Project Summary

Over 1000 historical holes were drilled on or proximal to the current property from previous operators that include Homestake Mining Company. Historical activity commenced in the area during the early 1970s and previous operators focused on near surface oxide ore which were eventually mined within the existing Santa Fe, Calvada, Slab and York open pits.

The Santa Fe deposit was discovered by Westley Exploration in the late 1970's and mined by Corona Gold in the late 1980's and early 1990's. In excess of 350,000 ounces of gold and 700,000 ounces of silver were recovered before closure was initiated in 1994. Ore was mined by open pit methods and the gold was recovered by heap leaching the oxide ore. Based on information received from Homestake, a "500 x 500 foot high grade sulphide pipe", crops out in the south end of the Santa Fe pit. Although Homestake drilled over 30 holes into the pipe, it was never mined or drilled out in detail. Half of the holes drilled into the pipe by Homestake bottomed in significant gold mineralization. Hole BSF74-14, starting at surface on the south edge of the pit, intersected 240 feet averaging 2.88 g/t (0.084 opt) gold and 25.4 g/t (0.74 opt) silver including 90 feet averaging 4.66 g/t gold (0.136 opt) and 36.7 g/t (1.07 opt) silver. A second high-grade zone occurs below the north central part of the pit where Hole CSF89-19 intercepted 55 feet grading 3.98 g/t (0.116 opt) gold and 6.38 g/t (0.186 opt) silver including 25 feet that averages 7.99 g/t (0.233 opt) gold and 8.47 g/t (0.247 opt) silver. Previous drilling did not define the full extent of mineralization, which remains open for expansion.

Victoria drilled 12 diamond core holes on the property from August 2009 to August 2010. The majority of the holes targeted sulfide rich mineralization present in a steeply dipping post-mineral fault zone (BH Zone) located near the southeast end of the existing open pit. Drilling did not define the full extent of mineralization, which remains open for expansion.