Drilling shows growth for Olive-Shamrock
Last updated 11/27/2016 at Noon
Victoria Gold Corp. Nov. 22 provided an update on a second phase of drilling at its Dublin Gulch project in the Yukon.
This phase of drilling was designed to test for extensions to the mineralized zone at the Olive-Shamrock deposit, which was recently incorporated into a feasibility study for Eagle Gold mine project at Dublin Gulch.
Victoria said the results of this phase-2 program support the expansion potential of the Olive-Shamrock deposit, particularly to the northeast.
Highlights from drilling in the direction include 32 meters of 1 gram per metric ton gold in hole DG16-766C and 42 meters of 0.81 g/t gold in DG16-772C. An updated feasibility study for developing a mine at Eagle Gold envisions a 33,700-metric-tons-per-day operation encompassing two open pits, Eagle and Olive; a three-stage crushing circuit; two in-valley leach pads; and a gold recovery plant.
This operation is anticipated to produce 190,000 ounces of gold annually over 10 years of mine life, based on 116 million metric tons of reserves averaging 0.67 g/t (2.66 million oz.) gold.
"The recent Eagle feasibility study proved the accretive value of the Olive-Shamrock deposit when included in the Eagle mine plan," said Victoria Gold President and CEO. "These latest results demonstrate the potential growth of the Olive-Shamrock deposit.
With our recent capital raise of $4.7M, we now have greater than $6M earmarked for exploration in 2017 and plan to continue to drill Olive-Shamrock while also testing new targets along the developing Potato Hills trend, which includes; Steiner, Nugget, Rex-Peso, and Falcon targets, amongst others."