Visionary begins phase 1 drilling at Point Leamington
Visionary kicks off long-awaited Newfoundland drill program while quietly resetting insider incentives as shareholders sit underwater.
The most recent news release (February 3, 2026) announces the commencement of a 3,000-meter Phase 1 exploration drilling program at the 100% owned Pt. Leamington Project in Newfoundland. This represents the first exploration drilling at the site in over two decades. The program targets near-surface resource expansion and the "Lower Footwall Zone" (LFZ). Concurrently, the company announced the grant of 1,015,000 stock options at $0.80 and, more notably, the downward re-pricing and extension of 324,167 existing insider options. These options, previously priced between $3.00 and $3.15, have been slashed to $0.80 and extended by five years.
- Operational Progress: The commencement of drilling is a milestone after years of inactivity. However, a 3,000m program is relatively modest for a project of this scale (18.7 Mt total resource) and is likely only enough to test a handful of targets.
- Shareholder Alignment: The option re-pricing is a negative signal for external shareholders. By lowering the exercise price from >$3.00 to $0.80 (a ~73% reduction), management has protected itself from the stock’s historical decline, while common shareholders who bought at higher levels remain underwater.
- Financial Health: The company states the program is "fully funded" following the ~$3.0M private placement closed in December 2025.
- Historic Context: The reliance on historical drill results (e.g., PL-073 from years ago) highlights that the company is still in the "validation" phase of its modern exploration strategy.
Visionary is a Canadian explorer focused on VMS (Volcanogenic Massive Sulphide) deposits. - Flagship Project: Pt. Leamington (Newfoundland). It hosts an Indicated resource of 5.0 Mt and an Inferred resource of 15.4 Mt (combined pit and out-of-pit). - Commodity Mix: Gold-heavy (AuEq) but significant Copper, Zinc, and Silver components. - Status: Resource stage, moving toward a Preliminary Economic Assessment (PEA).