Victoria's Olive Zone Yields High Grade Gold Intercepts Over Significant Widths
24 Juin 2014 - 8:42PM
Access Wire
Toronto, ON / ACCESSWIRE /
June 24, 2014 / Victoria Gold Corp. (TSX.V-VIT "Victoria" or the
"Company") reports that the first five (5) diamond drill holes from
Victoria's Phase I 2014 Olive exploration program have returned the
highest grade, continuous gold intercepts ever encountered on the
Dublin Gulch Property. These intercepts bolster the Company's
assessment that the Olive Zone represents a near surface,
mineralized shear zone target that has the potential to
meaningfully contribute to Victoria's Eagle Gold Mine. The Olive
Zone is only 2km from the proposed Eagle Gold Mine crushing plant
and heap leach pad.
The most noteworthy results
received to date include 69.7m of 2.29 g/t Au within Hole
DG14-584C including 29.6m of
3.90 g/t Au. Additionally, 96.1m of 1.22 g/t Au,
including 25.0m of 2.19 g/t
Au was intersected in Hole DG14-586C.
Table 1* presents a summary of the
Olive Zone Diamond Drilling Results received to date.
-------------------------------------------------
|Hole ID |From (m)|To (m)|Length (m)|Gold (g/t)|
|-----------------------------------------------|
|DG14-582C|11.1 |26.6 |15.5 |2.62 |
|-----------------------------------------------|
|including|15.8 |26.6 |10.8 |3.62 |
|-----------------------------------------------|
| | | | | |
|-----------------------------------------------|
|DG14-583C|15.0 |28.3 |13.3 |1.13 |
|-----------------------------------------------|
|including|24.0 |28.3 |4.3 |2.31 |
|-----------------------------------------------|
|and | | | | |
|-----------------------------------------------|
|DG14-583C|42.9 |48.5 |5.6 |1.50 |
|-----------------------------------------------|
|and | | | | |
|-----------------------------------------------|
|DG14-583C|90.3 |108.2 |17.9 |1.23 |
|-----------------------------------------------|
|and | | | | |
|-----------------------------------------------|
|DG14-583C|166.8 |178.2 |11.4 |1.39 |
|-----------------------------------------------|
| | | | | |
|-----------------------------------------------|
|DG14-584C|60.7 |130.4 |69.7 |2.29 |
|-----------------------------------------------|
|including|65.5 |114.9 |49.4 |2.91 |
|-----------------------------------------------|
|including|85.3 |114.9 |29.6 |3.90 |
|-----------------------------------------------|
| | | | | |
|-----------------------------------------------|
|DG14-585C|152.5 |164.8 |12.3 |1.19 |
|-----------------------------------------------|
| | | | | |
|-----------------------------------------------|
|DG14-586C|26.8 |122.9 |96.1 |1.22 |
|-----------------------------------------------|
|including|33.4 |58.4 |25.0 |2.19 |
|-----------------------------------------------|
|and |107.3 |122.9 |15.6 |2.02 |
-------------------------------------------------
*NB, Reported
intersections are drilled intersections, as true widths have not
yet been determined.
Olive Zone cross sections and
plan maps, including the above results, will be made available on
the Company's website www.vitgoldcorp.com.
Mr. John McConnell, President
and CEO of Victoria commented "These drill results confirm our theory that
Olive represents a mineralized shear zone with surface expression
that has the potential to provide early, high grade feed for Eagle
operations. Olive's proximity to the proposed Eagle Mine
infrastructure would translate to a minimal capital outlay. This
allows cash from operations to directly impact free cash flow and
project economics."
Phase I
Program
Diamond drilling continues on
the Olive Zone with the 19 hole, Phase I 3,000m program nearing
completion. Final results from this program are expected in August,
2014. A comprehensive metallurgical sampling program of the Olive
target has been initiated, with a preliminary 460kg sample
currently undergoing testing at Kappes, Cassiday & Associates
in Reno, NV.
About The Olive
Zone
The Olive Zone is located 2km from
Victoria's Eagle Gold deposit, is defined by a broad gold+arsenic-
in-soils geochemical anomaly, lies on the intrusive-sediment
contact of the Potato Hills Trend (like Eagle) 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.
The technical content of this news
release has been reviewed and approved by Paul D. Gray, P.Geo., as
the Qualified Person.
Year
Ended February 28th, 2014
Financial Statements
Victoria filed its annual
financial statements yesterday, June 23, 2014. The Balance Sheet
ended February 28th, 2014 showed current
assets of $25.5 million, primarily consisting of cash, cash
equivalents and accounts receivables. The accounts receivables have
since been received by the Company, see Victoria press release
dated June 18, 2014. The Company has no current or non-current debt
outstanding.
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
a 100 person all-season camp at the project site.
The property covers an area in
excess of 550 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
43-101Mineral 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:
John McConnell
President & CEO
Victoria Gold Corp
Tel: 416-866-8800
Fax: 416-866-8801
www.vitgoldcorp.com
SOURCE: Victoria Gold Corp.
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