Whitehorse, YT / June 5, 2019 / Victoria Gold Corp. (TSX.V-VIT) “Victoria” or the “Company” is pleased to announce that the 2019 Dublin Gulch exploration campaign has begun. Diamond drills and all required heavy equipment to support planned 2019 exploration are currently on the property and work will be focused on the Nugget Zone which hosts the Raven Target. The goal of the 2019 Raven diamond drill program is to define a mineable gold deposit through surface trenches and drill testing.
"The 2019 exploration program will be focused on testing of the Raven Target discovery of 2018.” stated John McConnell, President & CEO. “The exploration team, led by Paul Gray, VP Exploration, are excited by the late season trench results at Raven, and by the potential of this high-grade area as an emerging gold district.”
The Raven Target received minimal geophysics, geochemical and surface trenching exploration last year, yet results exceeded expectations; including the following surface trench results:
- TR18-33 which returned 124.0 meters of 3.51 g/t Au;
- TR18-37 which returned 50.0 meters of 4.15 g/t Au; and
- TR18-38 which returned 4.0 meters of 7.25 g/t Au
(See Company News Release of January 18, 2019).
The diamond drill hole program planned at Raven for 2019 is designed to test an approximately one square kilometer coincident gold, arsenic and bismuth in soils anomaly that was defined from the 2018 soils geochemical program. Raven is centered in this large 1.8 kilometer long by 900 meter wide soil anomaly that remains open to the south and east. The 2018 Raven trenches covered an area of over 200 linear meters and returned scorodite, bismuth and siderite related sulphide vein exposures over the length of the trenches. Additionally, the 2018 induced polarization and VLF-EM geophysical surveys have defined a series of chargeability anomalies and conductors that coalesce at Raven and extend across the soils anomaly. These targets will be evaluated by surface trenches and drilling this season.
An important part of the 2018 Nugget exploration program was the establishment of infrastructure; including a tote trail and a 25 person exploration camp and associated facilities. This allows for exploration to proceed with minimum impact on the construction and production activities at the Eagle Gold Mine.
About Nugget Zone
The Nugget Zone, inclusive of the Raven Target, represents the second largest Cretaceous granodiorite intrusive body on the Dublin Gulch property (second only the Dublin Gulch stock that hosts the Eagle Gold Mine) and consists of a 2.2 kilometer by 1.2 kilometer, medium to coarse grained granodiorite stock of the Cretaceous age Tombstone Plutonic Suite. The Nugget stock is hosted in the Earn group and the Keno Hill Quartzite. Coincident arsenic and gold in soils anomalies occur along the contact margins of the Nugget stock. This intrusive plug is akin to the Eagle Deposit, and has been the subject of limited historic exploration work due to the inaccessibility of the area.
During the 2017 and 2018 programs, an approximately 8.5 kilometer long access trail network was established and has, for the first time ever, allowed easy access to this high priority target that up until 2018 had never been tested by advanced mineral exploration techniques.
About the Dublin Gulch Property
Victoria Gold's 100%-owned Dublin Gulch gold 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 Gold Deposit. The Eagle Gold Mine is under construction and is expected to be Yukon's next operating gold mine. The Eagle and Olive deposits, include Proven and Probable Reserves of 2.7 million ounces of gold from 123 million tonnes of ore with a grade of 0.67 grams of gold per tonne, as outlined in a National Instrument 43-101 feasibility study entitled Report for the Eagle Gold Project and dated October 26, 2016. The NI 43-101 Mineral Resource for the Eagle and Olive deposits has been estimated, as at December 5, 2018, to host 208 million tonnes averaging 0.66 grams of gold per tonne, containing 4.4 million ounces of gold in the "Measured and Indicated" category, inclusive of Proven and Probable Reserves, and a further 20 million tonnes averaging 0.64 grams of gold per tonne, containing 0.4 million ounces of gold in the "Inferred" category.
The technical content of this news release has been reviewed and approved by Paul D. Gray, P.Geo., as the Qualified Person. For additional information relating to the Property, refer to the technical report entitled “NI 43-101 Feasibility Study Technical Report for the Eagle Gold Project, Yukon Territory, Canada”, with an effective date of September 12, 2016, which is available on the Company’s profile at www.sedar.com.
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:
President & CEO
Victoria Gold Corp