GM 66252 TECHNICAL REPORT AND RECOMMENDATIONS, RECONNAISSANCE AND TRENCHING PROGRAM, ASSINICA PROJECT
ITEM 1 : TITLE PAGE
Technical Report 43-101A1
Technical Report and Recommendations Reconnaissance and Trenching Program Assinica Project
VIRGINIA MINES INC. January 2012
Prepared by:
Jean-François Boivin, B.Sc. Ing. Trainee Geological Engineer GM66252. Virginia Mines Inc.
And
Paul Archer, M.Sc. Ing. Vice President, Exploration REÇU AU MRN Virginia Mines Inc. - 8 FEU. 2012
Ressources naturelles et Faune CENTRE DE SERVICES DES MINES
3 Q AVR, 2012 Dir information géologique 1 1 7 1 4 4 3 1 Assinica Project January 2012
1 ITEM 2 : TABLE OF CONTENTS
ITEM 1 : TITLE PAGE I ITEM 2 : TABLE OF CONTENTS II 1 ITEM 3 : SUMMARY 4 ITEM 4 : INTRODUCTION AND TERMS OF REFERENCE 4 ITEM 5 : DISCLAIMER 4 1 ITEM 6 : PROPERTY DESCRIPTION AND LOCATION 5 ITEM 7 : ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRA- 1 STRUCTURE AND PHYSIOGRAPHY. 5 ITEM 8 : HISTORY 5 8.1 PROPERTY OWNERSHIP 5 8.2 PREVIOUS WORKS 6 ITEM 9 : GEOLOGY 8 9.1 REGIONAL GEOLOGY 8 9.2 STRUCTURE 8 9.3 ECONOMIC GEOLOGY 9 9.4 LOCAL GEOLOGY 9 9.4.1 Basalts and gabbros 9 1 9.4.2 Rhyolites 10 9.4.3 Mudstones 10 9.4.4 Wackes and arenites 10 9.4.5 Iron formations 11 ITEM 10 : DEPOSIT TYPE 11 ITEM 11 : MINERALIZATION 11 ITEM 12 : EXPLORATION WORK 11 ITEM 13 : DRILLING 11 ITEM 14 : SAMPLING METHOD AND APPROACH 11 1 14.1 ROCK SAMPLES 11 14.2 TILL SAMPLES 12 ITEM 15 : SAMPLE PREPARATION, ANALYSIS AND SECURITY 12 15.1 SAMPLE SECURITY, STORAGE AND SHIPMENT 12 15.2 SAMPLE PREPARATION AND ASSAY PROCEDURES 13 15.2.1 Rock samples 13 ITEM 16 : DATA VERIFICATION 13 1 ITEM 17 : ADJACENT PROPERTIES 14 ITEM 18 : MINERAL PROCESSING AND METALLURGICAL TESTING 14
1 Virginia Mines Inc. Page ii Assinica Project January 2012
ITEM 19 : MINERAL RESOURCE, MINERAL RESERVE ESTIMATES 14 ITEM 20 : OTHER RELEVANT DATA 14 ITEM 21 : INTERPRETATION AND CONCLUSIONS 14 ITEM 22 : RECOMMENDATIONS 14 ITEM 23 : REFERENCES 15 ITEM 24 : DATE AND SIGNATURES PAGE 18 ITEM 25 : FIGURES 20 ITEM 26 : PICTURES 21 ITEM 27 : APPENDIX 22
LIST OF TABLES
TABLE 1. SUMMARY OF PREVIOUS WORK PERFORMED IN 32J/11 6
LIST OF FIGURES
FIGURE 1: ASSINICA PROJECT LOCATION, 1:7 500 000 FIGURE 2: ASSINICA PROJECT, 1:250 000 FIGURE 3: CLAIMS AND CDC ASSINICA PROJECT, 1:50 000 FIGURE 4: OUTCROPS, BOULDERS AND SAMPLES COMPILATION, ASSINICA PROJECT, 1:25 000
LIST OF APPENDICES
APPENDIX 1. ABBREVIATION LIST , ' . APPENDIX 2.Summ.. G- i -"' :°i :•e e • • , r.•-- •.• efiqfrr7S Li ST APPENDIX 3: SAIbIPLES-LIâT S Linn r>> Af2`Î â)1` Ç.btz, 0R-id 1z6Vt;~.k-tZS A'v--b © `Fr-c-fk)~ APPENDIX 4. - . E • • • 4S'AMZ.t~S 03 ,-7 —
Virginia Mines Inc. Page iii Assinica Project January 2012
ITEM 3 : SUMMARY
The objective of the 2011 campaign was to find the source of three gold anomalous tills situated in the southern part of the Assinica property. A secondary objective of this campaign was to fly over the property in order to find new mineralized outcrops. A total of 18 man/days were invested in the 2011 campaign. Prospecting work has described a total of 5 outcrops and 3 boulders from which 3 samples were analyzed. Geochemical results do not reveal new mineralized zones or anomalous gold content. Considering these results no further work is recommended in the near future.
ITEM 4 : INTRODUCTION AND TERMS OF REFERENCE
Virginia Mines Inc. began investigating in fall 2005 (Grenier et al., 2005) the central segment of the Frotet-Evans greenstone belt located in the Baie James area. In the summer of 2006, Virginia Mines Inc. undertook a large geochemical survey consisting of till sampling. This work discovered a pristine gold grains dispersion pattern taking its origin in the sedimentary package (Grenier et al., 2007). During summer 2009, Virginia undertook an intensive prospecting, mapping, till sampling and trenching program on the Assinica project. The exploration program based on the previous geophysical and geochemical surveys returned new mineralized boulders and outcrops. In fact, three new Au mineralized boulders were found over the grid area and returned values up to 0.97 g/t Au in grab samples. A channel sample also returned 1.04 g/t Au in a metasedimentary rock.
The Virginia Mines 2011 exploration program on the Assinica project was designed to find the source of a gold anomalous till. This anomalous till is situated in the south part of the property. A short intervention of 2 days has been undertaken during 2011 spring.
This report provides the status of current technical geological information relevant to the latest Virginia Mines Inc. exploration program on the Assinica project in Québec. It has been prepared in accordance with the Form 43-101F1 Technical Report format outlined under NI-43-101. The report also provides recommendations for future work.
ITEM 5 : DISCLAIMER
Co-author Jean-François Boivin, B.Sc. Ing. and Trainee Geological Engineer for Virginia Mines Inc. has been involved in Assinica project fieldwork campaing of 2011. Co-author Paul Archer, geological engineer with an M.Sc.A in Earth Sciences and Vice President, Exploration of Virginia Mines Inc. is responsible for the design and is the qualified person for all Virginia's exploration programs.