Victoria Gold Corp. Provides Corporate Update and Releases Drill Results from Eagle Gold Deposit; Appoints Richard Eliason to the Position of Vice-President Exploration
May 29, 2012 at 10:30 am
Share
Victoria Gold Corp. announced further drilling results from its advanced exploration program at its Eagle Gold Deposit (Dublin Gulch) in Yukon Territory, Canada. These results follow the completion of the feasibility study for the Eagle Project and earlier drilling results from the advanced exploration program which included 47.2 meters of 2.1 g/t gold. The drilling program is designed to explore untested areas within the planned open pit limits. The recent results demonstrate the potential for continued expansion of the gold resource and an enhanced understanding of the deposit. Additional drilling is targeted to further delineate extensions of gold mineralization. Select holes have been extended to explore mineralization below the planned open pit limits. DG12-482C encountered 4.5 meters of 1.52 g/t gold and 7.5 meters of 1.15 g/t gold below currently planned pit limits. The current program started in November of 2011 and is planned for 17,000 meters of drilling. To date, thirty-seven holes have been completed for a total of 11,822 meters. These holes were all targeted to improve the knowledge base at the Eagle gold deposit with an emphasis on discovering new mineralization, improving mineable grades and eventually optimizing mine scheduling. Other goals include reclassifying grade blocks from Inferred to Indicated and enhancing the understanding of alteration and oxidation controls and distribution. The drill program is scheduled for completion in the third quarter of 2012, at which time the additional data is expected to be incorporated in a revised resource and reserve model.
The company also announced the appointment of Richard Eliason to the position of Vice-President Exploration. Mr. Eliason most recently held the position of Manager Exploration - Nevada for Victoria Gold. Previous to this, he held senior exploration and mining positions with Minorco, AngloGold, Queenstake Resources, Yukon-Nevada Gold, and Tournigan Resources.
Victoria Gold Corp. is a Canada-based gold mining company. The Company is engaged in the operation, exploration and acquisition of mineral properties. Its flagship asset is its 100% owned Dublin Gulch property, which includes the Eagle Gold Deposit, the Olive Deposit, Raven Gold Deposit, the Wolf Tungsten Deposit, the Potato Hills Trend, including the Nugget, Lynx, Popeye, Rex-Peso, East Potato Hills, Eagle West, Falcon, as well as other targets. The Dublin Gulch Project is situated in central Yukon, Canada, approximately 375 kilometers north of the capital city of Whitehorse. The property covers an area of approximately 555 square kilometers, is accessible by road year-round and is powered by the Yukon energy grid. The Eagle and Olive deposits include probable reserves of approximately 3.3 million ounces of gold from 155 million tons of ore with a grade of 0.65 grams of gold per ton. It also holds Brewery Creek property, as well as the Gold Dome and Grew Creek exploration properties.
Victoria Gold Corp. Provides Corporate Update and Releases Drill Results from Eagle Gold Deposit; Appoints Richard Eliason to the Position of Vice-President Exploration