Toronto, ON - Victoria Gold Corp. (VIT.TSX-V) (“Victoria” or the “Company”) is pleased to report assay results from diamond drill hole BH-3 at the Santa Fe gold exploration project, Nevada. The results are summarized below:
Drill Hole BH-3 Gold Assay Summary Table:
1 Poor recovery from 3 to 168 meters.
2 Interval 2.9 to 286.8 meters includes narrow zones with <300 ppm (167.6 to 170.8 m, 181.4 to 184.4 m, 187.5 to 192 m, 251.2 to 252.8 m, 266.1 to 267.6 m).
3 Numbers may not add up due to rounding
“Similar to drill hole BH-2’s interval of 309 m grading 2.25 g/t reported on October 22, 2009, BH-3 returned a very wide interval of gold mineralization; importantly, BH-3 also contained a higher-grade mineralized block having a minimum of 11.3 m grading 11.46 g/t which Victoria views as very encouraging”, said Chad Williams, President, CEO, and Director.
Gold mineralization in BH-3 (azimuth 90°, inclination, -45°), is contained in a thick package - which remains open along strike and down dip - of mineralized blocks within a post-mineral fault zone. Mineralized fracture systems in the highest-grade blocks of BH-3 are in two “sooty” sulfide sets, which show structural angles of about 30° to 35° and 50° to 70° to the core axis indicating that the hole was likely drilled across the mineralized zones and thus not down their dip. The true thickness of the mineralization 2 intersected by BH-3 is not known at this time due to insufficient drilling to date. A diagram of the location of BH-3 can be found at www.vitgoldcorp.com. The distance between BH-2 and BH-3 is estimated to be 65m or more, measured from the bottom of both holes.
Drilling of core hole BH-4 at Santa Fe is in progress. This hole is intended to probe for higher-grade gold mineralization to the north-east of the existing Santa Fe open pit. Another core drill rig is being mobilized to the property to accelerate exploration.
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 is comprised of 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 within the Area of Interest adjacent to the Santa Fe project. Barrick Gold Corporation does not have a back-in right with respect to the Santa Fe project. A summary table of historical drilling at the Santa Fe property can be found at www.vitgoldcorp.com.
Victoria’s exploration activities on the Santa Fe property started in the summer of 2009. Drill hole BH-1 returned 1.34 g/t over 47.6m as reported in a press release of the Company dated September 16th , 2009.
Drilling of BH-3 was carried out using HQ and NQ-sized core. The assays were prepared, processed and assayed by Inspectorate in Reno, NV. The cut-off grade for exploration purposes used by Victoria at the Santa Fe project is 300 ppb. 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 in the 286.8 meter interval. The intended depth of BH-3 was 760 m, but the hole was lost at a down-hole depth of 413 m due to bad ground.
The technical contents in this press release were reviewed by Nancy J. Wolverson, 3 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.
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