Victoria Announces Eagle Gold Project Drilling Results Including 161.8 m Grading 1.11 g/t Gold
TORONTO, ONTARIO, Dec 10, 2009 (Marketwire via COMTEX) --
Companies: StrataGold Corp (SAGDF), Victoria Gold Corp (VITFF), Victoria Resources Corp (VIT)
Victoria Gold Corp. (TSX VENTURE:VIT) ("Victoria" or the "Company") is pleased to provide exploration results and a status update on the Company's 100%-owned advanced Eagle Gold Project ("Eagle") located in the Yukon Territory, Canada.
Shortly after securing the deposit through the Company's purchase of StrataGold Corp. which closed on June 4, 2009, Victoria embarked on its first ever exploration campaign on Eagle. The objective of this campaign was to seek gold mineralization by drilling in new areas to the west and at depth to determine if the Eagle deposit's size could grow significantly from its current 43-101 compliant Indicated resource of 2.7 million ounces (98.6 million tonnes grading 0.85 g/t).
The assay results of the seven exploration holes drilled to-date are summarized in the table below.
Table 1: Eagle Gold Project 2009 Drill Results ------------------------------------------------------------ Hole-Id From (m) To (m) Length (m) Gold Grade (g/t) ------------------------------------------------------------ DG09-359C 428.03 439.05 11.02 1.22 ------------------------------------------------------------ DG09-360C 21.34 117.96 96.62 0.95 ------------------------------------------------------------ Plus 297.79 462.38 164.59 0.96 ------------------------------------------------------------ Including 297.79 346.26 48.47 1.28 ------------------------------------------------------------ Including 386.18 462.38 76.20 1.03 ------------------------------------------------------------ DG09-361C 299.34 461.14 161.80 1.11 ------------------------------------------------------------ Including 372.44 409.80 37.36 1.68 ------------------------------------------------------------ DG09-362C 239.88 291.69 51.81 0.82 ------------------------------------------------------------ Including 239.88 267.81 27.93 1.26 ------------------------------------------------------------ Plus 320.65 486.77 166.12 0.54 ------------------------------------------------------------ Including 320.65 363.32 42.67 0.92 ------------------------------------------------------------ DG09-363C 221.59 233.10 11.51 1.16 ------------------------------------------------------------ Plus 308.46 389.23 80.77 0.52 ------------------------------------------------------------ Including 332.84 354.18 21.34 0.75 ------------------------------------------------------------ Plus 419.71 550.77 131.06 0.68 ------------------------------------------------------------ Including 448.67 463.91 15.24 1.00 ------------------------------------------------------------ Including 486.77 503.53 16.76 0.86 ------------------------------------------------------------ Including 534.01 550.77 16.76 1.26 ------------------------------------------------------------ DG09-364C 209.40 402.95 193.55 0.77 ------------------------------------------------------------ Including 209.40 220.07 10.67 2.53 ------------------------------------------------------------ Including 287.12 336.90 49.78 1.21 ------------------------------------------------------------ Including 364.85 396.85 32.00 0.89 ------------------------------------------------------------ DG09-365C 230.73 354.18 123.45 0.73 ------------------------------------------------------------ Including 276.45 354.18 77.73 1.03 ------------------------------------------------------------ Including 296.27 352.65 56.38 1.26 ------------------------------------------------------------
"We are very pleased with these drill results", stated Chad Williams, President, CEO, and Director, "because the consistent grades clearly demonstrate that the Eagle deposit's gold mineralization remains open at depth and at least to the west, with many assays being well in excess of our existing resource grade over substantial widths; these results bode well for our future exploration campaigns at Eagle and elsewhere on the property".
A plan showing the location of these holes can be found at www.vitgoldcorp.com.
Drill holes DG09-360C, DG09-361C, DG09-362C, and DG09-363C show that gold mineralization exists at least 175 meters below the current resource envelope in the eastern portion of Eagle. Drill holes DG09-364C, and DG09-365C demonstrate that gold mineralization extends to the west of the current resource envelope by at least 175 meters.
Status of Eagle Pre-feasibility Study
The drill results from the 2009 exploration campaign will be incorporated in the pre-feasibility study being completed by Scott-Wilson Roscoe Postle ("SWRPA"). Work on the study is progressing well and Victoria expects to be in a position to release the results of the study in early 2010.
Diamond drilling in 2009 was carried out using the triple tube method with HQ3 sized core. Whole core samples were taken, on average, every 1.52m. Assays were prepared, processed and assayed by ALS Chemex in British Columbia. Assaying was done by fire assay with an atomic absorption ("AA") finish, and samples with AA results greater than 10 ppm were re-run by fire assay with gravimetric finish. Individual high grade samples in calculated intervals were capped at 10.5 ppm. One standard, one blank, one duplicate, and one check-assay duplicate was inserted every 20 samples. True widths of the intercepts are estimated to be from about 60% to 70% of the intervals reported; true widths are subject to change pending future geologic information and interpretation.
About Victoria
Victoria is a high growth gold company with a focus on adding value per share through efficient exploration, project development, 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.
The technical contents of this news release have been read and approved by Dr. William Keats, independent Consulting Geologist. He was present on site during the exploration drilling program and has reviewed the analytical results and the QA/QC procedures in place, and is satisfied that the assay results herein identified are of industry standard quality and reliable. Dr. Keats is a Practicing Member of the Association of Professional Geoscientists of Ontario (P.Geo., APGO) 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 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 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.
SOURCE: Victoria Gold Corp.
Victoria Gold Corp. Chad Williams President & CEO 416-866-8800 ext 230 cwilliams@vitgoldcorp.com
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Companies: StrataGold Corp (SAGDF), Victoria Gold Corp (VITFF), Victoria Resources Corp (VIT)
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