Victoria Resource drills 9.1 m of 13.89 g/t gold
Victoria Resource Corp (C:VIT) Shares Issued 93,195,152Last Close 6/19/2008 $0.78Friday June 20 2008 - News Release
Mr. Chad Williams reports
VICTORIA REPORTS FURTHER HIGH GRADE GOLD RESULTS FROM COVE-MCCOY: HOLE NW-8 INTERSECTS 9.1 M (30 FEET) GRADING 13.89 G/T (0.403 OZ/TON)
Victoria Resource Corp. has released the assay results from core drill hole NW-8 from the Helen zone of the Cove-McCoy project of the company located in north-central Nevada. The results are set out in the table attached.
SIGNIFICANT HIGH-GRADE CORE HOLE NW-8 ASSAY RESULTS
HELEN ZONE, COVE-MCCOY PROJECT, NEVADA
From To Interval Grade
(m) (feet) (m) (feet) (m) (feet) (g/t) (oz/ton)
382.5 1,255 458.1 1,503 75.6 248 0.98 0.029
479.8 1,574 486.5 1,596 6.7 22 1.06 0.031
546.8 1794 600.2 1969 53.3 175 3.84 0.112
Includes
548.3 1799 550.0 1804.5 1.7 5.5 11.52 0.336
554.9 1820.5 556.1 1824.5 1.2 4 14.33 0.418
566.5 1858.5 567.5 1862 1.1 3.5 4.66 0.136
578.8 1899 588 1929 9.1 30 13.82 0.403
The above intercepts occur in the western limb of the Helen zone. Importantly, drill hole NW-8 extends the size of the Helen zone to the southwest along a major north-west structural system. Core drill hole NW-8 reached a total depth of 735 metres (2,412 feet) and tested the Helen zone 75 to 90 metres (250 to 300 feet) below core drill hole NW-5.
Hole NW-8 is the continuation of a planned 15-hole campaign started in late 2007 to confirm the geometry of the structural systems and the contained grades of the gold mineralization in the Helen zone.
"Like most of the holes drilled by the company so far in the Helen zone, NW-8 has displayed wide zones of alteration and significant widths of anomalous to high-grade gold. This is an excellent start to the exploration campaign into this prospective Carlin-style gold system," said Chad Williams, president and chief executive officer of Victoria Resource.
The Helen zone, a recent discovery by Victoria, is located close to the large Cove open pit, about 625 metres (2,000 feet) from the northwest edge of the pit. The elevation of the top of the gold mineralization in the Helen zone is just above the bottom of the Cove open pit.
Drilling progress at Cove-McCoy
Two core drill rigs are currently in operation at Cove-McCoy. The company recently had three rigs on site, but temporarily lost one because the drilling contractor encountered difficulty retaining drill crews to operate the third rig. The company continues to have concerns with the pace of drilling over the past few months and management is focused on addressing these issues in order to be in a position to release assays in a more timely manner going forward.
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 metres (1,340 feet) and will be extended to about 700 metres (2,300 feet) once a drill is available.
Drilling of core hole NW-10 was terminated at a depth of 809 metres (2,656 feet) and complete assays are expected shortly. This hole was designed to intersect the Helen zone further to the southeast of core drill NW-6A.
Drill hole NW-11 is currently at a depth of 519 metres (1,705 feet). It is drilling within a wide decalcified zone that started at 1,438 feet down to its current depth. The target depth of the hole is 2,200 feet, but drilling will continue below that if alteration/mineralization continues. Drill hole NW-11 is testing down plunge within the Helen zone approximately 150 feet below NW-9.
Drill hole NW-12 will test the Helen zone either 100 feet east of NW-9 or 100 feet down plunge, below NW-11 to a targeted depth of about 2,400 feet. The final target depths for NW-9 and NW-12 will be dependent on the assays of NW-11, which is targeting the centre of the intersection zone. NW-12 will be drilled after NW-11 has been completed.
In summary, a total of nine holes have been completed as part of the current campaign in the Helen zone of the Cove-McCoy property, totalling about 7,127 metres (23,385 feet). The company has released results for seven of these holes. Holes NW-2 and NW-6 were lost.
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-per-cent 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 Corp. for a 51-per-cent interest; or (ii) alternatively $1.5-million (U.S.) cash payment to Newmont and a maximum royalty of up to 5 per cent (3.5 per cent to 5 per cent, including previous royalties) upon the delivery of a positive feasibility study completed by Victoria.
Hilltop
The company is planning to mobilize a drill rig to its Hilltop property, also located in north-central Nevada, in early July. The company intends to target a deep intersection zone that has been calculated to occur within Lower Plate carbonate rocks in the southern part of the property. Earlier holes in this part of the property did not intersect their targets, but yielded significant structural data that allowed for a reconstruction of the target for the campaign. "We are excited about the prospect of beginning drilling at the Hilltop property this summer and are currently preparing the property for this work," said Chad Williams, president and chief executive officer Victoria Resource.
Annual general meeting (AGM) and proposed name change
To more accurately reflect the company's focus, shareholders will be asked to vote on a name change to Victoria Gold at the upcoming annual and special meeting of the shareholders of the company at the Pantages Hotel in Toronto, Ont., on July 17, 2008, at 8:30 a.m.
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, Nev. 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 reassayed 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, exploration, of the company, 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 certified professional geologist. In addition to a recent site visit, she reviewed the analytical results and the QA/QC procedures in place at the facilities of the company and the analytical laboratory. Ms. Wolverson is a certified professional geologist through the American Institute of Professional Geologists (AIPG) and is a qualified person as defined in National Instrument 43-101. |
