Re: Victoria Gold Reports Positive Drill Results from the Eagle Gold Deposit
posted on
May 16, 2011 10:18AM
The Company's Eagle Gold Project in Yukon Canada hosts a National Instrument 43-101 compliant Reserve of 2.3 million ounces of gold.
“This first batch of drill results from our 2011 exploration campaign at Dublin Gulch demonstrates the potential for Eagle to host near-surface higher-grade zones of gold over significant widths”, commented President and CEO, John McConnell, “In the lead up to completing the Feasibility Study, these results confirm Eagle is evolving into a significant gold deposit and we are on track to start construction in 2012.” Results from the fifteen holes are summarized in the following table: Table 1: Drill Hole Assay Data, Eagle Gold Deposit:
Hole Number |
From (meters) |
To (meters) |
Length (meters) |
Grade (g Au/tonne) |
True Width (meters) |
|
|
|
|
|
|
DG10-405C |
29.60 |
169.77 |
140.17 |
0.40 |
98.11 |
including |
38.70 |
53.90 |
15.20 |
0.83 |
10.64 |
and including |
104.18 |
143.80 |
39.62 |
0.53 |
27.73 |
|
|
|
|
|
|
DD10-406C |
45.90 |
200.25 [eoh] |
154.35 |
0.89 |
108.04 |
including |
52.40 |
96.62 |
44.22 |
1.04 |
30.95 |
and including |
117.95 |
152.98 |
35.03 |
1.27 |
24.52 |
and including |
174.37 |
200.25 |
25.88 |
1.24 |
18.11 |
|
|
|
|
|
|
DG10-407C |
32.91 |
72.54 |
39.63 |
2.05 |
27.74 |
including |
32.91 |
49.69 |
16.78 |
3.61 |
11.74 |
and |
99.97 |
202.69 [eoh] |
102.72 |
1.03 |
71.90 |
including |
145.69 |
188.36 |
42.67 |
1.53 |
29.86 |
|
|
|
|
|
|
DG10-408C |
0.00 |
63.10 [eoh] |
63.10 |
1.45 |
44.17 |
|
|
|
|
|
|
DG10-409C |
2.10 |
201.20 [eoh] |
199.10 |
0.95 |
139.37 |
including |
28.00 |
75.20 |
47.20 |
1.57 |
33.04 |
and including |
133.20 |
171.30 |
38.10 |
1.47 |
26.67 |
|
|
|
|
|
|
DG10-410C |
0.00 |
57.81 [eoh] |
57.81 |
1.05 |
40.46 |
|
|
|
|
|
|
DG10-411C |
0.00 |
102.71 |
102.71 |
0.73 |
71.89 |
including |
12.77 |
56.99 |
44.22 |
1.05 |
30.95 |
and including |
81.38 |
102.71 |
21.33 |
0.70 |
14.93 |
|
|
|
|
|
|
DG10-412C |
15.24 |
199.03 [eoh] |
183.79 |
1.04 |
128.65 |
including |
21.34 |
77.72 |
56.38 |
1.73 |
39.46 |
|
|
|
|
|
|
DG10-413C |
56.39 |
199.64 |
143.25 |
0.57 |
100.27 |
including |
94.99 |
147.83 |
52.84 |
0.84 |
36.98 |
|
|
|
|
|
|
DG10-414C |
0.00 |
56.39 |
56.39 |
0.71 |
39.47 |
including |
25.91 |
54.86 |
28.95 |
0.89 |
20.26 |
and |
77.72 |
204.12 [eoh] |
126.40 |
0.79 |
88.48 |
including |
152.40 |
202.69 |
50.29 |
1.01 |
35.20 |
|
|
|
|
|
|
DG10-415C |
45.70 |
60.96 |
15.26 |
0.54 |
10.68 |
and |
74.68 |
85.34 |
10.66 |
1.03 |
7.46 |
and |
107.00 |
128.02 |
21.02 |
1.10 |
14.71 |
and |
143.36 |
164.59 |
21.23 |
0.46 |
14.86 |
|
|
|
|
|
|
DG10-416C |
33.53 |
199.64 |
166.11 |
0.63 |
116.27 |
including |
65.53 |
105.16 |
39.63 |
0.95 |
27.74 |
and including |
139.93 |
163.07 |
23.14 |
1.11 |
16.19 |
|
|
|
|
|
|
DG10-417C |
7.50 |
21.34 |
13.84 |
1.22 |
9.68 |
and |
54.86 |
121.92 |
67.06 |
0.82 |
46.94 |
including |
67.06 |
100.58 |
33.52 |
1.26 |
23.46 |
and |
131.06 |
201.17 [eoh] |
70.11 |
1.38 |
49.07 |
including |
158.50 |
196.60 |
38.10 |
1.98 |
26.67 |
|
|
|
|
|
|
DG10-418C |
0.00 |
118.87 |
118.87 |
0.52 |
83.20 |
including |
88.59 |
114.30 |
25.71 |
1.04 |
17.99 |
|
|
|
|
|
|
DG10-419C |
30.34 |
65.53 |
35.19 |
0.82 |
24.63 |
and |
79.09 |
201.17 [eoh] |
122.08 |
1.01 |
85.45 |
including |
102.11 |
172.21 |
70.10 |
1.50 |
49.07 |
Notes: 1. “eoh” denotes end of hole. 2. “True Width” is approximately 70% of “Length”. All fifteen drill holes intersected substantial thicknesses of strong gold mineralization at grades which compare very favorably to the average grade of the resource as determined by Wardrop in an updated mineral resource estimate: Table 2 - Wardrop 2011 Resource Estimate, Eagle Gold Deposit:
Resource Classification |
Tonnes (*1000) |
Grade (g Au/tonne) |
Au (ounces *1000) |
Indicated |
222,194 |
0.68 |
4,861 |
Inferred |
77,931 |
0.60 |
1,494 |
QA/QC Procedure Samples were delivered to the ALS Minerals sample preparation facility in Whitehorse, Yukon, and the analytical determinations were performed in their North Vancouver, British Columbia laboratory. All samples from this drilling program were managed within the context of Victoria’s Quality Control/Quality Assurance program. The technical content of this news release has been reviewed as accurate by Ted Wilton, CPG and PG, Vice President of Exploration, Victoria Gold Corp, as the Qualified Person. About Victoria Gold Corp Victoria's strategy is to maximize shareholder value by advancing the Eagle Gold deposit to production, and exploring our pipeline of projects in Yukon and Nevada. Cautionary Language and Forward‐Looking Statements 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, anticipated dates for the completion of work performed by external consultants, 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. This news release and the information contained herein does not constitute an offer of securities for sale in the United States and securities may not be offered or sold in the United States absent registration or exemption from registration. Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. FOR FURTHER INFORMATION PLEASE CONTACT: Victoria Gold Corp. Katie Fedorowicz, MBA Investor Relations Coordinator 416‐866‐8801 (FAX)