Victoria Resource Corporation

Victoria Resource Corporation

March 26, 2007 15:36 ET

Victoria Resource Corporation: Project Update, Drilling Starts at Relief Canyon

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 26, 2007) - Victoria Resource Corporation (TSX VENTURE:VIT) ("Victoria" or "the Company") provides an update of the Company's operations in Nevada.

Relief Canyon:

Victoria is pleased to announce that it has commenced diamond core drilling at its Relief Canyon property. This property consists of approximately 7200 hectares located 27.4 kilometres east-northeast of Lovelock, Nevada. A portion (3098.3 hectares) of the property is subject to a lease and sublease agreement with Newmont USA Limited, a subsidiary of Newmont Mining Corporation (Newmont), that includes unpatented mining claims and fee-ground owned and leased respectively by Newmont. Victoria's exploration drilling is focusing on this portion of the property under the Newmont lease and sublease agreement. The remainder of Victoria's property is held as unpatented mining claims staked by the Company.

Victoria's initial drilling is testing structural systems associated with gold in section 17 under the pediment northwest of the old Relief Canyon Mine, which produced approximately 300,000 ounces of gold at a grade of 1.3 grams per tonne (g/t) in the middle to late 80's. Victoria, through its agreement with Newmont, controls most of the South pit at the Relief Canyon mine in the southeast corner of section 17, and all of the claims surrounding the core set of claims overlying the remainder of the open pits controlled by another company. A number of previously drilled shallow holes in section 17 indicate that leakage zones were tested to average depths of 75 to 91 metres in this pediment area adjacent to the old South pit. Victoria's mapping of gold-bearing structures indicate that northwest, and northeast striking structural systems that carry gold extend out into the shallow pediment area northwest of and adjacent to the old mine, and that post-mineral faulting has off-set the structural systems to the northeast. The focus of the first drill holes will be on these off-set, post-mineral fault blocks to determine the optimum depths to those zones and to establish the depth to good host rocks below the relatively shallow pediment. Targets for the program include structural intersection zones out in the pediment area for the initial holes, followed by shallow to deeper targets close in to the existing drill holes that have grade in the southeast portion of section 17.

Approximately 8 kilometres to the south, in the portion of the property controlled 100% by Victoria, reconnaissance mapping has determined that gold grades up to 11 g/t occur in northwest structures within the old Antelope Springs mercury district. Victoria will be targeting these prospective structural zones later this year.


Core drilling is continuing at Victoria's Cove-McCoy leased property due to the encouraging results in hole NW-1, and the structural systems encountered in the holes to date. Drilling has been difficult and problems related to down-hole caving has caused long delays for holes NW-2A and NW-4. Currently, one drill rig, on NW-4, is operating at NW-Cove, but drilling problems at about 300 metres in depth caused over a month's delay. Victoria is awaiting another larger drill rig for NW-Cove, while the smaller rig, which drilled NW-2A, has been moved to Relief Canyon where shallower holes are being drilled. Surface mapping during the last month has also verified the presence of major north-south and northwest structural systems, which will be the focus of future targeting around the NW-Cove area and the underground targets extending from previous underground mining at Cove.

NW-2A has been completed, sampled, and assayed. The assays in NW-2 and the re-drilled hole, NW-2A do not contain significant gold assays despite the fact that significant alteration was encountered in that hole. The structures in NW-2A together with the rest of the holes indicate a cigar-shaped structural intersection system encountered in NW-1 that plunges steeply to the south. NW-4 is collared approximately 365 metres SE of the NW-1 drill site and it is designed to retest the high-grade gold mineralization found in NW-1 at a slightly greater depth and to provide a better assessment of the geometry of the gold system. To date, NW-4 has encountered moderate to strong alteration/mineralization increasing from 400 metres to its current depth of 465 metres. This alteration/mineralization begins roughly along the contact of the Panther Canyon conglomerates and persists to greater depths down-hole to the Home Station dolomites. The main target, below the Home Station, is within the more favorable host, the Favret Formation, at greater depths.

Drilling at Cove-McCoy and Relief Canyon will temporarily cease in the first two weeks of April to provide a break to the drilling crews operating the drill rigs on those properties.

Black Canyon:

Victoria has also completed a drill road for access into its Black Canyon property. This access will enable the start of a drill program in the late spring. A large number of high grade, visible gold samples occur high up in the range within northeast, northwest, and north-south structural systems that have been mapped in reconnaissance. Based on this mapping, all of these structures contain swarms of quartz-tourmaline-galena veins, many of which carry visible gold. More detailed mapping of the structures and the vein swarms will be completed before drilling in order to better design the drill program based on high fracture densities that occur in intersection zones where old, underground gold mines are located. It will be drilled after the drill rig at Relief Canyon has completed the initial exploration at that property.


Drilling will start as soon as the permits for drilling from the Bureau of Land Management ("BLM") are completed. Permitting for drilling is scheduled for early June. Previous drilling on the property has defined a shallowly northwest plunging shoot, however further geological mapping will be carried out prior to drilling to better define the structural system.

All results contained in this news release have been validated by a Quality Control Program ("QC"), which has been designed in concert with an independent consultant to meet or exceed the requirements of N1 43-101. This QC program includes the use of certified standard reference samples, coarse field blank material and duplicate sampling. The qualified person for Victoria under National Instrument 43-101 is Tom Garagan, P.Geo. Raul Madrid is responsible for on site field activities.


Roger T. Richer, President and Director

Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.

The TSX Venture Exchange neither approves nor disapproves the information contained in this News Release.

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