- Published: 02 October 2008
- Written by Editor
Victoria's Drill Hole NW-9 Hits 33.5 m of 11.48 g/t Gold Including 9.1 m of 20.68 g/t Plus 9.1 m of 15.22 g/t
Victoria Gold Corp. (TSX VENTURE: VIT) ("Victoria" or "the Company") is pleased to announce high-grade assay results from core drill hole NW-9 from the Helen Zone at its Cove-McCoy Project located in North-Central Nevada. The results are shown in the table below:
Selected Intervals from Core Hole NW-9 Assay Results, Helen Zone,
Cove-McCoy Project, Nevada
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From To Interval Grade
(m) (m) (m) (g/t)
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Interval 442.6 451.7 9.1 17.47
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Includes 442.6 448.7 6.1 25.96
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Which Includes 442.6 447.1 4.6 33.60
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Interval 456.0 478.8 22.8 1.71
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Includes 471.2 474.3 3.0 3.63
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Interval 484.9 506.3 21.3 1.03
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Interval 571.8 651.1 79.2 5.51
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Includes 596.2 651.1 54.8 7.67
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Which Includes 617.5 651.1 33.5 11.48
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Which Includes 617.5 643.4 25.9 12.81
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Which Includes 617.5 626.7 9.1 20.68
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Which Includes 634.3 643.4 9.1 15.22
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A diagram showing the location of this drill hole can be viewed at:
www.vitgoldcorp.com.
"These are once again excellent drill results at Cove; they clearly show the consistent high-grade gold mineralization amid larger, lower-grade, but yet significant intervals within the Helen Zone. This discovery is still in its infancy. Our excitement and confidence about its potential increases with each drill hole," said Chad Williams, President & CEO of Victoria Gold Corp. "We believe that the long-term outlook for gold is strong especially given the turmoil in the global financial markets which should eventually be very inflationary. Companies such as Victoria are significantly undervalued and, we believe, represent an excellent opportunity for investors," he added.
Drilling of hole NW-9 was prematurely terminated at a depth of about 653 metres in a mineralized dike that was difficult to penetrate. Indications are that gold mineralization may continue below the dike. This concept will be tested with subsequent holes.
Drilling was carried out using HQ and NQ-sized core. The assays were mostly taken at 1.52 metre intervals. The above intercepts occur within the Helen Zone's eastern limb and main intersection zone, and more than 50 metres down plunge from the nearest previously drilled hole (NW-6A which intersected 39.6 metres grading 11.8 g/t gold as announced by the Company in a press release dated April 10, 2008). The Helen Zone is located about 610 metres northwest of the Cove open pit, which should facilitate its underground access. Drilling in the Helen Zone continues with drill hole NW-12 at a current depth of 602 metres, which is near its planned total depth of 670 metres. NW-12 also intersected a dike but appears to be progressing through it with less difficulty. Drilling of hole NW-13 will commence shortly. The Company will proceed with the remaining three holes in the current program, for a total of 15 holes, after which a decision will be taken regarding the best method for further evaluation of the new Helen Zone discovery.
Hilltop Update
Core drilling of HT-7 at Hilltop was terminated at a depth of 876 metres. Although the drilling progress made on this hole was rapid and efficient, the hole did not encounter the targeted upper plate thrust sheets. However, HT-7 did intersect very large intervals of strong alteration and mineralization but the gold assays were spotty and at levels below those believed to be required for mining at these depths. Further drilling is required to more fully evaluate this target. The Company has fulfilled its 2008 work commitments for Hilltop. This property remains a very promising project especially when considering its close proximity to many other large gold deposits.
Gateway Intersects 105 metres Grading 2.39 g/t Gold and 59.9 g/t Silver on Santa Fe Property
Victoria's acquisition of Gateway Gold Corp. is proceeding on track for completion by mid-December (see the Company's press release from October 1, 2008 titled "Victoria and Gateway Sign Definitive Agreement to Complete Victoria's Acquisition of Gateway" for further details).
On September 25, 2008 Gateway reported results from its recent drilling program at the Santa Fe property in Nevada. The four drill holes all intersected thick intervals of gold and silver mineralization. A summary of Gateway's drilling results is presented in the table below. Intervals reported are drilled intercepts which may not represent true widths of the mineralized one.
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Hole From To Hole Interval Gold Grade Silver Grade
Number (metres) (metres) (metres) (g/t Au) (g/t Ag)
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SF08-05 143 216 73 2.01 43.3
and 239 254 15 1.54 37.8
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SF08-06 152 294 142 2.06 49.9
including 152 257 105 2.39 59.9
and including 257 294 37 1.12 21.2
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SF08-07 175 311 136 2.17 36.7
including 175 261 86 2.77 49.5
and including 261 311 50 1.16 15.0
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SF08-08 172 183 11 2.85 37.6
and 200 267 67 2.42 10.5
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"We are very encouraged by these drill results, especially since they come from Gateway's very first drill campaign at this project", said Chad Williams. "We are looking forward to targeting some potential structural intersection zones related to the above intercepts which may carry even higher grades once the Gateway acquisition is complete".
Dr. Giles Peatfield, P.Eng. is an Independent Qualified Person for Gateway and he reviewed and approved these results as they appeared in the Gateway press release dated September 25, 2008.
Visit Victoria at the Cambridge House Resource Investment Conference in Toronto
Chad Williams, the President & CEO of Victoria, will be presenting at the Cambridge House Resource Investment Conference in Toronto at 3:30 pm EST on Saturday October 4, 2008 at the Metro Toronto Convention Centre. Victoria will have a booth, number 227, at the conference on Saturday 4th and Sunday 5th October. Please stop by for an update from the Company. Attendance at the conference is free for visitors who pre-register to attend. For more information about the conference and to pre-register please go to www.cambridgehouse.ca.
Cove-McCoy Background
Victoria is earning up to a 100% interest in the Cove-McCoy project through annual work commitments, such interest being subject to (i) a back-in right in favour of Newmont Mining Corporation ("Newmont") for a 51% interest, or (ii) a US$1.5 million cash payment to Newmont and a maximum royalty of up to 5% (3.5 % to 5% including previous royalties) upon the delivery of a positive feasibility study completed by Victoria.
Hilltop Background
Victoria has a mining lease and sub-lease agreement with Newmont for the Hilltop-Slaven property in terms of which the Company is earning up to a 100% interest in the property by completing annual work commitments. The Company had until August 15, 2008 to complete the work commitments required for the current year and, subject to confirmation from Newmont, the Company views these commitments as having been fulfilled. Newmont has a back-in right that it may exercise within 90 days after the delivery of a positive feasibility study. Should Newmont exercise this right the property will revert to a 51% Newmont/49% Victoria joint venture. To earn into such a joint venture, Newmont would be required to fund expenditures in an amount equal to 250% of the amount spent on the property by Victoria from the inception of the agreement. Should Newmont not exercise the joint venture option, the Company will grant to Newmont a 3.5% net smelter return royalty. About Victoria
Victoria aims to be a high growth, lower risk company focused on gold. The Company's strategy is to add value per share through efficient exploration, accretive acquisitions, and effective marketing. Maintaining a low risk profile through project diversification, sound financial management, and operating in secure jurisdictions are key priorities for Victoria's management team.
Quality Assurance/Quality Control
Victoria's core is transported from the drill site to the core logging/splitting area by a Company geologist. The core is logged, photographed and sawed in half. One-half of the core is shipped to Inspectorate Laboratory in Reno, Nevada, an independent laboratory. Each sample is analyzed for gold by fire assay with atomic absorption analysis finish. Every sample with greater than 3.0 grams per ton gold is re-assayed by fire assay with gravimetric analysis finish. The Company uses certified control standards, duplicates and coarse field blanks are randomly inserted into the sample stream to monitor the laboratory performance. Dr. Raul Madrid, Vice President, Exploration of the Company, directs the drilling and logging procedures at the Cove-McCoy Project and is responsible for the geologic interpretation.
The contents of this press release were reviewed by Nancy J. Wolverson, Independent Consulting Geologist. In addition to a recent site visit, she reviewed the analytical results and the QA/QC procedures in place at the facilities of the Company and the analytical laboratory. Ms. Wolverson is a Certified Professional Geologist (C.P. Geo.) through the American Institute of Professional Geologists (AIPG) and is a Qualified Person as defined in National Instrument 43-101.
On Behalf of Victoria Gold Corp.
Chad Williams, P. Eng, CEO, President & Director
Cautionary Language and Forward-Looking Statements - This press release contains "forward-looking statements" and "forward-looking information", which may include, but is not limited to, statements with respect to the future financial or operating performances of Victoria Resource Corporation, its subsidiaries and their respective projects, the future price of gold, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, capital, operating and exploration expenditures, costs and timing of future exploration, requirements for additional capital, government regulation of exploration, development and mining operations, environmental risks, reclamation and rehabilitation expenses, title disputes or claims, and limitations of insurance coverage. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "is expecting", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes", or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might", or "will" be taken, occur or be achieved. The purpose of forward-looking information is to provide the reader with information about management's expectations and plans for the Company. Readers are cautioned that forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Victoria and/or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Although Victoria has attempted to identify statements containing important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein is made as of the date of this document based on the opinions and estimates of management on the date statements containing such forward looking information are made. 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 information. Accordingly, readers should not place undue reliance on forward-looking information.
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.
Contacts: Victoria Gold Corp. Chad Williams President & CEO (416) 866-8800 Ext. 230 Email: This email address is being protected from spambots. You need JavaScript enabled to view it. Victoria Gold Corp. Linda Dorrington Director Public & Corporate Affairs (416) 866-8800 Ext. 226 Email: This email address is being protected from spambots. You need JavaScript enabled to view it. Website: www.vitgoldcorp.com
SOURCE: Victoria Gold Corp.
mailto:This email address is being protected from spambots. You need JavaScript enabled to view it. mailto:This email address is being protected from spambots. You need JavaScript enabled to view it. http://www.vitgoldcorp.com
