Visionary Outlines 20,000-Metre Phase 2 Drill Program to Grow Pt. Leamington Resource and Advance Kraken Copper Discovery
Visionary is launching a 20,000-metre Phase 2 drill program to upgrade and grow the Pt. Leamington resource and define the Kraken copper zone.
Rhea-AI Summary
Visionary Copper and Gold Mines (VCGMF) plans a 20,000-metre Phase 2 diamond drill program at its 100%-owned Pt. Leamington VMS deposit in Newfoundland to expand and upgrade the existing Mineral Resource and further define the Kraken copper-rich footwall stringer zone.
The program aims to convert about 50% of the 13.7 Mt pit-constrained inferred resource to indicated through infill drilling, while testing extensions of both the massive sulphides and Kraken up-dip and along strike. Phase 1 drilling added over 1 km of strike to the massive sulphide system and discovered Kraken, with intercepts such as 75.8 m at 0.45% Cu and 52.7 m at 0.30% Cu. The current 2021 Pt. Leamington Mineral Resource totals 5.0 Mt indicated at 1.42% CuEq for 156.8 Mlb CuEq and 15.4 Mt inferred at 1.32% CuEq for 450.5 Mlb CuEq. Phase 2 results are expected to support a new Mineral Resource Estimate incorporating Kraken.
Positive
- 20,000-metre Phase 2 drill program planned at Pt. Leamington to grow and upgrade resources
- Targeting conversion of ~50% of 13.7 Mt pit-constrained inferred resource to indicated
- Phase 1 extended massive sulphide strike to over 1 km and discovered Kraken copper zone
- Kraken intercepts up to 75.8 m at 0.45% Cu and 52.7 m at 0.30% Cu
- Pt. Leamington 2021 resource base: 5.0 Mt indicated at 1.42% CuEq and 15.4 Mt inferred at 1.32% CuEq
- Additional assets include Rainbow deposit with 3.44 Mt indicated at 3.59% CuEq and a 2018 Nash Creek PEA NPV8% of $230M pre-tax
Negative
- All resources are Mineral Resources, not Mineral Reserves, with no demonstrated economic viability
- Inferred resources have lower confidence and cannot be converted directly to reserves
- Project economics may be materially affected by environmental, permitting, legal, taxation and other external factors
- Execution risk around completing the proposed 20,000-metre drill program and securing required capital for work programs
AI-generated analysis. How Rhea-AI works. Not financial advice.
Vancouver, British Columbia--(Newsfile Corp. - September 10, 2026) - Visionary Copper and Gold Mines Inc. (TSXV: VCG) (OTCQB: VCGMF) (the "Company" or "Visionary") is pleased to announce plans for a 20,000-metre Phase 2 diamond drilling program at its
Jason Flight, Vice President of Exploration, commented "Phase 1 drilling expanded our Pt. Leamington massive sulphide system and discovered an important new copper-rich footwall stringer zone called Kraken. Phase 2 will build on these results by further exploring and defining Kraken while also extending the massive sulphide resource and improving portions of its categorisation from inferred to indicated." Mr. Flight continued, "Kraken is particularly compelling because of its position in the footwall of our existing massive sulphide deposit. Further defining Kraken's scale and geometry will allow us to include it in our next Pt. Leamington Mineral Resource Estimate adding to the 5.0 million tonnes indicated and 15.4 million tonnes of inferred resources, in our 2021 estimate."
Phase 1 Results: Pt. Leamington Massive Sulphide Expansion and Kraken Discovery
Phase 1 drilling extended the strike of the Pt. Leamington massive sulphide mineralized system to over 1km and discovered Kraken, a broad copper-rich stringer system in the deposit footwall. The program consisted of 10 holes totalling 3,556 metres and was the first systematic drilling at the Deposit in more than two decades (See Pt. Leamington 3D View with Phase 1 Drilling).
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3408/313780_68c0d57674f03a82_001full.jpg
Phase 1 Drill hole highlights include:
- PL-111: Extended the Pt. Leamington massive sulphide mineralized system to more than 1km of strike, intersecting 2.8m grading 1.20 g/t Au, 9.96 g/t Ag,
0.62% Cu and1.87% Zn (See news release dated March 2, 2026). - PL-112: Discovered Kraken footwall copper stringer zone with 75.8m grading
0.45% Cu, including 12.0m grading1.09% Cu, followed by an additional 23.5m grading0.43% Cu (See news release dated March 2, 2026). - PL-115: Returned 52.7m grading
0.30% Cu, including 12.0m grading0.61% Cu, at Kraken (See news release dated May 13, 2026). - PL-118: Follow-up drilling of Kraken returned 22.5m grading
0.53% Cu and 41.5m grading0.39% Cu, including 7.5m grading0.89% Cu (See news release dated May 13, 2026).
Phase 2 Objectives Include: Resource Growth and Kraken Definition Drilling
- Resource Growth: Expand the massive sulphide resources and also define the new Kraken copper footwall stringer zone and include both in the next Pt. Leamington Mineral Resource Estimate.
- Resource Conversion: Target the conversion of approximately
50% of the 13.7 million tonnes of pit-constrained Inferred Mineral Resources to the Indicated category through infill drilling. - Resource Definition and Pit Evaluation: Phase 2 drilling will improve the geological understanding of the Pt. Leamington massive sulphide deposit and Kraken footwall copper stringer zone and provide additional data for future resource modelling and evaluation within an appropriately constrained pit shell.
- Regional Exploration: Visionary will continue to outline compelling near-surface opportunities for new volcanogenic massive sulphide deposits that will be tested during the upcoming Phase 2 drilling program.
Phase 2 drill holes will infill and expand the existing Pt. Leamington massive sulphide deposit before continuing into the Kraken copper footwall stringer zone. This approach maximizes the value of each meter drilled by using each hole to contribute to resource conversion, resource growth and continued definition and extension of the Kraken discovery (See Pt. Leamington Deposit 3D View with Planned Phase 2 Drilling).
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3408/313780_68c0d57674f03a82_002full.jpg
The program will target moving
The Kraken zone was discovered after the Pt. Leamington 2021 Mineral Resource Estimate was published and Phase 2 drilling is expected to allow the Kraken zone to be included in the next Mineral Resource Estimate and to establish how it may be mined in an economic pit together with the massive sulphides.
Identifying new volcanogenic massive sulphide deposits along trend in the Pt. Leamington VMS camp continues as an exploration priority for Visionary. Soil sampling and other exploration techniques are being used to identify drilling targets, in addition to our planned Phase 2 drilling program at the Deposit.
Pt. Leamington Mineral Resource: The Starting Point
The Pt. Leamington Mineral Resource Estimate was prepared by P&E Mining Consultants Inc. ("P&E") for Callinex Mines Inc. The NI 43-101 Technical Report had an effective date of August 20, 2021, signing date of December 5, 2023 and was filed on December 18, 2023 and the table below states the mineral resources from the P&E 2021 Technical Report.
| Resource | Tonnes (Mt) | Au | Ag | Cu | Pb | Zn | CuEq | ||||||
| g/t | koz | g/t | Moz | % | Mlb | % | Mlb | % | Mlb | % | Mlb | ||
| Pit Indicated | 5.013 | 0.90 | 145.7 | 12.2 | 2.0 | 0.54 | 60.0 | 0.01 | 1.5 | 1.39 | 153.5 | 1.42 | 156.8 |
| Pit Inferred | 13.727 | 0.80 | 354.8 | 14.0 | 6.2 | 0.36 | 110.2 | 0.02 | 7.0 | 1.74 | 527.3 | 1.27 | 384.8 |
| Out-of-Pit Inferred | 1.713 | 1.19 | 65.4 | 25.5 | 1.4 | 0.35 | 13.3 | 0.07 | 2.6 | 2.72 | 102.9 | 1.74 | 65.7 |
| Total Indicated | 5.013 | 0.90 | 145.7 | 12.2 | 2.0 | 0.54 | 60.0 | 0.01 | 1.5 | 1.39 | 153.5 | 1.42 | 156.8 |
| Total Inferred | 15.440 | 0.85 | 420.2 | 15.3 | 7.6 | 0.36 | 123.5 | 0.03 | 9.6 | 1.85 | 630.1 | 1.32 | 450.5 |
Table 1. Pt. Leamington Mineral Resource Estimate. Source: P&E Mining Consultants Inc., NI 43-101 Technical Report - Pt. Leamington Project, Newfoundland, Canada, Report No. 403, effective August 20, 2021 with a signing date of December 5, 2023.
1. Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability.
2. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant issues.
3. The Inferred Mineral Resource has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
4. Mineral Resources were classified in accordance with CIM Definition Standards (2014) and CIM Best Practices Guidelines (2019).
5. The 2021 Mineral Resource Estimate used C
Qualified Person
The technical information contained in this news release has been reviewed and approved by Jason Flight, P. Geo., a "qualified person" under NI 43-101. Mr. Flight is not independent under NI 43-101 as he is Vice President of Exploration for the Company.
About Visionary Copper and Gold Mines Inc.
Visionary Copper and Gold Mines Inc. (TSXV: VCG) (OTCQB: VCGMF) is advancing its portfolio of base and precious metals rich deposits located in established Canadian mining jurisdictions. The focus of the portfolio is highlighted by the
For additional information, please contact:
Visionary Copper and Gold Mines Inc.
Max Porterfield, President and Chief Executive Officer
Phone: (604) 605-0885
E-mail: info@visionarycoppergold.com
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.
Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to future expenditures. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the ability to complete the proposed drill program, additional capital requirements for its work programs and the timing and amount of expenditures. Except as required under applicable securities laws, Visionary does not assume the obligation to update any forward-looking statement.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/313780
FAQ
What are the main technical objectives of Visionary’s Phase 2 drilling at Pt. Leamington?
Phase 2 drilling is designed to:
- Expand the Pt. Leamington massive sulphide resources and define the Kraken copper footwall stringer zone for inclusion in the next Mineral Resource Estimate.
- Convert approximately 50% of the 13.7 million tonnes of pit-constrained inferred Mineral Resources to indicated through infill drilling.
- Improve geological understanding and provide data for future resource modelling and pit-shell evaluation.
- Test extensions of the massive sulphides and Kraken up-dip and along strike, including deepening selected historical holes that terminate above Kraken.
What were some key drilling results from Phase 1 at Pt. Leamington and Kraken?
Phase 1 comprised 10 holes totalling 3,556 m and was the first systematic drilling in over two decades. Highlights include:
- PL-111: 2.8 m grading 1.20 g/t Au, 9.96 g/t Ag, 0.62% Cu and 1.87% Zn, extending the massive sulphide system to more than 1 km of strike.
- PL-112 (Kraken discovery): 75.8 m grading 0.45% Cu, including 12.0 m at 1.09% Cu, followed by 23.5 m at 0.43% Cu.
- PL-115: 52.7 m grading 0.30% Cu, including 12.0 m at 0.61% Cu at Kraken.
- PL-118: 22.5 m at 0.53% Cu and 41.5 m at 0.39% Cu, including 7.5 m at 0.89% Cu.
How is the current Pt. Leamington Mineral Resource classified and on what basis?
The 2021 Mineral Resource Estimate, prepared by P&E Mining Consultants, includes:
- Pit-constrained indicated: 5.013 Mt grading 0.90 g/t Au, 12.2 g/t Ag, 0.54% Cu, 0.01% Pb, 1.39% Zn, totalling 1.42% CuEq for 156.8 Mlb CuEq.
- Pit-constrained inferred: 13.727 Mt grading 0.80 g/t Au, 14.0 g/t Ag, 0.36% Cu, 0.02% Pb, 1.74% Zn, at 1.27% CuEq for 384.8 Mlb CuEq.
- Out-of-pit inferred: 1.713 Mt grading 1.19 g/t Au, 25.5 g/t Ag, 0.35% Cu, 0.07% Pb, 2.72% Zn, at 1.74% CuEq for 65.7 Mlb CuEq.