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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."

Author Bio

Shane Lasley, Publisher

Over his more than 11 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.

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