Victory Ventures Acquires PDL Property, Keremeos, BC
06 Mai 2014 - 9:30AM
Marketwired
Victory Ventures Acquires PDL Property, Keremeos, BC
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 6, 2014) -
Victory Ventures Inc. (TSX-VENTURE:VVN)(FRANKFURT:VV0) (the
"Company") is pleased to report the recent acquisition of the PDL
mineral property, located in the Keremeos-Olalla region of southern
British Columbia. Under the terms of the Agreement and subject to
regulatory approval, the Company has agreed to pay to the Vendor
$2,500 cash and issue 300,000 common shares. The Vendor shall
retain a 2% net smelter return ("NSR") of which each one-half
percent of the NSR may be purchasable by the Company at its
discretion for a payment of $500,000.
The PDL property has a recent 43-101 Technical Report, which
will be filed with the TSX Venture Exchange and posted on SEDAR
upon receipt of regulatory approval to the acquisition.
The Company intends to investigate the epithermal-style
gold-silver potential of the Astro zone located on the east side of
the PDL property, last explored by QPX Minerals Inc. in 1989. In
2003, A. Travis staked the Astro 1-6 claims to cover the Astro 34
claim area and completed prospecting with minor rock and soil
sampling.
The PDL property has not seen any recent exploration and early
exploration was mainly carried out on the western side of the
current property area by Placer Dome Development Ltd. in 1984-85
and by QPX Minerals Inc. in 1987-89. The earlier exploration work
on the west side of the PDL property was carried out in the
vicinity of an old (1930's?) short adit (about 10 m long), which
cross-cuts a small massive sulphide lens, carrying anomalous gold
and copper values. Narrow pyrite-arsenopyrite stringers containing
locally high grade gold values are known on the west side of the
PDL property, but do not present a viable exploration target. From
this area, grab sample PDL-556 in 1987, yielded 30.3 grams per
tonne gold, 22.5 grams per tonne silver, 0.25 per cent copper, 0.14
per cent lead, 0.57 per cent zinc and 3.74 per cent arsenic
(Assessment Report 16674).
Following the discovery of a new argillic +/-silica alteration
zone in 1988, QPX Minerals Inc. conducted a preliminary exploration
program on the previous Astro 34 claim, located on the eastern
portion of the current PDL claim.
At the Astro zone, magnetometer and VLF-EM surveys were carried
out on 25-50 metre-spaced east-west lines over an area of 400
metres by 400 metres. Three very well defined conductive
north-south lineaments with corresponding magnetic lows were
identified, which were later tested by a limited program of
trenching and reverse-circulation drilling over a small (50 metres
by 100 metres) portion of the westernmost of the three linear
anomalies.
Five reverse-circulation drillholes totalling approximately 250
metres and five trenches totalling 150 metres were completed on the
Astro 34 claim. Trenching in 1988 was successful in exposing a zone
of silicified and argillically altered volcanics up to 20 metres in
width over a strike length of 140 metres, which remains open.
Anomalous gold values were returned from this work and
recommendations included the future use of a larger backhoe to
carry out further trenching.
Anomalous gold (up to 0.705 gram per tonne), silver (up to 14.8
grams per tonne) and molybdenum (up to 0.15 per cent) were returned
over 3 metre sections from reverse-circulation drillhole
PDL-89-RC-2. These anomalous values were found associated with
chalcedonic veinlets in argillically altered Kitley Member
volcanics of the Marron Formation. Reverse circulation drilling
demonstrated that the alteration extended to a depth of 47 metres
below surface at which point there was no evidence of a decrease in
the strength or size of the alteration system.
This previous work has now laid the groundwork to quickly and
efficiently build upon the work of 25 years ago, that has never
been followed up. Exploration successes at the nearby Dusty Mac and
Vault Projects, located to the east of the PDL property, bode well
for renewed exploration of the PDL-Astro mineral zone. A model for
the epithermal style of mineralization found on the PDL property
can also be found in several of the gold deposits found within the
Republic District of northeastern Washington State. These deposits
include the Republic Mine and the Kettle River Project (operated by
Kinross Gold), which includes the Kettle, K-2, Lamefoot and
Overlook mines.
The Republic District has accounted for roughly five million
ounces of gold production over the last century and contains some
of the highest-grade, bulk-tonnage gold deposits in the United
States. In geology, a graben is a depressed block of land bordered
by parallel fault structures. Epithermal gold deposits are found in
and around these fault structures, which are believed to extend
northward into British Columbia, including the area of the PDL
property.
It is the intention of Victory Ventures to more fully evaluate
the mineral potential of the Astro mineral/alteration zone through
immediate further geological mapping, prospecting and sampling in
areas of promising rock alteration or geophysical anomalies. It is
anticipated that further exploration will lead to testing of the
depth potential of the Astro zone through IP surveys and with
encouragement, a follow-up diamond drill program.
Director Howard Milne stated, "The Company is excited to begin
exploration work on this prospective mineral target that has seen
very limited exploration in the past and looks forward to a
possible new mineral discovery."
Qualified Person
Mr. Greg Thomson, P.Geo., is the Qualified Person as defined by
National Instrument 43-101. Mr. Thomson is a director for the
Company and has reviewed and approved the technical information
contained in this news release.
On behalf of the Board of Directors:
Howard Milne, Director
Victory Ventures Inc. is a Canadian-based junior mining
exploration company focused on the procurement, exploration and
development of precious metal properties in North America. The
Company's shares are listed and posted for trading on the TSX
Venture Exchange under the symbol "VVN" and on the Frankfurt
Exchange under the symbol "VV0".
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Victory Ventures Inc.Howard MilneDirector(604)
377-8994hdmcap@shaw.cawww.victoryventures.ca
Victory Ventures Inc. (TSXV:VVN)
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