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Victoria Gold Corp (2)
Symbol VGCX
Shares Issued 62,386,707
Close 2021-05-25 C$ 18.40
Recent Sedar Documents

Victoria Gold to focus on Raven at Dublin Gulch

2021-05-25 10:17 ET - News Release

Mr. John McConnell reports

VICTORIA GOLD: DUBLIN GULCH GOLD CAMP 2021 EXPLORATION SEASON RAVEN TO BE PRIMARY FOCUS

The exploration season at Victoria Gold Corp.'s Dublin Gulch is now in full swing. Exploration timelines have been ramped up early due to favourable operating conditions, which will result in a longer, more intensive program for 2021. The originally planned exploration budget for 2021 has been stepped up to allow for a minimum of 15,000 metres of diamond drilling and related exploration initiatives. Victoria is targeting the definition of a maiden gold resource on this rapidly emerging, high-grade, near-surface gold deposit.

"Victoria is excited to begin the 2021 exploration program at Raven," stated John McConnell, president and chief executive officer. "The 2020 work at Raven proved consistent gold mineralization across the zone, which extends well beyond the areas drill tested to date. This season, we will build on that success with the aim of defining a meaningful maiden resource at Raven."

There are four diamond drill rigs currently on site. In conjunction with the extensive drilling program, a regional 2021 Dublin Gulch gold camp exploration program, including surface trenches, expanded soil geochemistry, and detailed structural/geological mapping and prospecting, will also be conducted.

Raven exploration program

The program is designed to test an area of projected mineralization extensions that would more than double the current 750-metre strike length of Raven through fence-based diamond drilling, surface trenches, and additional detailed structural analysis and mapping.

Raven was first identified in 2018 with the late-season surface trench discoveries, which included results* of 124.0 metres of 3.51 grams per tonne gold and 50.0 metres of 4.15 grams per tonne gold, among other notable intervals at the heart of what is now Raven. Follow-up drilling at Raven has repeatedly returned high-grade gold intersections, accompanied by prolific visible gold occurrences along a major and consistently mineralized corridor, which has grown from a single trench to 750 metres of defined mineralized with significant expansion potential. To date, there have been 9,600 metres of diamond drilling from 43 holes, 7.5 kilometres of surface trenches and over 6,000 soil geochemical samples used to define the Raven zone.

Highlighted* Raven drill results to date include:

  • 2.79 grams per tonne gold over 10.1 metres in hole NG18-006C;
  • 1.49 grams per tonne gold over 20.6 metres in hole NG18-007C;
  • 1.15 grams per tonne gold over 25.9 metres in hole NG19-011C;
  • 1.05 grams per tonne gold over 42.4 metres in hole NG19-012C;
  • 2.35 grams per tonne gold over 15.9 metres in hole NG19-015C;
  • 2.05 grams per tonne gold over 14.8 metres in hole NG19-016C;
  • 2.39 grams per tonne gold over 17.0 metres in hole NG20-019C;
  • 2.77 grams per tonne gold over 65.7 metres in hole NG20-033C;
  • 2.31 grams per tonne gold over 16.0 metres in hole NG20-034C;
  • 3.95 grams per tonne gold over 19.0 metres in hole NG20-037C;
  • 1.39 grams per tonne gold over 40.3 metres in hole NG20-038C;
  • 1.63 grams per tonne gold over 50.8 metres in hole NG20-045C;
  • 1.23 grams per tonne gold over 22.7 metres in hole NG20-047C.

Raven mineralization consists of arsenopyrite-dominant polymetallic veins. The veins and vein sets are remarkably consistent across Raven and preliminary mapping suggests these mineralized veins occur with steep to moderate dips with west to southwest strike. Intense shearing deforms the vein sets along an east-west orientation that is open along strike in both directions and, in particular, down dip. Multiple phases of mineralization at Raven have been identified, a fact that underscores the potential for Raven to host a meaningful gold deposit.

Structural control of the high-grade gold mineralization in Raven is evident over the entire strike length tested to date and has led Victoria to develop a mineralization model defined by these repeated high-grade veins contained within what is interpreted to be a dilatational fracture zone within the Nugget granodiorite intrusion.

A broad and growing greater-than-two-square-kilometre coincident gold-, arsenic- and bismuth-in-soil anomaly that was first defined from 2018 soil geochemical sampling and subsequently greatly expanded by 2019/2020 soil surveys further supports the potential to expand the Raven zone.

Raven represents a potentially high-grade, on-surface gold deposit that lies in the extreme southeast contact of the Nugget intrusive stock within the surrounding Hyland group metasedimentary package. This large, approximately three-kilometre-by-two-kilometre Cretaceous intrusive body is highly prospective to host Eagle-style sheeted vein mineralization, and the vast majority of the greater-than-five-square-kilometre stock remains untested.

* See the company's news releases of Nov. 16, 2020, Oct. 19, 2020, Aug. 17, 2020, Sept. 3, 2019, Jan. 17, 2019, and Dec. 3, 2018.

Qualified person

The technical content of this news release has been reviewed and approved by Paul D. Gray, PGeo, as the qualified person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About the Dublin Gulch property

Victoria Gold's 100-per-cent-owned Dublin Gulch gold property is situated in central Yukon, Canada, approximately 375 kilometres north of the capital city of Whitehorse and approximately 85 kilometres 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 kilometres and is the site of the company's Eagle and Olive gold deposits. The Eagle gold mine is Yukon's newest operating gold mine. The Eagle and Olive deposits include proven and probable reserves of 3.3 million ounces of gold from 155 million tonnes of ore with a grade of 0.65 gram of gold per tonne, as outlined in an NI 43-101 technical report for the Eagle gold mine dated Dec. 3, 2019. The mineral resource under NI 43-101 for the Eagle and Olive deposits has been estimated to host 227 million tonnes averaging 0.67 gram of gold per tonne, containing 4.7 million ounces of gold in the measured and indicated category, inclusive of proven and probable reserves, and a further 28 million tonnes averaging 0.65 gram of gold per tonne, containing 600,000 ounces of gold in the inferred category.

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