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Immediately Adjacent to the Eagle Western Pit Wall
TORONTO, ON–(Marketwired – September 25, 2017) – Victoria Gold Corp. (TSX VENTURE: VIT) (“Victoria” or the “Company”) is pleased to announce the receipt of additional analytical results from the on-going 2017 Dublin Gulch (the “Property”) exploration campaign. These latest results are from the 14 exploration drillholes completed on the Eagle Extension Zone, a previously under-tested area immediately west of the proposed Eagle Gold Mine, that has identified new near-surface gold mineralization in an easily accessible area.
Highlights from the 2017 Eagle Extension Zone drill results include:
- 21.3m @ 0.64 g/t Au in drillhole DG17-852C from 50.3m
- 64.0m @ 0.52 g/t Au in drillhole DG17-852C from 30.5m
- 26.7m @ 0.76 g/t Au in drillhole DG17-879C from 43.3m
“Part of this year’s Dublin Gulch property wide exploration program focused on near mine exploration,” commented John McConnell, President and CEO of Victoria. “Bolstered by the success with the drill bit at Eagle West, the Eagle Extension Zone was the next target tested, and it too returned highly encouraging assays that highlight the potential to define easily accessible new gold ounces from an area that would require minimal stripping.”
The Eagle Extension Zone represents a large, approximately 400m2, area on the northern contact margin of the mineralized intrusive units immediately adjacent to the western pit wall of the Eagle Gold Mine. Like Eagle West, this area had received only cursory exploration drilling historically and represents an under-tested area contiguous to the Eagle Gold Mine that fits into the Potato Hills Trend exploration model. In fact, this season’s drilling has served to greatly enhance geological control on the Extension Zone, with the historically mapped intrusive-metasedimentary contact adjusted up to 200m North of previous interpretations, greatly increasing the gold potential of this Zone.
Highlighted results from the complete 2,467m, 14 diamond drillhole program targeting the Eagle Extension Zone are presented below:
* Apparent true widths are estimated at approximately 70% to 80% of intersection lengths
In addition to the diamond drilling, as part of the 2017 Extension Zone evaluation, a 104m surface trench was constructed and sampled through an area where scorodite veins had been mapped during this year’s exploration program. This trench, TRWE17-01, returned 104m @ 0.41 g/t Au over the entire length of the trench, including the following intervals:
- 12m @ 0.77 g/t Au including 2.0m @ 1.47 g/t Au, and
- 18m @ 0.92 g/t Au including 4.0m @ 1.48 g/t Au and including 4.0m @ 1.5 g/t Au.
These surface trench results indicate that mineralization intersected in drillholes from Eagle Extension Zone is consistent and extends to surface. Mineralization at Eagle Extension is geologically similar to Eagle and represents an area that offers potential for Eagle pit expansion that may be accretive to the main Eagle Gold Deposit. Similar to both Eagle and Eagle West, where granodiorite was intersected, gold mineralization was typically encountered and where the host meta-sediments were intersected, no or low-grade gold mineralization was returned.
A plan map and full set of cross sections for the Eagle Extension 2017 drilling and trench campaign will be made available on the Company website.
About the Dublin Gulch Property
Victoria Gold’s 100%-owned Dublin Gulch gold property is situated in the central Yukon Territory, Canada, approximately 375 kilometres north of the capital city of Whitehorse, and approximately 85 kilometres from the town of Mayo. The Property is accessible by road year-round, and is located within Yukon Energy’s electrical grid. The Company has constructed and maintains a 210 person all-season camp at the project site.
The Property covers an area of approximately 555 square kilometres, and is the site of the Company’s Eagle Gold Deposit. The Eagle Gold Mine is expected to be Yukon’s next operating gold mine and, between the Eagle and Olive deposits, include Proven and Probable Reserves of 2.7 million ounces of gold from 123 million tonnes of ore with a grade of 0.67 grams of gold per tonne, as outlined in a National Instrument 43-101 feasibility study. The NI 43-101 Mineral Resource for the Eagle and Olive deposits has been estimated to host 191 million tonnes averaging 0.65 grams of gold per tonne, containing 4.0 million ounces of gold in the “Measured and Indicated” category, inclusive of Proven and Probable Reserves, and a further 24 million tonnes averaging 0.61 grams of gold per tonne, containing 0.5 million ounces of gold in the “Inferred” category.
All exploration drill core from the 2017 program was logged and prepared for shipment on-site and Victoria’s Eagle Camp where they were subsequently delivered to the Whitehorse, Yukon, sample preparation facility of ALS Minerals. There, samples were crushed with prepared samples sent to ALS Minerals’ preparation laboratory facilities in Vancouver where they were analyzed by 33 element ICP-AES package ME-1CP61 with a 50 gram Fire Assay Au finish (AU-AA24). A comprehensive system of standards, blanks and field duplicates was implemented for the 2017 Dublin Gulch drilling programs and is monitored as chemical assay data became available.
The technical content of this news release has been reviewed and approved by Paul D. Gray, P.Geo., as the Qualified Person. For additional information relating to the Property, refer to the technical report entitled “NI 43-101 Feasibility Study Technical Report for the Eagle Gold Project, Yukon Territory, Canada”, with an effective date of September 12, 2016, which is available on the Company’s profile at www.sedar.com.
Cautionary Language and Forward-Looking Statements
Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. This press release includes certain statements that may be deemed “forward-looking statements”. All statements in this discussion, other than statements of historical facts, that address future exploration drilling, exploration activities, anticipated metal production, internal rate of return, estimated ore grades, commencement of production estimates and projected exploration and capital expenditures (including costs and other estimates upon which such projections are based) and events or developments that the Company expects, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include metal prices, exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Accordingly, readers should not place undue reliance on forward-looking statements.
For Further Information Contact:
President & CEO
Victoria Gold Corp