Victoria Gold Announces Additional High Grade Gold Intercepts From the Helen Zone
* Reuters is not responsible for the content in this press release.
TORONTO, ONTARIO, Apr 07 (MARKET WIRE) --
Victoria Gold Corp. (TSX VENTURE: VIT) ("Victoria" or "the Company") is
pleased to announce the latest assay results from the Helen Zone at the
Cove Project located in north-central Nevada.
The purpose of drill hole NW-14 was to test the Helen Zone for the first
time below where previous drilling defined a plunge length of
approximately 150 m.
NW-14 intersected the Helen Zone approximately 65 m below and 20 m to the
east of NW-13a which intersected 16.75 g/t of gold over 29.6 m plus 11.85
g/t of gold over 35.6 m (see news release dated December 11, 2008). A
diagram showing the location of drill hole NW-14 can be found at
www.vitgoldcorp.com.
NW-14 demonstrates that, in the Company's view, the Helen Zone is broad
and consistently mineralized at depth.
Selected assay results from drill hole NW-14 at the Helen Zone,
Cove Project, Nevada
-------------------------------------------------------------
From To Interval (m) Gold Grade
(m) (m) (g/t)
-------------------------------------------------------------
392.3 434.9 42.7 1.26
-------------------------------------------------------------
537.1 563.0 25.9 3.90
-------------------------------------------------------------
Incl 546.2 552.3 6.1 8.32
-------------------------------------------------------------
And incl 546.2 549.2 3.1 14.06
-------------------------------------------------------------
567.5 569.1 1.5 7.20
-------------------------------------------------------------
592.5 602.9 10.4 13.74
-------------------------------------------------------------
Incl 592.5 599.2 6.7 19.95
-------------------------------------------------------------
And incl 592.5 595.3 2.7 42.93
-------------------------------------------------------------
608.1 617.5 9.5 2.67
-------------------------------------------------------------
710.2 715.1 4.9 1.00
-------------------------------------------------------------
"We are very pleased with the results from hole NW-14. This hole
contained many intervals of high grade gold which indicate a strong gold
system. Additionally, hole NW-14 contained over 400 m of alteration -
much of it containing anomalous gold -- which shows that the
mineralization in the Helen Zone is large in scale", said Mr. Chad
Williams, President and CEO of Victoria. "We remain in the early days of
exploration at the Helen Zone and are still in the process of fine-tuning
our understanding of the geometry of this gold system. Using the
information gained from NW-14 we now believe that the best gold values in
terms of grades and thicknesses will be found slightly to the west of
where NW-14 intersected the Helen Zone."
The drilling of NW-14 was on-time and on-budget which further
demonstrates that the Company's innovative drilling techniques developed
late in 2008 continue to perform well. Drilling was carried out using HQ
and NQ-sized core with assays taken mostly at 1.52 m intervals. The true
width intersection of NW-14 is not known at this time. Assays were
undertaken by Inspectorate America Corporation in Reno, Nevada using fire
assay followed by atomic absorption finish or fire assay followed by
gravimetric finish.
Future Plans at Cove
The Company plans to start drilling hole NW-15 from surface shortly.
However, the broad mineralized gold intercepts and high gold grades in
NW-14 provide further confidence in the merit of driving an adit (tunnel
from surface) into the Helen Zone to facilitate underground exploration
drilling in the future to expand the Helen Zone. Drilling from
underground is expected to be faster, less expensive, and more precise
than drilling from surface...
The Helen Zone is approximately 600 m to the north-west of the former
producing Cove open pit which historically produced 2.3 million ounces of
gold and 100 million ounces of silver. Victoria believes the Helen Zone
is not an extension of the gold zones that were mined in the historical
pit but an entirely new gold discovery.
Cove Project Background
Victoria has completed its work commitments to earn a 100% interest in
the Cove project, such interest being subject to (i) a back-in right in
favor of Newmont Mining Corporation ("Newmont") for a 51% interest, or
(ii) a US$1.5 million cash payment to Newmont and a maximum royalty of up
to 5% (3.5 % to 5% including previous royalties) upon the delivery of a
positive feasibility study completed by Victoria.
About Victoria
Victoria aims to be a high growth, lower risk company focused on gold.
The Company's strategy is to add 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.
The technical contents of this press release were reviewed by Nancy J.
Wolverson, 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 at the Cove
project and is responsible for the geologic interpretation.
On Behalf of Victoria Gold Corp.
Chad Williams, P. Eng, CEO, President & Director
Cautionary Language and Forward-Looking Statements
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 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 forward-looking
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 forward-looking 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.
Neither the TSX Venture
Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Contacts:
Victoria Gold Corp.
Chad Williams
President & CEO
(416) 866-8800 ext 230
cwilliams@vitgoldcorp.com
www.vitgoldcorp.com
Copyright 2009, Market Wire, All rights reserved.
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