Visible Gold Mines

Propriété Stadacona Est

The Stadacona East property has been explored intermittently since 1920. Exploration work was accelerated after the gold discovery at the Stadacona Mine, located approximately 500m west of the property. Considerable exploration work was undertaken on the property that is too voluminous to incorporate into this report. However, a compilation map, showing some of the historical work including, geology, mineral occurrences and diamond drill hole locations (drill holes with intersected lithologies and gold mineralization) was prepared in 1987 by Ressources Minieres Forbex Inc. (now Fieldex). There were approximately 255 holes, totaling 53,875m, were drilled to date by various companies and individuals (Plasse 2004) in the project area. The majority of these holes were drilled to define the gold zone (i.e., Stadacona East zone and its extensions) in the southwest part of the property.

Keymor Gold Mine

Keymor Gold Mine (1930) sank an exploration shaft and driven a 300m long drift. This shaft, which is also known as ‘Keyroc’, is located on Lot 32 and Range VI North within central part of the property. The gold mineralization occurs along northeast-striking (070°), steeply dipping (80°) shear zone hosted within an altered (carbonatized and pyritized) tuffaceous unit. A second shaft, the Fiske, is located approximately 650m west of Keyroc shaft. It is only 11.0m deep. Gold mineralization occurs within carbonatized and pyritized tuff with minor quartz veins.

A third shaft, the 15 m deep Glenwood shaft was sunk in the north-central property. There is little information available with regards to gold mineralization at this location. However, the geology compilation map produced by Ressources Minieres Forbex Inc. indicates that the shaft was developed in the rhyolite unit.

93599 Canada Ltd.

93599 Canada Ltd. (1979) carried out variety of ground geophysical surveys, including magnetic, electromagnetic and induced polarization. At this time, the company also drilled 17 holes, totaling 2,205m.

Ressources Minieres Forbex Inc.

Ressources Minieres Forbex Inc. (1986-87) acquire the property and named it Belcombe property. The company conducted a detail IP survey, totaling 11.0 km of grid-lines, in order to define drill targets. In 1986-87, a 19-hole diamond drilling program, totaling 3,011m was conducted on the property. Of the 19 holes, 7 were drilled on the Stadacona East zone in the southwest and 12 on IP targets elsewhere on the property. These drill holes are numbered from 245-1 to 245-19 on the compilation map, which later changed to 86-1 to 86-19 by Cambior Inc. Forbex Inc. also taken and assayed 91 litho-geochemical samples at that time.

Cambior Inc.

Cambior Inc. (1987-90) carried out prospecting and sampling in the western part of the property and compiled, at a scale of 1:5000, geological, geophysical and geochemical data and 3 drill section books at a scale of 1:1000. A 94-hole drill campaign, totaling 29,492m, was conducted on the property. About 70% of these holes were drilled to extend and evaluate the potential of Stadacona East ore zone located in the southwest end of the property. Following the drilling campaign, a mineral resource was evaluated to be 488,400 tonnes, in the measured mineral resources category, grading @ 6.3 g/t Au (undiluted) (Viens 1988, Gisment metallique, MRN, GM 57646). This reserve estimate was done prior to NI 43-101 standards and considered by the author an historical estimate. Also, in the opinion of this author, based on the information available, the resource estimate referred above would be classified as an “inferred” mineral resource within the meaning ascribed to that term by the Canadian Institute of Mining, Metallurgy and Petroleum.

Visible Gold Mines

Visible Gold Mines (2008-2009) executed an important drilling campaign (11 holes; 10,931 metres) on the Stadacona property. Encouraging results were obtained (see 2009, April 01 – Press Release) and an extra drilling campaign will start soon. A 51 km ground geophysics survey on the eastern part of the property has been done and at least eight new targets have been identified from this ground survey. Six of these eight targets will be prioritized and tested.

A total of more than $2,400,000 was spent on the Stadacona property since the acquisition by the Company in 2007. In addition, we will put efforts in the eastern and northeastern part of the property were high gold value have been obtained. Prospecting is also planned on the northern part which was recently acquired and is adjacent to the property.