SOURCE: Victoria Gold Corp.

Victoria Gold Corp.

June 09, 2017 06:00 ET

Victoria Gold: First Shamrock Exploration Holes of 2017 include 20.7m of 1.6 g/t Au

TORONTO, ON --(Marketwired - June 09, 2017) - Victoria Gold Corp. (TSX VENTURE: VIT) "Victoria" or the "Company" is pleased to announce analytical results from the first three Shamrock drill holes of the 2017 Dublin Gulch exploration campaign. Highlighted results include, 18.85m of 1.01 g/t Au in DG-790C and 51.02 metres of 1.08 g/t Au in DG-801C.

The 2017 Dublin Gulch exploration program has been underway since April and is focused on the continued testing of the Potato Hills Trend mineralization concept beginning with the Eagle West and Olive-Shamrock targets (see Company News Release dated April 4, 2017). The Olive-Shamrock target is a primary focus of this season's exploration initiatives and was accessed early in the drill campaign. Initial drilling targeted step-out drill holes continuing from the 2016 drill limits in the northeast portion of the deposit testing the expansion potential of the Olive-Shamrock deposit. Current Olive-Shamrock drilling is concentrated on the North Shamrock quadrant where an off-set of the on-surface, high-grade shear zone has been interpreted to exist.

"An inaugural Olive-Shamrock Resource was included in the Eagle Gold Feasibility Study released in late 2016. We feel that previous results combined with the results released today are suggestive of potential for this initial Resource estimate to grow," commented Mr. John McConnell, President and CEO of Victoria. "With four drills turning on site, we look forward to a steady stream of exploration results from Eagle West and Olive-Shamrock followed by other priority targets along the 13 plus kilometer Potato Hills Trend."

Drill results from the first three 2017 Shamrock drill holes are summarized below:

Hole ID  From
(m)
 To
(m)
 Length
(m)
 Gold
(g/t)
 NOTES
 DG-790C  93.76  167.60  73.88  0.60  Angled hole
including  111.25  141.70  30.48  0.87   
or  122.88  141.70  18.85  1.01   
and  207.26  209.20  1.89  2.98   
 DG-794C  4.57  18.19  13.62  0.13  From Top of Hole
and  34.26  35.54  1.28  1.92   
and  94.75  96.4  1.65  1.61   
and  132.23  134.11  1.88  2.44   
 DG-801C  4.57  86.87  82.3  0.80  From Top of Hole
including  24.08  75.10  51.02  1.08   
or  27.18  47.83  20.65  1.60   
or  36.15  47.83  11.68  2.36   
and including  64.73  78.54  13.81  1.30   
and including  81.2  86.87  5.67  0.78   

* Note: Reported intersections are drilled intersections, and are estimated at approximately two-thirds of true width of the mineralized zone.
* Map and sections can be found on the company's website at vitgoldcorp.com.

Approximately 3,000 metres of drilling has been completed thus far at the Olive-Shamrock zone, with chemical analyses for 3 of the 18 drill holes completed to date received.

About Olive and Shamrock
The Olive and Shamrock targets are defined by a broad gold/arsenic in-soils geochemical anomaly and lie on the intrusive-sediment contact of the Potato Hills Trend (as does the Eagle Deposit) and are punctuated by several historically exploited high-grade sulphide veins. The 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 and Shamrock 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.

The Company will continue step-out and definition drilling at Olive-Shamrock towards expansion of the known, near-surface, resource along this mineralized shear zone trend, particularly within the Shamrock portion of the Olive-Shamrock Zone where previous drilling has returned:

 
Highlighted Historic Shamrock Zone Intervals
Hole ID  From
(m)
 To
(m)
 Length
(m)
 Gold
(g/t)
DG-326C  72.24  82.91  10.67  1.94
DG-328C  158.85  166.26  7.41  4.27
DG-377C  5.60  36.10  30.50  12.0
DG-454C  47.24  71.63  24.39  1.80

*Note: Reported intersections are drilled intersections, and are estimated at approximately two-thirds of true width of the mineralized zone.

About the Dublin Gulch Property
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 210 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 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.

Analytical Method
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 and pulverized, with prepared pulps sent to ALS Minerals' analytical 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.

Qualified Person
The technical content of this news release has been reviewed and approved by Paul D. Gray, P.Geo., as the Qualified Person.

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, resource estimates, 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.

Contact Information

  • For Further Information Contact:
    John McConnell
    President & CEO
    Victoria Gold Corp.
    Tel: 416-866-8800
    Fax: 416-866-8801
    www.vitgoldcorp.com