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 Lynx diamond drillholes. Lynx is a
newly developing on/near-surface gold target within the Dublin
Gulch Gold Camp. During the 2021 season, over 20,000 meters (m) of
diamond drilling were completed across the claim package; including
11 holes for 2,706 m drilling at Lynx combined with a suite of
surface trenches, mapping and soils geochemical surveys.
Highlighted assay results received from the first 6 Lynx holes
follow:
- 2.00 g/t Au over 32.3m in LX21-025C
- 1.14 g/t Au over 31.4m in LX21-026C
- 2.52 g/t Au over 10.2m in LX21-027C
- 3.42 g/t Au over 18.3m in LX21-026C
“Lynx is another example of how under explored
the Dublin Gulch claim block is.” commented John McConnell,
President and CEO of Victoria. “Now that Eagle is operating,
our team has turned its attention to the systematic exploration of
the numerous targets on the block. We fully expect more discoveries
in the future.”
Exploration in 2021 at Lynx expanded upon the
initial 2020 work which consisted of 4 diamond drillholes that
totaled 594m. The 2021 exploration program was designed to extend
the known near-surface gold mineralization and target the vertical
extents of gold mineralization. This work culminated in 11 diamond
drillholes totaling 2,706 meters in Lynx and 22 surface trenches
totalling 2,362 meters. Assays for 6 of these 11 holes have been
received to date, and are presented below.
Table 1: Lynx 2021 Diamond Drillhole Highlighted
Results
Hole ID |
From(m) |
To(m) |
Length*(m) |
Gold(g/t) |
Silver(g/t) |
LX21-025C |
7.6 |
39.9 |
32.3 |
2.00 |
1.95 |
including |
30.6 |
39.9 |
9.3 |
6.66 |
3.42 |
including |
36.6 |
37.2 |
0.6 |
86.80 |
18.00 |
and |
83.5 |
100.3 |
16.8 |
0.57 |
1.53 |
including |
99.7 |
100.3 |
0.65 |
7.13 |
- |
and |
169.2 |
190.9 |
21.7 |
0.99 |
1.05 |
including |
182.2 |
183.6 |
1.4 |
7.55 |
- |
LX21-026C |
0.0 |
31.4 |
31.4 |
1.14 |
3.88 |
including |
27.0 |
29.0 |
2.0 |
8.61 |
26.51 |
including |
27.0 |
27.4 |
0.5 |
35.1 |
83.00 |
and |
137.8 |
156.1 |
18.3 |
3.42 |
6.24 |
including |
150.6 |
152.4 |
1.8 |
31.11 |
60.54 |
including |
151.7 |
152.4 |
0.7 |
42.30 |
94.00 |
LX21-027C |
11.4 |
21.6 |
10.2 |
2.52 |
3.25 |
including |
17.2 |
18.6 |
1.4 |
14.80 |
3.00 |
and |
126.0 |
167.1 |
41.1 |
0.44 |
1.62 |
including |
149.5 |
167.1 |
17.5 |
0.61 |
2.44 |
including |
150.4 |
150.9 |
0.5 |
5.22 |
- |
and including |
160.7 |
167.1 |
6.4 |
1.18 |
5.00 |
LX21-028C |
30.9 |
340.7 |
309.7 |
0.30 |
1.75 |
including |
30.9 |
31.9 |
1.0 |
2.65 |
28.00 |
including |
81.0 |
133.1 |
52.1 |
0.70 |
3.26 |
with |
81.0 |
81.5 |
0.5 |
14.70 |
45.00 |
and |
106.5 |
133.1 |
26.6 |
1.06 |
4.59 |
including |
109.8 |
111.3 |
1.4 |
10.90 |
48.00 |
and including |
125.5 |
133.1 |
7.6 |
1.37 |
4.28 |
with |
132.6 |
133.1 |
0.5 |
16.70 |
14.00 |
and |
193.0 |
233.3 |
40.2 |
0.45 |
1.03 |
including |
193.0 |
193.9 |
0.8 |
7.54 |
1.00 |
and |
258.5 |
259.0 |
0.5 |
6.03 |
19.00 |
and |
282.1 |
327.3 |
45.2 |
0.47 |
1.75 |
including |
282.1 |
282.6 |
0.4 |
13.60 |
9.00 |
and |
314.3 |
327.3 |
13.0 |
0.61 |
3.25 |
LX21-029C |
35.0 |
55.0 |
20.0 |
0.57 |
1.20 |
and |
134.0 |
152.0 |
18.0 |
1.41 |
2.60 |
including |
135.2 |
135.9 |
0.7 |
32.2 |
28.00 |
and |
220.5 |
228.5 |
8.0 |
2.16 |
5.24 |
including |
222.3 |
222.9 |
0.6 |
15.20 |
25.00 |
LX21-030C |
64.0 |
85.9 |
21.8 |
0.92 |
1.86 |
including |
64.0 |
67.1 |
3.1 |
4.04 |
5.69 |
including |
64.0 |
64.5 |
0.5 |
17.40 |
21.00 |
and including |
85.4 |
85.9 |
0.5 |
12.90 |
9.00 |
*True widths are estimated to be approximately
90% of drilled lengths
A set of drill sections and plan maps to
accompany these Lynx drillholes, along with drill collar data, will
be made available on the company website (www.vgcx.com).
About Lynx:Lynx is located centrally in the
Dublin Gulch claim block, approximately five kilometers southwest
of Raven, the main target of Victoria’s 2021 exploration campaign,
and is centered on a 400 by 700 meter elliptical exposure of
Cretaceous granodiorite stock that intrudes overlying
metasedimentary Proterozoic Hyland Group and Devonian-Mississippian
Keno Hill Quartzite Formations. The Lynx target exhibits similar
characteristics to Victoria Gold’s Nugget and Raven exploration
targets and has seen limited exploration by previous operators
including a preliminary drilling/trenching campaign in 1997 that
received follow-up drill testing in 2004. Since then, the target
has remained unexplored and has never been assessed within the
framework of Victoria’s intrusion related mineralization model.
Mineralization at the Lynx target now extends over a strike length
of 600m and remains open to both the east, west, and at depth.
2021 diamond drilling results were designed to
extend the previous historic drillholes by targeting the
intrusive-metasedimentary contacts and structures mapped in newly
constructed surface trenches. Exposures opened during the trench
programs returned strongly anomalous scorodite, bismuth and
siderite related sulphide veins within predominantly altered
granodiorite lithologies. The style of mineralization and attitude
of veins are strikingly similar to those previously noted at the
Olive and Raven Zones.
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 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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