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Baie Payne Project: Virginia Acquires Osisko Mining Corporation's Interest |
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Thursday, 10 March 2011 17:01 |
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Virginia Mines Inc. announced that on February 25, 2011 it acquired 100% of Osisko Mining Corporation's participating interest in the Baie Payne project in consideration of the issuance of 70,000 common shares of Virginia's capital shares.
Virginia is now the sole owner of the project. Â The Baie Payne property covers 18,890 hectares and is situated north of Kangirsuk Village, on the west bank of Ungava Bay, in the Quebec North. The property is located at the northern extremity of the New Quebec Orogen, which represents the north-eastern extension of the Trans-Hudson Orogen, an early Proterozoic collisional zone that borders the Superior Province. The Trans-Hudson Orogen also includes the Thompson Belt of Manitoba and the Cape Smith Belt of northern Quebec, both of which host important nickel mining camps. The Baie Payne property covers important mafic/ultramafic complexes that reach over 1000 metres in thickness with a cumulative lateral spread of over 50 kilometres. All these complexes lie in a supracrustal sequence of iron formations, basalt, and sulphide mudstones within a sheared allochtone structure called the Roberts Synclinal. Over more than 40 Ni-Cu showings grading up to 6.5% Ni have been exposed at surface within this fertile, largely unexplored environment. |
