Visionary Receives Phase 2 Drill Approval for Its Pt. Leamington Gold/Copper/Zinc/Silver VMS Deposit in Newfoundland
The 2026 Phase 2 drilling will aim to convert Inferred to Indicated, expand resources and define the new near-surface Kraken Zone.
Rhea-AI Summary
Visionary Copper and Gold Mines (VCGMF) received approval from the Newfoundland and Labrador Department of Energy and Mines for its 2026 Phase 2 diamond drilling program at the 100%-owned Pt. Leamington gold/copper/zinc/silver VMS deposit in Newfoundland.
Phase 2 drilling will focus on converting Inferred Mineral Resources to Indicated, expanding total Mineral Resources, and defining the scale and grade of the newly discovered, near-surface Kraken Zone, a copper-rich feeder system found in the 2026 Phase 1 program and not included in the 2021 Mineral Resource Estimate. Pt. Leamington currently hosts pit-constrained Indicated Mineral Resources of 5.0 Mt grading 1.42% CuEq for 156.8 Mlb CuEq, and total Inferred Mineral Resources of 15.4 Mt grading 1.32% CuEq for 450.5 Mlb CuEq, including pit and out-of-pit. The project has also been selected for the provincial Junior Exploration Assistance program, with an estimated C$96,118 rebate on eligible exploration expenditures.
Positive
- Phase 2 drill program approved at Pt. Leamington for 2026, enabling advancement of resource conversion, expansion and Kraken definition.
- Substantial existing resource base: 5.0 Mt Indicated at 1.42% CuEq (156.8 Mlb CuEq) and 15.4 Mt total Inferred at up to 1.74% CuEq (450.5 Mlb CuEq).
- Kraken Zone discovery in 2026 Phase 1 drilling adds a new near-surface, copper-rich feeder target not included in the 2021 Mineral Resource Estimate.
- All Phase 1 drill holes intersected base and precious metal mineralization while delineating Pt. Leamington and discovering the Kraken Zone.
- Government cost support: selection for the 2026 Junior Exploration Assistance program, with an estimated C$96,118 rebate on eligible exploration expenditures.
Negative
- None.
News Market Reaction – VCGMF
In the Sep 2 session, VCGMF gained 0.55%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
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Highlights:
- Phase 2 approved: Visionary is cleared to advance its next phase of diamond drilling at its
100% -owned Pt. Leamington VMS Deposit. - Kraken adds mineral resource upside: The 2026 Phase 1 drilling discovery is a broad copper-rich feeder system that was not included in the 2021 Mineral Resource Estimate.
- Large mineral resource base to build on: Pt. Leamington hosts existing mineral resources of 5.0 Mt Indicated and 15.4 Mt Inferred; Phase 2 drilling will target mineral resource conversion and expansion, including the Kraken Zone.
- Government support: Pt. Leamington has been selected by the Newfoundland Department of Mines and Energy for the Junior Exploration Assistance program qualifying it for a rebate of eligible exploration expenditures.
Vancouver, British Columbia--(Newsfile Corp. - September 2, 2026) - Visionary Copper and Gold Mines Inc. (TSXV: VCG) (OTCQB: VCGMF) (the "Company" or "Visionary") is pleased to announce that it has received approval from the Newfoundland and Labrador Department of Energy and Mines, for its 2026 Phase 2 diamond drilling program at the Company's
The upcoming Phase 2 program will focus on converting Inferred Mineral Resources to Indicated, expanding the deposit's total Mineral Resources, and defining the scale and grade of the Kraken Zone-the near-surface, copper-rich feeder system discovered during Visionary's 2026 Phase 1 drilling program(see news releases dated April 1, 2026 and May 13, 2026). Kraken is not included in the Pt. Leamington 2021 Mineral Resource Estimate and has the potential to favorably impact the Deposit mineral resources and economics.
Jason Flight, P.Geo., Vice President of Exploration said, "We look forward to building on what is already a substantial resource at Pt. Leamington. The discovery of Kraken during Phase 1 drilling has added an entirely new dimension to the Project — a broad copper-rich stringer system, interpreted to represent part of the VMS feeder system, that sits outside the 2021 Mineral Resource Estimate. He went on to say, "What makes Pt. Leamington particularly compelling is the scale of the resource we are starting with — we already have a substantial pit-constrained gold, copper, zinc and silver resource, and we are now evaluating a newly discovered component of the mineralized system that was not recognized when the 2021 resource was estimated." "Defining Kraken Zone and converting resources to the indicated category are now our principal priorities at the Deposit so that we have a clear path toward economic studies including a PEA. Kraken remains sufficiently open that substantially more drilling is warranted before we understand the full scale of the system."
Phase 2 Drilling: Grow the Mineral Resources and Define Kraken
The 2026 Phase 1 drilling discovered the Kraken Zone while further delineating the Pt. Leamington Deposit, with every hole completed intersecting base and precious metal mineralization. The Kraken Zone remains open and represents a new mineralized target not included in the current Mineral Resource Estimate.
Phase 2 drilling has four objectives: upgrade portions of the Inferred Mineral Resource, expand the known massive sulphide system, define Kraken and test additional discovery opportunities.
2021 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. Point Leamington Mineral Resource Estimate. Source: P&E Mining Consultants Inc., NI 43-101 Technical Report - Point Leamington Project, Newfoundland, Canada, Report No. 403, effective August 20, 2021 with a signing date of December 5, 2023.
- Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability.
- The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant issues.
- 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.
- Mineral Resources were classified in accordance with CIM Definition Standards (2014) and CIM Best Practices Guidelines (2019).
- The 2021 Mineral Resource Estimate used C
$25 /t NSR cut-offs for pit-constrained Indicated and Inferred Mineral Resources and C$75 /t for out-of-pit Inferred Mineral Resources. Copper-equivalent values were calculated using the following metal prices: Au at US$1,625 /oz, Cu at US$3.50 /lb, Zn US$1.20 /lb, Ag at US$22 /oz. Foreign exchange rate of CDN$1.00 = US$0.77 . Metallurgical recoveries have been estimated to be75% gold,80% copper,85% zinc and25% silver. Smelter payables have been estimated to be85% gold,90% copper,85% zinc and90% silver.
Junior Exploration Assistance
Visionary gratefully acknowledges the support of the Government of Newfoundland and Labrador through the Department of Energy and Mines' Junior Exploration Assistance ("JEA") program. The Province's 2026 JEA program estimates a potential rebate of 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 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/312543