In-Pit Mineral Resource Estimate

The Eagle Resource used a total of 38,370 assay intervals with gold assays in 370 drill holes were used to define a wireframe with assays capped at 16.0 g/t Au. The capped gold assays were composited into 2.5 m intervals from the top of the drill hole with breaks at the wireframe boundary. Composite intervals less than 0.5 m in length were added to the composite immediately above. A block model with a cell size of 10 m x 10 m x 5 m was used for the grade estimation.

Eagle Constrained In-Pit Mineral Resource
Classification	Cut-off Grade (g/t Au)	Tonnes (Mt)	In-Situ Grade (g/t Au)	Contained Au (koz)
Measured	0.15	30	0.81	761
Indicated	0.15	151	0.59	2,870
Meas. + Ind.	0.15	181	0.63	3,631
Inferred	0.15	17	0.49	276

Notes to Table:

1. The effective date for the Mineral Resource is September 12, 2016.
2. Mineral Resources which are not mineral reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
3. The quantity and grade of reported Inferred Resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as an Indicated or Measured Mineral Resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured Mineral Resource category.

The Olive Resource estimation used a total of 8,216 assay intervals with gold assays in 91 drill holes to define a wireframe with assays capped at 25 g/t Au. The capped gold assays were composited into 2.5 m intervals from the top of the drill hole with breaks at the wireframe boundary. Composite intervals less than 0.5 m in length were added to the composite immediately above. A block model with a cell size of 10 m x 10 m x 5 m was used for the grade estimation.

Olive Constrained In-Pit Mineral Resource
Classification	Cut-off Grade (g/t Au)	Tonnes (Mt)	In-situ Gold (g/t Au)	Contained Au (koz)
Measured	0.4	2	1.19	75
Indicated	0.4	8	1.05	254
Meas. + Ind.	0.4	10	1.07	329
Inferred	0.4	7	0.89	210

Notes to Table:

1. The effective date for the Mineral Resource is September 12, 2016.
2. Mineral Resources which are not mineral reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
3. The quantity and grade of reported Inferred Resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as an Indicated or Measured Mineral Resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured Mineral Resource category.

Mineral Reserves

The Proven and Probable Mineral Reserve is the economically minable portions of the Measured and Indicated in-pit Mineral Resource as demonstrated by this feasibility study.

Eagle and Olive Mineral Reserve
Type	Ore (Mt)	Diluted Grade (g/t)	Contained Gold (koz)
Eagle Proven	27	0.80	688
Eagle Probable	90	0.62	1,775
Total Eagle	116	0.66	2,463
Olive Proven	2	1.02	58
Olive Probable	5	0.93	142
Total Olive	7	0.95	200
Total Olive + Eagle	123	0.67	2,663

Notes to Table:

1. The effective date for the Mineral Resource is September 12, 2016.
2. Mineral Reserves are included within Mineral Resources.

Eagle and Olive Mineral Reserve
Type	Ore (Mt)	Diluted Grade (g/t)	Contained Gold (koz)
Eagle Crushed Ore	101	0.72	2,330
Olive Crushed Ore	7	0.95	200
Total Crushed Ore	108	0.73	2,530
Eagle Run of Mine Ore	15	0.27	133
Total	123	0.67	2,663

Notes to Table:

1. The effective date for the Mineral Resource is September 12, 2016.
2. Mineral Reserves are included within Mineral Resources.

Mining

Eagle and Olive are open pit mines and will operate as a drill, blast, shovel and haul operations with a combined nominal rate of 33,700 tpd ore and mine life of 10 years. Ore to be crushed will be hauled to the primary crusher located toward the north east side of the Eagle pit. Run of mine ("ROM") ore will be hauled directly to the primary heap leach pad.

Eagle waste rock will be hauled to one of two waste rock storage areas immediately to the south and north of the open pit which results in short haul distances. Olive waste rock will be hauled to a waste rock storage area immediately south-west of the open pit. Waste rock storage will be managed to allow for future pit expansion. The ratio of waste to ore is 0.95 to 1 and total waste material is 116 million tonnes.

Processing

Material above the crushed ore cut-off grades will be hauled from the open-pits to the primary crusher. Ore will be crushed at a nominal rate of 30,100 tpd. Following primary crushing, ore will be conveyed through a secondary and tertiary crushing circuit to a final crush size of P80 6.5 mm. Crushed ore will be conveyed to one of the two in-valley heap leach pads.

Ore will be stacked in 10m high lifts using a mobile conveying and stacking system then primary leached for 90 days. The pregnant solution, laden with gold once leaching is complete, will be pumped to an ADR plant where gold will be stripped from the solution and poured into doré bars. Life of mine recovery is estimated at 70.8%, including ROM ore.

Ore will be mined and primary crushed 365 days per year. Ore will be stacked on the heap leach pads 275 days per year. A primary crushed ore stockpile will be used during the coldest 90 days of the year and the stockpile will be reclaimed to the secondary crushing circuit and loaded onto the pads during the 275 day stacking period.

A total of 123 million tonnes of ore will be processed, including 108 million tonnes of crushed ore and 15 million tonnes of ROM ore. The primary heap leach pad will hold 77 million tonnes while the secondary heap leach pad will hold 46 million tonnes. The secondary heap leach pad has potential excess capacity of approximately 50 million tonnes should it be required for mine expansion.

Infrastructure

The project is well supported by local infrastructure. Eagle is accessed via an existing year-round road connecting to the Silver Trail Highway. Grid power currently runs along the highway to support grid power via a spur line to be constructed along the existing access road. A 1,400m airstrip is located in Mayo approximately 85km by road from the project site. An existing construction-ready 100-person camp is currently operational at site. A further 100-person camp recently purchased by the Company, is located in Mayo and is expected to be shipped and erected at site prior to construction. All mine site infrastructure to be built for Eagle is located within a few kilometers of the open pits.

Capital Costs

The initial capital cost for Eagle is estimated (in 2016 dollars) at C$370 million with an accuracy of +/-15%, includes contingency of C$35.2 million and all pre-stripping. The contingency allowance was calculated on a risk-adjusted basis for each of the major capital cost categories. Indirect costs include initial fills, spares, commissioning and start-up, engineering and procurement, construction management and freight and logistics.

Initial Capital Cost Estimate (C$ millions)

Area	Initial Capital
Mine Equip. & Development	34.5
Site General	17.7
Process	101.3
Ancillaries	22.2
Power Supply & Distribution	15.1
Water Management	5.7
Heap Leach Pads	56.4
Owner’s	8.6
Indirects	72.9
Subtotal	334.4
Contingency (10.5%)	35.2
Total	369.6

Life of mine sustaining capital costs are estimated at C$183 million and closure costs are C$35 million. Working capital costs are estimated at C$26 million.

Sustaining Capital Cost Estimate (C$ millions)

Area	Sustaining Capital
Mine Equip. & Development	45.6
Site General	9.9
Ancillaries	30.3
Power Supply & Distribution	0.8
Water Management	15.0
Heap Leach Pads	81.5
Total	183.1

Operating Costs

LOM site operating costs, are C$10.54 per tonne processed, as summarized below:

Area	Operating Costs
	C$/t mined	C$/t leached	US$/oz payable
Mine	2.15	4.19	214
Process/leach	n/a	4.93	252
G&A	n/a	1.42	73
Total		10.54	539

All-in sustaining costs, not including corporate costs, are US$638/oz of payable gold.

Financial Analysis

Base case: consensus based long-term gold price US$1,250/ounce gold and US$/C$ exchange rate of 0.78:

Opportunities

There are numerous initiatives currently underway which the Company suspects may further enhance project economics, including:

• year-round stacking as is currently practiced at other northern heap leach operations;

• continued near mine exploration with a focus on the Potato Hills Trend which hosts the Olive, Shamrock and other targets;

• conversion of Inferred Mineral Resources to Indicated Mineral Resources, particularly at depth, to increase reserve potential and decrease waste; and

• further refinement of water management and water treatment to reduce potential closure costs.

Land

Victoria holds 100% interest in the 1,914 quartz claims, 10 quartz leases and a 7/8th interest in the Olive crown grant collectively covering 350 km².
The Dublin Gulch property is located within the Traditional Territory of the First Nation of Nacho Nyak Dun.

History

Exploration and placer mining began on the Dublin Gulch property in 1895 with the first gold production reported in 1898. In 1904, tungsten was identified in placer concentrates. The Geological Survey of Canada (GSC) discovered in situ scheelite in Dublin Gulch in 1916. Subsequent exploration led to the discovery of lode gold deposits at the Eagle Gold Project.

The Project area has a long history of placer gold mining, starting in 1895, and exploration drilling by several companies, starting in 1972.

Environmental Assessment & Regulatory Review

The Eagle Gold Project has received all major regulatory approvals required for the construction, operation and closure of the Project.

Victoria received the final Water Use Licence from the Yukon Water Board in December 2015. The Water Use Licence is the conclusion of five years of permitting and engineering work on the Project that resulted in a Project design that is both low cost and protective of the environment.

The final Water Use License application process culminated in a weeklong public hearing in June 2015. During the hearing the Water Board Chair stated, "... out of many of the companies or applicants that come before this Board, I think you [Victoria] are remarkable for having had with you -- for the duration so far -- virtually the same team. You've put together an 'A' team, and that, in turn, has led to your preparation of what -- in our opinion -- is a very, very good submission, and that goes a long way to assisting the entire application process. It also goes a long way to giving evidence of the trust that exists between yourselves -- as the applicant -- and the people in this community, and larger, the people in the Yukon Territory. So, congratulations, you've done a remarkably good job in bringing your team together and providing a good application. That's going to stand you well as you move forward."

In September 2013, Victoria received a Quartz Mining Licence for the Project that, in conjunction with the Water Use Licence, allows all phases of the Eagle Gold Project to be undertaken. The Quartz Mining Licence was amended in March 2016 to include minor modification to the design of Project features and to align with certain terms and conditions of the Water Use Licence.

On February 19, 2013, the Yukon Environmental and Socio-Economic Assessment Board (YESAB) issued its Final Screen Report recommending that the Government of Canada and Yukon Government allow the Eagle Gold Project to proceed. On April 9, 2013, the Yukon Government filed their Decision Document approving the Project to proceed, and on April 16, 2013, the Federal Government similarly filed their respective Decision Document approving the Project move forward. Completion of the Decision Documents allowed Victoria to apply for the Water Use Licence from the Yukon Water Board and the Quartz Mining License from the Department of Energy, Mines and Resources.

Victoria also holds licenses and permits to support ongoing exploration efforts.

Community Overview & Comprehensive Cooperation and Benefits Agreement (CBA)

The Eagle Gold Project is located within the Traditional Territory of the First Nation of Nacho Nyak Dun. Victoria has worked with community representatives, the First Nation of Nacho Nyak Dun and other interested parties to consult and keep people informed.

Victoria has held various community meetings, workshops, and open houses with the First Nation of Nacho Nyak Dun leadership, staff, and citizens as well as the Village of Mayo leadership and residents, and other interested parties. These sessions provided Eagle Gold Project updates as well as specific presentations on key aspects of the proposed operation. Victoria also publishes the Potato Hills Press newsletter quarterly and continues to meet on a regular basis with the First Nation and the community.

Victoria and the First Nation of Nacho Nyak Dun (FNNND) signed a Comprehensive Cooperation and Benefits Agreement (CBA) on October 17, 2011. The CBA replaced an earlier Exploration Cooperation Agreement, and applies to the proposed Eagle Gold mine development and all exploration activities conducted by Victoria anywhere in FNNND Traditional Territory south of the Werneke mountains which includes all of Victoria's existing mineral exploration properties. The CBA does not apply to any exploration or mining activities on FNNND Settlement Lands or within FNNND Traditional Territory that are north of the Wernecke Mountains, unless FNNND provides its prior consent.

The objectives of the CBA are to:

• Provide certainty for development of the Eagle Gold Project and on-going exploration;

• Provide the FNNND with employment and economic development opportunities while respecting and promoting FNNND's desired environmental protection objectives;

• Establish a process for ongoing communication between Victoria and the FNNND so both parties can identify and pursue contracting and partnering opportunities;

• Provide the FNNND with employment and training opportunities; and

• Provide financial support and profit sharing opportunities that may result from a successful project.

Following the CBA Victoria and the FNNND entered into a further agreement. On November 20, 2011 Victoria and FNNND signed a Letter of Intent for the purposes of staking FNNND Category B Settlement Lands adjacent to Victoria's Dublin Gulch property, of which the Eagle Gold project is a part of. As Settlement Lands were not part of the CBA the Letter of Intent provided FNNND consent to Victoria to stake the FNNND Category B Lands to the west and south of the Dublin Gulch property. The Letter of Intent also establishes that Victoria and FNNND will negotiate an agreement for the purposes of carrying out exploration on these FNNND Category B Lands.

On September 12, 2012, the negotiations with respect to exploration activities on the FNNND Category B Lands culminated in the signing of an Access and Exploration Agreement. The key points of the Access and Exploration Agreement between Victoria and the FNNND include:

• providing certainty for on-going exploration;

• affording the FNNND with employment and economic opportunities while respecting and promoting FNNND’s desired environment protection objectives;

• establishing a process for ongoing communication between Victoria and the FNNND so both parties can identify and

• providing financial support.

Click here to view the Cultural Awareness Presentation

Click here to view the Annual CBA Reports

The Eagle Zone Geology

The Eagle Gold deposit occurrence is localized at the narrowest portion of the stock, near its known western limit. The intrusive-meta-sedimentary contact is sharp but irregular and varies between steep attitudes that crosscut meta-sedimentary foliation, to shallow southwest dips parallel to foliation.

The zone is comprised of sub-parallel extensional quartz veins that are best developed within the granodiorite proximal to both the hanging wall and footwall intrusive-meta-sedimentary contacts. Veining is apparently best developed on the hanging wall contact, Veins are typically composed of white or grey quartz with subordinate potassium feldspar. They strike 060 to 085 azimuth, typically dipping at about 60 degrees to the south, and range in width from less than one millimetre to about 10 cm. Contacts are typically sharp. Vein densities range from less than one per metre to more than fifteen per metre, and average about three to five per metre. The greatest concentration of veins appears to coincide with both the narrowest constriction as well as the local apex of the intrusion (Rescan, 1997).

Sulphides account for less than five percent of vein material and occur in the center, on the margin, and disseminated throughout. The most common sulphide minerals are pyrrhotite, pyrite, arsenopyrite, sphalerite, bismuthinite and galena. Secondary potassium feldspar is the dominant mineral in alteration envelopes. Sericite-carbonate is generally restricted to narrow vein selvages, although alteration zones of this type also occur with no obvious relation to veins.

Vein formation can be attributed to contrasts in cohesion and tensile strength between the intrusion and enclosing meta-sedimentary rocks. Embayments and narrow portions of the stock represent stress shadows that constitute favourable areas for rheological failure and therefore for the formation of extensional quartz veins. Protrusions in the stock created favourable areas for the development of extensional shear-veining in the adjacent country rocks (Sieb, 1996).

Exploration Work Programs

Victoria has expanded the Eagle Gold Zone from 2.7 million ounces to 4.8 million Indicated resource ounces over the past two years. In January 2009 Wardrop Engineering Inc. completed an updated NI 43-101 Mineral Resource estimate on the Eagle Zone Deposit in adding 37% to the Indicated Resource for a total of 2.7 million ounces of gold averaging 0.849 g/t gold. The 2009 Mineral Resource estimate incorporated 13,057.65 m of drilling from 2006-2008 into a previously-stated resource estimate.

The 2010 field program undertook work for the many disciplines involved in developing the mine through Pre-Feasibility and the YESAB Environmental Assessment process as per the -Yukon Environmental and Socio-Economic Assessment Act (YESAA), as well as a continued exploration program. Engineering drilling guided by BGC Engineering drilled 350m of core to test conditions for the proposed infrastructure sites, as well as 1,350m of geotechnical drilling for the pit wall scenarios. Stantec drilled a total of 626m of holes to test ground water and to install monitoring wells. The exploration program saw 1,311m drilled in 5 holes to test a potential westerly extension to the mineralisation of the Eagle Zone.

In 2011, Victoria Gold drilled 25 diamond drill holes (5,750 aggregate metres). All holes (with the exception of metallurgical sample holes) were HQ in size and drilled with a triple core barrel to minimize disturbance of the core and to maintain its orientation. Many of the holes were drilled for alteration and in-fill exploration information, three for geotechnical purposes, and two PQ size holes were drilled for metallurgical sampling.

During 2012, 49 diamond drill holes and 38 Reverse Circulation (“RC”) holes were drilled for a total of 26,378.47 metres in the Eagle Gold Deposit.

The major objectives of the 2012 drill programs were to complete the in-fill drilling program in the Eagle pit area (diamond drill holes) and infill drill in the Eagle pit area at the location of the first two years of mine production (RC drill holes).

This 2012 Eagle Gold zone drilling focused on in-pit and geotechnical drilling which provided additional data for geotechnical and alteration modeling purposes. The 2012 drilling season confirmed consistent mineralization throughout the proposed pit area and provided rock suitable for more comprehensive bulk density measurements.

Results from drill holes in the north zone and deep eagle revealed that there is mineralization at depth and in the north zone although subdued and less homogenous. The alteration drilling program defined several thick, low-grade intervals including 128.65 m (true width, TW) of 1.04 g/t Au from 15.24 m to end of hole (DG11-421C), 85.45 m (TW) of 1.01 g/t Au from 79.09 m to end of hole (DG11-419C) and 116.27 m (TW) of 0.63 g/t Au from 33.53 m (DG11-416C).

Best results from the Eagle exploration drilling included 59.60 m of 0.74 g/t Au from 271.70 m (DG11-435C, Eagle Deep) indicating potential for extension of the deposit at depth. At Eagle North, best results included 43.10 m of 0.80 g/t Au from 27.60 m (DG11-421C) with narrower zones returning higher grades at depth (7.60 m of 2.36 g/t Au from 94.50 m, 9.20 m of 1.68 g/t Au from 264.70 m) in holes DG11-422C and DG11-427C, respectively.

Drill Hole		From (m)	To (m)	Width (m)	Grade (g/t Au)
DG12-471C		235.74	272.00	36.26	1.59
	Including	256.30	257.54	1.24	15.75
DG12-472C		43.82	283.50	239.68	0.94
	Including	79.50	102.46	22.96	1.32
	Including	162.80	210.00	47.20	2.07
DG12-473C		278.49	313.27	34.78	1.46
DG12-474C		120.00	132.56	12.56	2.14
DG12-475C		212.00	254.00	42.00	1.48
DG12-476C		46.00	61.00	15.00	2.19
	Including	49.00	52.00	3.00	7.86
DG12-477C		201.50	257.00	55.50	1.77
	Including	209.00	213.50	4.50	5.51
DG12-478C		32.80	37.50	4.70	4.53
DG12-479C		387.50	426.50	39.00	1.42
	Including	405.50	410.00	4.50	3.32
DG12-480C		23.27	44.03	20.76	1.79
	Including	41.48	44.03	2.55	6.02
DG12-481C		123.52	126.66	3.14	2.59
DG12-482C		120.50	128.00	7.50	1.46
DG12-490C		204.00	216.00	12.00	2.07
	Including	212.50	214.60	2.10	6.84
DG12-495C		16.30	57.10	40.80	0.87
DG12-496C		286.50	294.00	7.50	6.66
	Including	288.00	291.00	3.00	15.87
DG12-497C		301.50	321.00	19.50	3.61
	Including	311.00	312.00	1.00	35.40
DG12-498C		225.30	230.70	5.40	2.52
DG12-499C		182.00	225.50	43.50	1.20
DG12-502C		332.60	337.80	5.20	5.89
DG12-505C		210.50	216.50	6.00	2.33
DG12-506C		61.50	85.00	23.50	1.69
DG12-509C		171.00	181.30	10.30	2.47
DG12-510C		346.50	352.70	6.20	2.82
DG12-512C		83.50	97.20	13.70	2.35
	Including	88.90	91.00	2.10	12.20
DG12-514C		161.50	166.50	5.00	3.82

Eagle Gold Drilling Results