Victoria Gold Corp. (TSX-VGCX) (“Victoria” or the “Company”) is
pleased to provide assay results received to date from the 2021
Dublin Gulch exploration program’s Raven diamond drillholes. Raven
is one of several priority on/near-surface gold targets within the
Dublin Gulch Gold Camp and was the primary focus of 2021 Dublin
Gulch exploration activities. During the 2021 season, 20,000 meters
(m) of diamond drilling were completed across the claim package;
including 33 drillholes for 8,063 m at Raven. Highlighted assay
results from 19 Raven holes follow:
1.25 g/t Au
over 70.0 m from 245.0m in
NG21-067C 1.67
g/t Au over 13.5m from 97.7m in NG21-050C
1.01 g/t Au
over 21.1m from 155.8m in
NG21-055C 1.74
g/t Au over 15.1m from 92.4m in NG21-061C
1.49 g/t Au
over 21m of from 286.7m in NG21-062C
The 2021 Raven exploration program was designed
to build upon a previously defined 750m strike length from
fence-based diamond drilling, surface trenches and additional
detailed structural analysis and mapping. The 2021 program
successfully doubled the strike length of Raven to ~1.3 km,
particularly to the west in an area covered by overlying
metasedimentary lithologies. The Company is targeting an inaugural
mineral resource estimate for Raven this year.
"Raven continues to produce high grade gold
intervals with continuity across a greatly expanded 1.3 km strike
length.”, commented John McConnell, President and CEO of Victoria,
“Importantly, it is our intention to fast track Raven development
with a focused 2 kilometer drilling program in 2022.”
The Raven 2022 program will begin in Q2 and
includes:
- 20,000 meters of diamond
drilling
- 10 km of surface trenching
- Construction of an on-site assay
prep lab
- Expansion of the accommodations
camp
- Expanded soil-geochemistry
- Detailed structural/geological
mapping and prospecting
Victoria closed a financing for gross proceeds
of $20M on Feb 3, 2022, issuing 1.0 million Canadian Exploration
Expense (“CEE”) flow-through common shares at $20 per share. The
Company intends to use the gross proceeds of the offering for
continued exploration activities on the Dublin Gulch property.
Highlighted analytical results from the first 19
of 33 drillholes at Raven are presented below.
Table 1: Raven 2021 Diamond Drillhole
Highlighted Results
Hole ID |
From (m) |
To (m) |
Length* (m) |
Gold (g/t) |
NG21-048C |
116.3 |
154.0 |
37.7 |
0.54 |
including |
152.8 |
154.0 |
1.2 |
8.71 |
NG21-049C |
100.3 |
184.8 |
84.5 |
0.40 |
including |
146.4 |
184.8 |
38.4 |
0.63 |
NG21-050C |
46.9 |
176.9 |
130.0 |
0.50 |
including |
46.9 |
111.2 |
64.3 |
0.65 |
and including |
97.7 |
111.2 |
13.5 |
1.67 |
and including |
109.7 |
111.2 |
1.5 |
10.10 |
and |
148.6 |
176.9 |
28.2 |
0.78 |
with |
155.8 |
176.9 |
21.1 |
1.01 |
NG21-051C |
39.5 |
144.5 |
105.0 |
0.50 |
including |
70.8 |
84.4 |
13.6 |
1.07 |
and |
106.5 |
107.7 |
1.2 |
15.00 |
NG21-052C |
199.0 |
208.5 |
9.5 |
1.64 |
including |
199.9 |
200.5 |
0.6 |
18.40 |
and |
317.8 |
318.7 |
0.9 |
16.60 |
NG21-053C |
91.0 |
103.2 |
12.2 |
1.16 |
NG21-058C |
19.5 |
112.8 |
92.3 |
0.41 |
including |
19.5 |
30.6 |
11.1 |
1.23 |
and including |
75.7 |
76.4 |
0.8 |
16.10 |
NG21-061C |
70.1 |
146.8 |
76.7 |
0.45 |
including |
92.4 |
107.5 |
15.1 |
1.74 |
and including |
92.4 |
94.8 |
2.4 |
7.12 |
NG21-062C |
219.5 |
307.7 |
88.2 |
0.62 |
including |
286.7 |
307.7 |
21.0 |
1.49 |
and |
299.0 |
301.0 |
2.0 |
6.23 |
NG21-063C |
9.1 |
133.8 |
124.7 |
0.44 |
including |
10.9 |
12.2 |
1.3 |
29.60 |
NG21-065C |
197.7 |
213.5 |
15.8 |
1.21 |
including |
197.7 |
198.4 |
0.7 |
17.50 |
and |
235.1 |
260.0 |
24.9 |
0.82 |
NG21-067C |
245.0 |
315.0 |
70.0 |
1.25 |
including |
264.5 |
265.0 |
0.5 |
33.80 |
and including |
313.5 |
315.0 |
1.5 |
8.30 |
*True widths are estimated to be approximately
90% of drilled lengths
A set of drill sections and plan maps to
accompany these Raven drillholes, along with drill collar data,
will be made available on the company website (www.vgcx.com).
About Raven
Raven represents a potentially high-grade,
on-surface gold deposit that lies in the extreme Southeast contact
of the Nugget intrusive stock with the surrounding Hyland Group
metasedimentary package. This large, approximately 3 kilometer by 2
kilometer, medium to coarse grained granodiorite stock of
Cretaceous age represents the second largest intrusive body on the
Dublin Gulch property (second only the Dublin Gulch stock that
hosts the Eagle Gold Mine). The Nugget stock is highly prospective
to host Eagle-style sheeted vein mineralization, and the vast
majority of the > 5 square kilometer stock remains untested.
The Raven occurrence is hosted in a shear zone
corridor on the southeast portion of the Nugget Stock, in close
association with the intrusion-metasediment contact on the eastern
side of the Lynx Creek valley. The area is underlain by the
Devonian to Mississippian age Earn Group and the Early
Carboniferous age Keno Hill Quartzite which have been deformed by
greenschist facies metamorphism, folding, and thrusting (Gordey and
Makepeace, 2003).
Drilling at Raven from the 2018 through 2020
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 1.2km
after drilling in 2021.
Analytical MethodAll
exploration drill core from the Dublin Gulch 2021 programs were
analyzed at SGS Canada Inc. of Burnaby, B.C. utilizing the
GE_ICP40Q12, 34-element analytical package with GE_FAA50V5 50-gram
fire assay with gravimetric finish for gold on all samples. All
core samples were split at Victoria's exploration facilities and
shipped to SGS Canada Inc.'s Whitehorse preparation facility.
There, samples were sorted and crushed to appropriate particle size
(coarse crush) and representatively split to a smaller size (250
grams) for shipment to SGS Canada Inc.'s Burnaby analytical
laboratory facilities. A comprehensive system of standards, blanks
and field duplicates was implemented for the 2021 exploration
campaign and is monitored as chemical assay data become
available.
Qualified PersonThe technical
content of this news release has been reviewed and approved by Paul
D. Gray, P.Geo., as the “Qualified Person” as defined in National
Instrument 43-101 - Standards of Disclosure for Mineral
Projects.
About the Dublin Gulch
PropertyVictoria Gold's 100%-owned Dublin Gulch gold
property (the “Property”) is situated in 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 Property covers an area of approximately 555
square kilometers, and is the site of the Company's Eagle and Olive
Gold Deposits. The Eagle Gold Mine is Yukon's newest operating gold
mine. The Eagle and Olive deposits include Proven and Probable
Reserves of 3.3 million ounces of gold from 155 million tonnes of
ore with a grade of 0.65 grams of gold per tonne, as outlined in a
National Instrument 43-101 Technical Report for the Eagle Gold Mine
dated December 3, 2019. The Mineral Resource under National
Instrument 43-101 – Standards of Disclosure for Mineral Projects
(“NI 43-101”) for the Eagle and Olive deposits has been estimated
to host 227 million tonnes averaging 0.67 grams of gold per tonne,
containing 4.7 million ounces of gold in the "Measured and
Indicated" category, inclusive of Proven and Probable Reserves, and
a further 28 million tonnes averaging 0.65 grams of gold per tonne,
containing 0.6 million ounces of gold in the "Inferred"
category.
Cautionary Language and Forward-Looking
StatementsThis press release includes certain statements
that may be deemed "forward-looking statements". Except for
statements of historical fact relating to Victoria, information
contained herein constitutes forward-looking information, including
any information related to Victoria's strategy, plans or future
financial or operating performance. Forward-looking information is
characterized by words such as “plan”, “expect”, “budget”,
“target”, “project”, “intend”, “believe”, “anticipate”, “estimate”
and other similar words, or statements that certain events or
conditions “may”, “will”, “could” or “should” occur, and includes
any guidance and forecasts set out herein (including, but not
limited to, production and operational guidance of the
Corporation). In order to give such forward-looking information,
the Corporation has made certain assumptions about the its
business, operations, the economy and the mineral exploration
industry in general, in particular in light of the impact of the
novel coronavirus and the COVID-19 disease (“COVID-19”) on each of
the foregoing. In this respect, the Corporation has assumed that
production levels will remain consistent with management’s
expectations, contracted parties provide goods and services on
agreed timeframes, equipment works as anticipated, required
regulatory approvals are received, no unusual geological or
technical problems occur, no material adverse change in the price
of gold occurs and no significant events occur outside of the
Corporation's normal course of business. Forward-looking
information is based on the opinions, assumptions and estimates of
management considered reasonable at the date the statements are
made, and are inherently subject to a variety of risks and
uncertainties and other known and unknown factors that could cause
actual events or results to differ materially from those described
in, or implied by, the forward-looking information. These factors
include the impact of general business and economic conditions,
risks related to COVID-19 on the Company, global liquidity and
credit availability on the timing of cash flows and the values of
assets and liabilities based on projected future conditions,
anticipated metal production, fluctuating metal prices, currency
exchange rates, estimated ore grades, possible variations in ore
grade or recovery rates, changes in accounting policies, changes in
Victoria's corporate resources, changes in project parameters as
plans continue to be refined, changes in development and production
time frames, the possibility of cost overruns or unanticipated
costs and expenses, uncertainty of mineral reserve and mineral
resource estimates, higher prices for fuel, steel, power, labour
and other consumables contributing to higher costs and general
risks of the mining industry, failure of plant, equipment or
processes to operate as anticipated, final pricing for metal sales,
unanticipated results of future studies, seasonality and
unanticipated weather changes, costs and timing of the development
of new deposits, success of exploration activities, requirements
for additional capital, permitting time lines, government
regulation of mining operations, environmental risks, unanticipated
reclamation expenses, title disputes or claims, limitations on
insurance coverage and timing and possible outcomes of pending
litigation and labour disputes, risks related to remote operations
and the availability of adequate infrastructure, fluctuations in
price and availability of energy and other inputs necessary for
mining operations. Although Victoria has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in, or implied
by, the forward-looking information, there may be other factors
that cause actions, events or results not to be anticipated,
estimated or intended. There can be no assurance that
forward-looking information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. The reader is cautioned not to
place undue reliance on forward-looking information. The
forward-looking information contained herein is presented for the
purpose of assisting investors in understanding Victoria's expected
financial and operational performance and Victoria's plans and
objectives and may not be appropriate for other purposes. All
forward-looking information contained herein is given as of the
date hereof, as the case may be, and is based upon the opinions and
estimates of management and information available to management of
the Corporation as at the date hereof. The Corporation undertakes
no obligation to update or revise the forward-looking information
contained herein and the documents incorporated by reference
herein, whether as a result of new information, future events or
otherwise, except as required by applicable laws.
For Further Information
Contact:John McConnellPresident & CEOVictoria Gold
CorpTel: 604-696-6605ceo@vgcx.com
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