Quite a hole.....drills 10.95 g/t Au over 38.4 m at Cove-McCoy
2007-01-09 09:59 ET - News Release
Mr. Roger Richer reports
VICTORIA RESOURCE CORPORATION: DRILLING INTERSECTS HIGH GRADE GOLD AT COVE MCCOY, NEVADA
Victoria Resource Corp. has released the diamond drill results from its first two holes at the company's Cove-McCoy property located in north-central Nevada. The first hole, NW-1, is located approximately 550 metres northwest of the Cove mine open pit, which produced over 2.6 million ounces of gold and over 103 million ounces of silver between 1987 and 2001. Hole NW-3 is located about 245 metres west of NW-1 and about 800 metres west of the pit.
Hole NW-1 encountered multiple zones of mineralization, including several high-grade structurally controlled intervals, at depths ranging from 435.9 metres to 661.4 metres. The most significant interval in NW-1 is 38.4 metres containing 10.95 grams per tonne gold, including 10.4 metres containing 21.98 g/t gold. Hole NW-3 encountered 12.2 metres containing 4.96 g/t gold including 3.0 metres at 8.98 g/t gold at depths ranging from 564.2 metres to 574.5 metres. True widths are unknown at this time. The table outlines the significant intercepts of holes NW-1 and NW-3.
COVE-MCCOY PROJECT, NW-COVE TARGET AREA
From (metres) To (metres) Length (metres) Gold (g/t)
Hole NW-1 (083, -67)
435.9 661.4 225.6(i) 2.72
Incl: 435.9 557.8 121.9 1.21
Incl: 440.4 452.6 12.2 2.02
Incl: 470.9 483.1 12.2 2.35
Incl: 493.8 501.4 7.6 2.99
Incl: 522.7 524.1 1.4 5.42
Incl: 548.6 557.8 9.1 2.25
Incl: 557.8 661.4 103.6(i) 4.49
Incl: 576.4 581.9 5.5 3.42
Incl: 605.0 643.4 38.4 10.95
Incl: 605.0 615.4 10.4(ii) 21.98
Incl: 622.7 643.4 20.7(ii) 9.15
Incl: 653.8 656.9 3.0 2.30
Hole NW-3 (070, -55)
516.6 576.1 59.4 1.81
Incl: 545.6 576.1 30.5 2.82
Incl: 562.4 574.5 12.2 4.96
Incl: 562.4 565.4 3.0(ii) 8.98
(i) A cut-off of 300 parts per billion for the 103.6-metre
portion of the 225.6 metres of altered and mineralized zone
was not possible.
(ii) Cut-off grade at 3.42 g/t gold; all others at 0.30 g/t
gold cut-off.
The highest grade zones in hole NW-1 were intercepted approximately 150 metres below the deepest holes drilled by previous companies. The high-grade intervals are in strongly decalcified limestone within the Favret formation, which has been cut by northwest-striking, southwest- and northeast-dipping structural systems. The Favret, where it is cut by these gold-bearing structural systems, is the main NW-Cove target northwest of the Cove open pit. The mineralization encountered in these holes is open in all directions.
Holes NW-1 and NW-3 are part of an initial, three-hole, diamond drilling program designed to define structural systems and to thereby drill deeper convergence zones indicated by Victoria's mapping programs. Hole NW-2 was lost and NW-2A represents the third hole to be drilled, and both are pending assays, but similar alteration-mineralization occurs in these two holes. Additional holes are being designed to further test these thick zones of alteration-mineralization in the NW-Cove target area.
Victoria will continue to expand its exploration program at Cove-McCoy and will also continue to assess the extent of the alteration-mineralization that occurs where the Favret formation is cut by structural systems encountered to date throughout the property. The company has defined nine additional targets where the Favret formation can be drilled.
Victoria controls over 48,000 hectares in northern Nevada in nine project areas, most of which it plans to drill over the next year. A third drill rig will arrive in approximately one week to begin drilling in one of these project areas.
Drill core is logged, photographed and cut in half with a diamond saw on site. One-half of the HQ-diameter core is shipped to BSI-Inspectorate Laboratory in Reno, Nev. Analysis by BSI Labs includes gold fire assay with atomic absorption (AA) and gold fire assay with gravimetric analysis on all samples grading greater than 3.0 grams per tonne gold. Victoria uses certified control standards, duplicates and coarse field blanks inserted into the sample stream to the lab to monitor lab performance. The qualified person under National Instrument 43-101 is Tom Garagan, PGeo.
We seek Safe Harbor.
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