Toronto, ON / TNW-Accesswire / August 13, 2014 / Victoria Gold Corp. (TSX.V-VIT) "Victoria" or the "Company" is pleased to announce the results of the final 6 drill holes of the of the 2014 Phase 1 Olive exploration program, adjacent to Victoria's Eagle Gold deposit, Yukon Canada.
Mr. John McConnell, President and CEO of Victoria commented; "These final holes from the Phase 1 2014 Olive drilling program underscore the success of the near surface Olive Zone mineralization model we developed and tested. Moreover, these final exploration holes were designed as large step-outs along the projected strike of the Olive shear zone and lead us to believe the Olive target may be larger than we originally anticipated. We look forward to the results from the Phase 2 program which is progressing well."
Phase 1 Program
Victoria's 2014 Phase 1 Olive Exploration program included 20 diamond drill holes, 3 of which were used solely for metallurgical testing. The first 14 diamond drill holes from the Phase 1 program yielded highly encouraging results including 69.7m of 2.29 g/t gold, 96.1m of 1.22 g/t gold and 99m of 1.02 g/t Au (see News Releases dated June 24, 2014 and July 28, 2014).
Victoria has received assay results for the final 6 holes of the Phase I program including 89.6m of 1.18 g/t Au including 42.5m of 2.36 g/t and 22.7m of 1.43 g/t. A summary of mineralized intervals from assay results from the final six (6) holes is presented below.
|Table 1 - Summary of the Olive Zone Phase 1 Diamond
Drilling Results for DG14-596C through DG14-601C
|Hole ID||From (m)||To (m)||Length (m)||Au g/t|
|DG14-598C||no significant values|
Note: Reported intersections are drilled intersections, as true widths have not yet been determined.
The final holes of the Phase 1 Olive program were predominantly exploration holes targeting the interpreted North-East extent of the mineralized Olive Shear Zone, approximately 350 metres from the first reported holes of the Olive 2014 program. These step-out holes were designed as prospect type drill holes to determine if the mineralized shear zone extends along strike. The results confirm the continuity of mineralization within this corridor and add measurably to the size of the Olive Zone.
An updated plan map and drill sections relating to the assay results presented above will be available on the Company's website www.vitgoldcorp.com.
Phase 2 Program
The Phase 2 program is well underway with almost 2,900 metres of a planned 5,000 metres drilled to date. This work includes continued delineation of the high grade Olive Zone as well as exploration drilling along strike to the North-East and South-West of the Phase 1 drilling.
All drill core from the Olive 2014 drilling program was analyzed at ALS Laboratories of Vancouver, B.C. utilizing the ME-ICP61 33-element analytical package with AuAA-24 Fire Assay finish for gold on all samples. All core samples were split on-site at Victoria's Eagle camp and shipped to ALS Laboratories preparation facility in Whitehorse where samples were sorted and crushed to appropriate particle size (pulp) and representatively split to a smaller size for shipment to ALS' Vancouver analysis facility. A comprehensive system of standards, blanks and field duplicates was implemented in the 2014 exploration program and is monitored as chemical assay data become available.
The technical content of this news release has been reviewed and approved by Paul D. Gray, P.Geo., as the Qualified Person.
The Olive Zone target is defined by a broad gold/arsenic in-soils geochemical anomaly and lies on the intrusive-sediment contact of the Potato Hills Trend (as does the Eagle Deposit) and is punctuated by several historically exploited high-grade sulphide veins. The Olive area was mined on a small scale from shallow shafts and adits in the early 1900's and via placer mining in creeks draining the area. The Olive vein system is located near the top of Olive Gulch and consists of gold-bearing quartz-scorodite-arsenopyrite vein material centralized in a shear zone structure.
About the Dublin Gulch Project
Victoria Gold's 100%-owned Dublin Gulch gold property is situated in the central Yukon Territory, Canada, approximately 375 kilometers north of the capital city of Whitehorse, and approximately 85 kilometers 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 100 person all-season camp at the project site.
The Property covers an area of approximately 555 square kilometers, and is the site of the Company's Eagle Gold Deposit. The Eagle Gold Deposit is expected to be Yukon's next operating gold mine and includes Probable Reserves of 2.3 million ozs of gold from 92 million tonnes of ore with a grade of 0.78 grams of gold per tonne, as outlined in a National Instrument 43-101 definitive feasibility study. The NI 43-101 Mineral Resource has been estimated to host 222 million tonnes averaging 0.68 grams of gold per tonne, containing 4.9 million ounces of gold in the "Indicated" category, inclusive of Probable Reserves, and a further 78 million tonnes averaging 0.60 grams of gold per tonne, containing 1.5 million ounces of gold in the "Inferred" category.
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