Visionary Receives Phase 2 Drill Approval for Its Pt. Leamington Gold/Copper/Zinc/Silver VMS Deposit in Newfoundland
Visionary secures Phase 2 drilling approval to advance resource expansion plans at its Pt. Leamington project.
Visionary Copper and Gold Mines Inc. has received approval from the Newfoundland and Labrador Department of Energy and Mines to proceed with its 2026 Phase 2 diamond drilling program at the 100%-owned Pt. Leamington VMS deposit. The Phase 2 objectives include converting Inferred Mineral Resources to Indicated, expanding the total mineral resource base, and defining the newly discovered "Kraken Zone," a broad copper-rich feeder system identified during Phase 1 drilling that sits outside the 2021 Mineral Resource Estimate.
The company was selected for the Junior Exploration Assistance (JEA) program, qualifying for a potential rebate of C$96,118 for eligible exploration expenditures. The 2021 Mineral Resource Estimate, prepared by P&E Mining Consultants Inc., reports 5.013 Mt Indicated at 0.90 g/t Au, 12.2% Cu, 0.54% Zn, 1.42% CuEq, and 15.440 Mt Inferred at 0.80 g/t Au, 14.0% Cu, 0.36% Zn, 1.27% CuEq. The Qualified Person for these estimates is Jason Flight, P.Geo., VP of Exploration.
Visionary Copper and Gold Mines Inc. (VCG) received approval, a routine progression following its June 2026 permit submissions and the successful Phase 1 drilling campaign that identified the Kraken Zone. The company disclosed no new financial metrics, resource updates, or strategic transactions, noting that the JEA rebate is minor relative to exploration budgets. This development confirms execution on the previously announced exploration plan without altering the company's near-term capital requirements or changing its fundamental risk/reward profile. The impact is incremental and aligns with market expectations for an exploration-stage company advancing toward a Preliminary Economic Assessment (PEA).
Visionary Copper and Gold Mines Inc. is an exploration-stage company focused on critical and base metals in Canada. Its flagship asset is the Pt. Leamington VMS deposit in central Newfoundland, which the company owns 100%. The deposit hosts a felsic-hosted massive sulphide system with a strike length exceeding 1km and drilling extending to a depth of 360m.
A 2021 historical resource estimate defined 5.0 Mt Indicated at 2.5 g/t AuEq (402 koz AuEq) and 13.7 Mt Inferred at 2.24 g/t AuEq (986.5 koz AuEq), plus 1.7 Mt out-of-pit Inferred at 3.06 g/t AuEq. Phase 1 drilling, completed in May 2026, confirmed wide copper intervals and discovered the Kraken Zone, a near-surface copper-rich feeder system located outside the current resource shell.
The company’s additional portfolio includes the Rainbow and Pine Bay projects in Manitoba, which are copper-focused, and the Nash Creek Project in New Brunswick. The latter is a zinc/gold/silver project that featured a 2018 Preliminary Economic Assessment showing a 34.1% internal rate of return.