MINNEAPOLIS, MN–(Marketwired – Dec 16, 2015) – Vermillion Gold Inc., a Northern Minnesota gold exploration company, announces completion of seven diamond core drill holes in its Virginia Horn gold prospect (click for map).
- Drilling completed in mid-November; core splitting, and logging in early December; assay results expected by late January (click for photos).
- Additional drilling planned for 2016; overall exploration program budgeted at approximately $250,000.
- Vermillion’s program is partially funded by a 40% exploration-drilling rebate from Minnesota’s Iron Range Resources and Rehabilitation Board (IRRRB). This stimulus, unparalleled among mining jurisdictions, is particularly important during a very challenging mining industry period in which most juniors are unable to fund any exploration activity.
- Vermillion also extended its Minnesota exploration acreage by approximately 1,200 acres during the most recent State metallic minerals lease sale; final acreage awards are expected by May.
- Anglo Gold Ashanti, the world’s third largest gold miner, added substantial validity/credence to our efforts in the region with its bid in the same sale for exploration acreage a few miles from Vermillion’s Linden Grove property.
Ronald Shorr, Vermillion Chairman and CEO, commented, “We hosted a group of experienced mining industry professionals at our properties last month, showing them active drilling and the area’s unusually attractive infrastructure. The visit elicited very positive feedback regarding our project and the quality of our team.”
About Vermillion Gold (www.vermilliongold.com)
Vermillion Gold is a gold exploration company focused on potential gold deposits in the Northern Minnesota extension of the prolific Abitibi Greenstone Belt, in close proximity to two Ontario deposits of more than seven million ounces. Vermillion has seven target areas on roughly 12,000 acres. Each target has known gold mineralization that was explored during the 1980’s by Newmont, Rio Tinto, BHP, Yamana, Vale-Inco, Meridian Gold, and others. The mining friendly region has excellent talent and infrastructure from the nearby Mesabi Iron Range, along with access to paved roads, railroads, power, water and other facilities.
Statements in this release that are not historical facts are “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian Securities laws. Forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to, the impact of the general economic conditions, industry conditions, dependence upon regulatory approvals and the availability of financing. Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these “forward-looking statements.”