Victoria Reports More High Grade Gold Results From Cove-McCoy: Hole NW-6A Intersects 39.6 m (130 feet) of 11.8 g/t (0.343 oz/ton)
Thursday April 10, 9:00 am ET
ca.us.biz.yahoo.com
TORONTO, ONTARIO--(MARKET WIRE)--Apr 10, 2008 -- Victoria Resource Corporation (CDNX:VIT.V - News) ("Victoria" or the "Company") is pleased to provide assay results from core drill hole NW-6A from the Cove-McCoy Project located in North-Central Nevada as shown in Exhibit 1:
Exhibit 1: Significant High-Grade Core Hole NW-6A Assay Results, Helen Zone, Cove McCoy Project, Nevada.
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From To Interval Grade
(m) (feet) (m) (feet) (m) (feet) (g/t) (oz/ton)
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608.1 1,995 647.7 2,125 39.6 130 11.8 0.343
Which Includes
617.2 2,025 621.8 2,040 4.6 15 24.1 0.705
And
627.9 2,060 647.7 2,125 19.8 65 15.7 0.457
Which Includes
627.9 2,060 631.0 2,070 3.1 10 26.8 0.783
And
638.6 2,095 647.7 2,125 9.1 30 19.7 0.574
The above intercepts occur at the base of a much larger, strongly altered and intermittently mineralized interval of 260 m (830 feet) from 430 m (1,385 feet) to 690 m (2,215 feet). Gold grade clearly increases with depth within this interval and the gold bearing zones also become thicker with depth culminating in the thick, higher-grade gold system containing 11.8 g/t over 39.6 metres (130 ft @ 0.343 opt) tabled above.
The true widths are estimated to be 90% of the values shown.
Seven core holes totalling about 6,400 m (21,000 feet) have now been drilled by the Company at Cove-McCoy. Hole NW-6A is part of a new campaign started in late 2007 to determine the size and grade of the Helen Zone's gold mineralization. The Helen Zone, a new discovery by Victoria, is located just 625 m (2,000 feet) north-west of the large Cove open-pit. In addition, the elevation of the top of the Helen Zone's gold mineralization is just above the bottom of the Cove open-pit which may facilitate its access. Importantly, drill hole NW-6A extends the size of the Helen Zone to the southeast toward the Cove pit along a major north-west striking structural system. Drilling of NW-6A was terminated at a depth of 679.4 m (2,229 feet) due to poor drill progress caused by a zone of unfavourable ground. However, the hole ended in strong mineralization. A plan view of the Helen Zone showing the drill hole traces can be found at www.victoriaresourcecorp.com.
Victoria recently hired Mr Tom Lee as Drilling Manager to accelerate drilling efficiency. Mr Lee brings to Victoria over 27 years of experience in both surface and underground drilling.
Outlook
Victoria has three core drill rigs in operation at Cove-McCoy.
Core drill hole NW-8 is testing the Helen Zone 60-90 m (200-300 feet) below core drill hole NW-5 (assays from NW-5 were issued by the Company in a press release dated December 11, 2007 and included an interval of 61.9 m (203 feet) grading 12.57 g/t (0.367 oz/ton)). NW-8 has already reached a depth of 691 m (2,267 feet). The Company intends to terminate drilling of NW-8 at a depth of 790 m (2,600 feet).
Core drill hole NW-9 will be testing the extension of the Helen Zone below NW-6A. Hole NW-9 has reached a depth of approximately 450 m (1,340 feet). The Company intends to terminate NW-9 at a depth of 700 m (2,300 feet).
Core drill hole NW-10 was collared this week. It is designed to intersect the Helen Zone further to the southeast of core drill NW-6A.
Assays for the bottom of core drill hole NW-7 (from 665 m (2,183 feet) to 718 m (2,355 feet) in depth) were recently received by the Company. No significant values were reported. As a result of drill hole NW-7's significant deviation, which was reported in the Company's press release dated February 20, 2008, this interval was in a different rock formation.
"We are very pleased with the length and grade of the assays returned by NW-6A", said Chad Williams, President and CEO of Victoria Resource Corporation. "The size of the Helen Zone appears to be growing with each new hole that we drill. Victoria's exploration at the Helen Zone is still in its infancy and the results thus far are encouraging with the geometry of the mineralized system remaining open in multiple directions."
Cove-McCoy Background
The Helen Zone is one of eight postulated significant structural intersection zones located within the "NW-Cove" target. In turn, the NW-Cove target is just the first of fourteen larger target areas on the Cove-McCoy property to be drilled by Victoria.
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 for a 51% interest, or (ii) a US$1.5 million cash payment to Newmont and a maximum royalty of up to 5% upon the delivery of a positive feasibility study completed by Victoria.
About Victoria
Victoria Resource Corporation intends 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. 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 randomly inserted into the sample stream to monitor the laboratory performance. Dr. Raul Madrid, Vice President of Exploration, 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 and C.P. Geo. In addition to a recent site visit, she reviewed the analytical results and the QA/QC procedures in place at Victoria 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 by National Instrument 43-101.
ON BEHALF OF VICTORIA RESOURCE CORPORATION
Chad Williams, P. Eng, CEO, President & Director
This discussion 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 general economic, market or business conditions.
Contact:
Contacts:
Victoria Resource Corporation
Chad Williams
CEO, President & Director
(416) 866-8800
Email: cwilliams@victoriaus.com
Victoria Resource Corporation
Linda Dorrington
Director, Public & Corporate Affairs
(416) 866-8800
Email: ldorrington@victoriaus.com
Website: victoriaresourcecorp.com
Source: Victoria Resource Corporation |
