Geology and Mineralization

The Santa Fe district is in the central Walker Lane, a region characterized by prominent northwest-striking faults. Pre-Tertiary basement rocks in the district are mainly limestone, dolomite and siliciclastic rocks of the Triassic Luning Formation. These rocks have been intruded by stocks and dikes of Jurassic or Cretaceous diorite and Cretaceous quartz monzonite to granite porphyry. The basement is overlain by a thick sequence of Tertiary volcanic rocks. Gold-silver deposits in the Santa Fe district are hosted primarily by the Luning limestone near contacts with Cretaceous quartz monzonite of the Todd Mountain Stock and similar intrusive bodies. Bleaching, dolomitization and silicification of the limestone is closely associated with the mineralized zones. The district is intensely faulted and the intersection of west-northwest trending faults with the east-west Calvada and related faults seems to be preferred locations for known mineral deposits. In 2009-2010 Victoria Gold Corp drilled 12 holes for a total of 5,579 meters that targeted mineralization outboard of the Santa Fe pit. The character of the mineralization encountered is disseminated gold-silver in sulfide-rich, silicified zones within the Luning Limestone. During 2011-2012 Victoria's field mapping and soil sampling defined structurally controlled mineralization in the northern part of the property. This mineralization is hosted in altered volcanics and may indicate the presence of a near-surface oxide deposit. Follow-up exploration is planned for the near future.