned Pt. Leamington Project in central Newfoundland, targeting resource growth at its gold-copper-zinc-silver volcanogenic massive sulphide deposit. The program builds on Phase 1 results that extended the massive sulphide system to over one kilometre of strike and led to the discovery of the Kraken copper-rich footwall stringer zone. The company aims to convert approximately 50% of its pit-constrained inferred resources to the indicated category, a milestone investors in junior resource companies typically view as meaningful for project advancement.

Key Points

  • Visionary Copper and Gold Mines Inc. (TSXV: VCG) (OTCQB: VCGMF)
  • A 20,000-metre Phase 2 diamond drilling program is planned at the Pt. Leamington VMS deposit in central Newfoundland
  • Existing 2021 resource stands at 5.0 Mt indicated and 15.4 Mt inferred; Phase 2 targets conversion of ~50% of the 13.7 Mt pit-constrained inferred to indicated
  • Investors may be watching for updates on Kraken zone definition and the timing of a new Mineral Resource Estimate

Phase 1 Drilling Delivered Kraken Discovery and Strike Extension at Pt. Leamington

Phase 1 consisted of 10 holes totalling 3,556 metres — the first systematic drilling at the deposit in more than two decades. Key intercepts included hole PL-112, which discovered the Kraken footwall copper stringer zone with 75.8 metres grading 0.45% copper, including 12.0 metres grading 1.09% copper. Hole PL-115 returned 52.7 metres grading 0.30% copper at Kraken, while PL-118 returned 22.5 metres grading 0.53% copper and 41.5 metres grading 0.39% copper. Hole PL-111 extended the Pt. Leamington massive sulphide system to more than one kilometre of strike, intersecting 2.8 metres grading 1.20 g/t gold and 0.62% copper.

Phase 2 Objectives: Resource Conversion, Kraken Definition, and Regional Targets

The Phase 2 program has four stated objectives: expanding the massive sulphide resource, converting approximately 50% of the 13.7 million tonnes of pit-constrained inferred resources to the indicated category through infill drilling, defining the Kraken zone for inclusion in a future Mineral Resource Estimate, and identifying new regional VMS targets through soil sampling and other techniques. The company's Vice President of Exploration stated that Kraken's position in the footwall of the existing deposit makes it particularly compelling, and that further definition of its scale and geometry will be central to the updated resource estimate.

2021 Pt. Leamington Mineral Resource Estimate Provides the Baseline

The existing Mineral Resource Estimate, prepared by P&E Mining Consultants Inc. with an effective date of August 20, 2021, forms the starting point for Phase 2 work. Total indicated resources stand at 5.013 million tonnes grading 1.42% copper equivalent, while total inferred resources reach 15.440 million tonnes grading 1.32% copper equivalent. The Kraken zone was discovered after this estimate was published and is not currently reflected in those figures. The company has stated that Phase 2 drilling is intended to allow Kraken to be incorporated into the next Mineral Resource Estimate.