Victoria Gold drills 0.52 g/t gold over 301 metres at Eagle, Yukon

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Victoria Gold Corp. [VGCX-TSX] provided an update on its exploration drill program near its Eagle gold mine, Yukon. The Eagle exploration drilling program took place from December 2021 through May 2022 and continued on the success of the 2021 Eagle Deep drilling program. The 2022 program focused on key areas for the potential expansion of the Eagle Gold deposit to the west of the existing Eagle Gold pit.

In total, 10,342 metres of diamond drilling in 23 drill holes (average depth of 450 metres) have added approximately 500 metres of mineralized strike length from the current Eagle pit boundary.

Highlights of the Eagle exploration program include drill hole DG22-1006C that returned 301.0 metres of 0.52 g/t gold from 102.0 metres, including 69.5 metres of 0.72 g/t gold from 244.0 metres.

DG22-1013C returned 215.0 metres of 0.60 g/t gold from 206.5 metres, including 51.0 metres of 0.88 g/t gold from 355.5 metres. DG22-1017C returned 72.3 metres of 1.14 g/t gold from surface, including 32.7 metres of 2.24 g/t gold from 50.3 metres.

DG22-1023C returned 240.3 metres of 0.63 g/t gold from 254.0 metres, including 78.0 metres @ 1.29 g/t gold from 284.0 metres.

“Last year’s exploration drilling clearly demonstrated there is more to the Eagle deposit than was captured in the 2019 Technical Report,” commented John McConnell, President and CEO of Victoria. “Of particular note from the 2022 campaign, is how a small, focused drilling program delineated mineralization extensions to the Eagle deposit. This year’s drilling results will be included in an updated Eagle Gold Mineral Resource in Q1 2023.”

Production experience gained at Eagle since mining began in 2019 has afforded the company a more detailed knowledge of the Eagle orebody and a re-analysis of the 2017-2021 Eagle drilling results has underscored the value of these intersections along with intersections of similar tenors of gold mineralization along strike and to depth.

The last two years of Eagle exploration has defined Eagle-style mineralization along strike and peripheral to the existing Eagle Mine gold resources. Importantly, this includes the Eagle West and Eagle Extension zones located close to Eagle. Drilling in 2022 targeted a previously undrilled area between the Eagle orebody and Eagle Extension, where the newly defined continuity of mineralization may be used to increase gold resources at the mine.

The majority of exploration drilling used to define the Eagle Gold deposit (approximately 76%) is captured within the currently defined ultimate reserve pit. However, mineralization was always known to extend to depth beyond these bounds. These areas were restricted from economic extraction calculations due to the lack of data from the un/under-drilled eastern and western extents of the Eagle pit. The combination of the confirmation of higher-grade gold mineralization beneath the Eagle pit and meaningful intervals of continuous Eagle-style gold mineralization along strike of the Eagle deposit from this year’s drilling has added over 500 metres of mineralized strike length from the Eagle pit boundary.

Victoria Gold’s 100%-owned Dublin Gulch gold property is situated in central Yukon Territory, Canada, approximately 375 km north of the capital city of Whitehorse, and approximately 85 km from the town of Mayo. The property is accessible by road year-round and is located within Yukon Energy’s electrical grid.

The property covers an area of approximately 555 km2 and is the site of the company’s Eagle and Olive Gold Deposits. Based on the 2019 Eagle Technical Report and after adjusting for depletion through December 31, 2021, the Eagle and Olive deposits include Proven and Probable Reserves of 2.7 million ounces of gold from 133 million tonnes of ore grading of 0.64 g/t gold. Based on the 2019 Eagle Technical Report and after adjusting for depletion through December 31, 2021, the Mineral Resource for the Eagle and Olive deposits has been estimated to host 207 million tonnes averaging 0.63 g/t gold containing 4.2 million ounces of gold in the Measured and Indicated category, inclusive of Proven and Probable Reserves, and a further 28 million tonnes averaging 0.61/t gold containing 0.6 million ounces of gold in the Inferred category.


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