Raven

Overview

The Raven target is located at the contact zone at the extreme south eastern portion of the Nugget Stock. The area is underlain by the Devonian to Mississippian age Earn Group and the Early Carboniferous age Keno Hill Quartzite that have been subjected to greenschist facies metamorphism, folding, and thrusting. The Raven target is interpreted to be hosted in a dilatational fracture zone within the Nugget Stock, in close association with the intrusion-metasediment contact.

The Raven target was discovered in 2018 during an evaluation of the Nugget Stock. Soil samples over the Raven target area returned coincident arsenic + bismuth + gold anomalies. Follow up trenching uncovered mineralization at surface with the best trench results returning 3.51 g/t gold over 124 metres.

Drilling at Raven from 2018 through 2022 field seasons have repeatedly returned high-grade gold intersections accompanied by prolific visible gold occurrences along a major and consistently mineralized corridor which has grown from an area covered only by the initial 2018 trenches to 1.2 kilometres after drilling in 2022.

Mineralization consists of arsenopyrite dominant polymetallic veins. The veins and vein sets are remarkably consistent across Raven and preliminary mapping suggests these mineralized veins occur with steep to moderate dips with West to Southwest strike. Intense shearing deforms the vein sets along an east west orientation that is open along strike in both directions and in particular down dip. Multiple phases of mineralization at Raven have been identified, a fact that underscores the potential for Raven to host a meaningful gold deposit. 

A major focus of Victoria’s future exploration plans will be to evaluate the entirety of the Nugget Stock for Eagle-style deposits while continuing to expand the high-grade footprint of Raven.

To date (inclusive of 2023) there have been: 6,407 soils, 8,225m of trenching, 56,174.62m Diamond drilling from 205 holes to define the Raven Zone.

Mineral Resource Estimate Discussion

The MRE was undertaken by the Company with the assistance of Independent QP, Marc Jutras, P.Eng., M.A.Sc., Principal, Ginto Consulting Inc. The MRE represents the culmination of diamond drilling and surface exploration programs conducted on the Raven target through 2021. Results from the 2022 and 2023 drill programs at Raven have not been included in this maiden resource and will be incorporated into subsequent resource updates.

The Initial MRE comprises a total Inferred Mineral Resource of 1,070,239 ‎ounces of gold for the near-surface Raven Deposit.

The drill hole database utilized for this MRE utilizes 78 diamond drill holes collared between August 2018 and September 2021 and is comprised of 11,956 assays from 18,217 meters (“m”) of drilling. Additionally, 55 surface trenches with 3,464 assays and 7,443m of sampling were included in establishing the MRE.

Pit-Constrained Inferred Mineral Resources at a 0.50 g/t Au Cut-Off
Effective September 15, 2022 – Raven Deposit