Drill Results Routine +

Market One: Visionary Copper and Gold Mines Discusses Phase I Drill Results and Expanded Land Package at Point Leamington

Resource Update Validates Kraken Discovery But Price Action Signals Market Skepticism

By The Northwire Desk — AI Analysis May 13, 2026 · 15:24 VCG · 0.67 Visionary Copper and Gold Mines Inc.

Executive Summary

Date: 2026-05-13
Event Type: Exploration Update & Resource Estimate Release
Core Announcement: Visionary Copper and Gold Mines Inc. released Phase I drill results for its Point Leamington project in Newfoundland, confirming the "Kraken" copper mineralization zone discovered earlier in 2026.
Resource Details: The company updated its Mineral Resource estimates:
- Pit Constrained Indicated: 5.0 Mt @ 2.5 g/t AuEq (402 koz AuEq).
- Pit Constrained Inferred: 13.7 Mt @ 2.24 g/t AuEq (986.5 koz AuEq).
- Out-of-pit Inferred: 1.7 Mt @ 3.06 g/t AuEq (168.5 koz AuEq).
Drill Results: Phase I drilling confirmed continuity of the Kraken zone with wide intersections in every hole tested, including PL-112 (75.8m @ 0.45% Cu) and PL-115 (52.7m @ 0.30% Cu).
Land Package: The company announced an expanded land package targeting new discoveries in the region adjacent to Point Leamington.
Other Assets: Updates provided on Rainbow Deposit (Pine Bay Project) and Nash Creek Project (Bathurst Mining District), noting a 2018 PEA with high IRR for Nash Creek.

Material Impact

Validation of Previous Claims: The news serves as the formal resource estimate update following the initial "Kraken" discovery announcement on March 2, 2026 (News ID 58881). While technically positive, this information was largely anticipated after the Phase I drilling completion in April 2026.
Price Context: The stock price peaked at $0.97 on March 2, 2026, immediately following the initial discovery announcement. Since then, the price has corrected significantly to $0.67 (May 12). This suggests the market had already priced in the "Kraken" discovery potential during March.
Incremental Nature: The resource numbers (402 koz Indicated) are consistent with the scale implied by the initial drill results reported in March. There is no mention of a step-change increase that would justify a new rally from current levels, nor any strategic investor entry or M&A activity.
Land Expansion: The expanded land package adds optionality but does not immediately impact cash flow or resource tonnage. It is a standard exploration follow-up rather than a transformative event.
Conclusion on Materiality: The news confirms the project's viability and validates the drilling program, but lacks the "unexpected" element required for a Material - Positive rating given the prior price appreciation and subsequent correction. It is best categorized as Routine - Positive.

VCG · Price

Company Overview

Company: Visionary Copper and Gold Mines Inc. (TSX-V implied).
Flagship Project: Point Leamington, Newfoundland. A VMS (Volcanogenic Massive Sulphide) and Gold District asset. 100% owned.
Project Status: Phase I drilling completed; Resource estimate updated; PEA preparation anticipated.
Other Assets:
- Rainbow Deposit (Pine Bay Project): Manitoba; Indicated resource of 3.44 Mt @ 3.59% CuEq.
- Nash Creek Project: New Brunswick; Includes a 2018 PEA with pre-tax IRR of 34.1%.
Geology: VMS style mineralization with gold, copper, zinc, silver, and lead.

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