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Mining Explorers 2012: Victoria Gold Corp.

 

Last updated 11/11/2012 at Noon



VIT: TSX-V

President and CEO: John McConnell

Vice President - Yukon: Mark Ayranto

Vice President, Exploration: Richard Eliason

Victoria Gold Corp., (formerly Victoria Resource Corp.), is a gold exploration company focused on bringing the Eagle Gold Deposit on its Dublin Gulch property in central Yukon Territory into production in 2014/2015.

The deposit has a NI 43-101-compliant gold resource of 2.3 million ounces in reserves, plus 4.8 million ounces in indicated and 1.5 million ounces in inferred resources.

In 2012 the company released drilling results from Eagle Gold following the completion of a feasibility study for the Eagle Project in February, and drilling results in March, which included 47.2 meters of 2.1 grams per metric ton gold.

The current program, begun in November and planned for 17,000 meters of drilling, explored untested areas within the planned open pit limits.

Recent results demonstrate the potential for continued expansion of the gold resource and an enhanced understanding of the deposit.

Additional drilling is targeted to further delineate extensions of gold mineralization.

Hole DG12-482C encountered 4.5 meters of 1.52 g/t gold and 7.5 meters of 1.15 g/t gold below currently planned pit limits.

By Mat 29, 37 holes had been completed for a total of 11,822 meters.

These holes were all targeted to improve the knowledge base at the Eagle gold deposit with an emphasis on discovering new mineralization, improving mineable grades and eventually optimizing mine scheduling.

Other goals include reclassifying grade blocks from inferred to indicated and enhancing the understanding of alteration and oxidation controls and distribution.

The drill program was scheduled for completion in the third quarter of 2012, at which time the additional data was expected to be incorporated in a revised resource and reserve model.

Cash and short-term deposits: C$30.60 million (at June 26, 2012)

Working capital: C$56.70 million (at June 26, 2012)

Market capitalization: C$78.17 million (Sept. 4, 2012)

Suite 303 - 80 Richmond St. West

Toronto, Ont. Canada M5H 2A4


Tel: 416-866-8800
• Fax: 416-866-8801


http://www.victoriaresourcecorp.com

 

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