Toronto, ON - Victoria Gold Corp. (VIT.TSX-V) (“Victoria” or the “Company”) is pleased to report assay results from diamond drill hole BH-4 at the Santa Fe gold exploration project, Nevada.
Drill Hole BH-4 Gold Assay Summary Table:
A plan view of the location of BH-4 (azimuth 45°, inclination –68°) is located at www.vitgoldcorp.com.
“BH-4 is clearly another exceptional exploration hole from Santa Fe”, said Chad Williams, President, CEO, and Director. “This hole was drilled below and at a considerable angle across each of BH-2 (309 m grading 2.25 g/t gold announced 2 October 22, 2009) and BH-3 (284 m grading 2.50 g/t announced January 12, 2010) and thus adds an important new dimension to what appears to be a very large gold system.”
Key observations about BH-4:
- BH-4 was designed to test for gold mineralization and to determine the spacial relationship between the mineralized zones and the numerous post-mineral faults located in the area.
- Most of the mineralized intervals included in the above table occur within a 231.6 m thick zone of gold mineralization from 181.4 to 413.0 m depth cut by several post mineral faults, and by dikes that have weak to no gold mineralization. The average grade of this entire zone is 1.63 g/t Au.
- The gold mineralization in BH-4 is manifested as veins and breccia zones with orientations generally ranging from 45°-65° angle to the core axis.
- Gold mineralization at Santa Fe remains open along strike and down dip. The true thickness of the mineralization intersected by BH-4 is not known at this time due to insufficient drilling to date.
The intended depth of BH-4 was 610 m, but the hole was extended to a down-hole depth of 657 m because of favourable alteration.
Two drills are currently turning at Santa Fe. Drill hole BH-5 is down to 670 m and thus nearing its target depth. Drilling of hole BH-6 recently started with a targeted depth of 610 m. The locations of BH-5 and BH-6 can also be seen at www.vitgoldcorp.com. Drill hole KR-1, which tested another structural intersection zone located northwest of the existing Santa Fe open-pit was recently completed and assays are pending.
Santa Fe Background
Victoria has the right to earn from Homestake Mining Company of California, an indirect subsidiary of Barrick Gold Corporation (ABX-TSX, ABX-NYSE), up to a 70% interest in the Santa Fe gold property, which comprises 24 patented claims and 226 unpatented claims, by incurring exploration expenses in an aggregate amount of at least US$6.5 million over a six year period. Victoria has also staked 42 unpatented claims adjacent to the Santa Fe project. Barrick Gold Corporation does not have a back-in right with respect to the Santa Fe project.
Drilling of BH-4 was carried out using HQ and NQ-sized core. The assays were prepared, processed and assayed by Inspectorate in Reno, NV. Assaying was done by fire assay with an atomic absorption (“AA”) finish, and samples with AA results greater than 3,000 ppb were re-run by fire assay with gravimetric finish. Standards, blanks, and duplicate assays were also run for QA-QC. Assays shown include all intervals over 1.5 m and grading 0.300 g/t gold or more. Poor core recovery was experienced in the following intervals: 221.6 m to 228.6 m, 301.8 m to 313.0 m, 316.5 m to 323.7 m, 335.9 m to 349.1 m, 352.2 m to 361.2 m, 373.4 m to 377.3 m, and 380.4 m to 397.2 m. Numbers in the assay table may not add up due to rounding.
The technical contents in this press release were reviewed by Nancy J. Wolverson, Independent Consulting Geologist. 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 (C.P. Geo.) through the American Institute of Professional Geologists (AIPG) and is a Qualified Person as defined in National Instrument 43-101. Dr. Raul Madrid, Vice President, Exploration of the Company, directs the drilling and logging procedures and is responsible for the geologic interpretation.
Victoria is a high growth gold company with a focus on adding value per share through efficient exploration, project development, 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.
Jason Cox, P.Eng., and David Rennie, P.Eng., of Scott Wilson Roscoe Postle Associates Inc., and Dan Kappes, P.E., of Kappes, Cassiday & Associates, are the Qualified Persons responsible for the preparation of the Study, and they have reviewed and approved the technical information within this news release.
On Behalf of Victoria Gold Corp.
Chad Williams, P. Eng, CEO, President & Director
Cautionary Language and Forward-Looking Statements
Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. This press release 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, anticipated metal production, internal rate of return, estimated ore grades, commencement of production estimates and projected exploration and capital expenditures (including costs and other estimates upon which such projections are based) 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 forwardlooking statements include metal prices, exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Accordingly, readers should not place undue reliance on forwardlooking statements.
This news release and the information contained herein does not constitute an offer of securities for sale in the United States and securities may not be offered or sold in the United States absent registration or exemption from registration.
For Further Information Contact:
President & CEO
Victoria Gold Corp
Tel: 416-866-8800 Ext. 230