TORONTO, ONTARIO--(Marketwire - 10/23/09) - Victoria Gold Corp. (TSX-V:VIT - News) ("Victoria" or the "Company") is pleased to report assay results from diamond drill hole BH-2 at the Santa Fe gold exploration project, Nevada. Results are summarized below:
? BH-2 Summary Table: From To Grade, (m) (m) Meters g/t 0 309 309 2.25 including 38 41 3 3.46 and including 49 60 11 4.24 and including 104 153 49 3.93 including 125 132 7 7.57 including 125 128 3 11.49 and including 227 247 20 4.30 including 242 247 5 8.39 including 242 244 2 11.01 and including 275 281 6 4.73 337 383 46 0.87 including 347 361 14 1.46
"These gold assay results exceeded the expectations of Victoria and are especially encouraging since BH-2 is just the second hole drilled by the Company on the Santa Fe property; BH-2 was consistently mineralized with almost continuous gold values for a minimum of 385 m which we view as demonstrating that the property has substantial gold potential", said Chad Williams, President, CEO, and Director.
Wide Gold Zone Intersected
Victoria has the right to earn from Barrick Gold Corporation, up to a 70% interest in the Santa Fe gold property, which is comprised of 24 patented claims and 226 unpatented claims, by incurring exploration expenses in an aggregate amount of at least US$6.5 million over a six year period. Cumulative expenditures to date by Victoria are approximately US$1.2 million. Victoria has also staked 42 unpatented claims adjacent to the Santa Fe project. A summary table of historical drilling at the Santa Fe property can be found at www.vitgoldcorp.com.
Victoria's exploration activities on the Santa Fe property started in the summer of 2009. Drill hole BH-1 returned 1.34 g/t over 47.6m as reported in a press release of the Company dated September 16th, 2009.
BH-2 was drilled in the southeast corner, and close to the bottom of the main pit. This pit was mined to a depth of approximately 75 meters to the top elevation of BH-2. The company targeted one of three intersection zones mapped by its exploration team, in and close to the open pit. Poor core recovery was encountered in the following intervals 0m to 41.45m, 56.08m to 64.01m, 108.20m to 125.27m, 207.26m to 216.71m and 231.65m to 242.32m. BH-2 was lost ending in strongly altered mineralization. Therefore, the Company believes that the gold system continues to depth. A diagram showing the location of drill hole BH-2 will be made available at www.vitgoldcorp.com. The true thickness of the mineralization intersected by BH-2 is not known at this time due to insufficient drilling to date at this depth in this target zone.
Drilling of BH-2 was carried out using HQ and NQ-sized core with assays taken mostly at 1.5 m intervals. The assays were prepared, processed and assayed by Inspectorate in Reno, NV. The cut-off grade for exploration purposes used by Victoria at the Santa Fe project is 300 ppb. Total waste (i.e. grading less than 300 ppb) in the 309.06 meters was 10.97 meters in three intervals: 79.86 m to 83.21 m, 155.75 m to 158.80 m, and 254.51 m to 259.08 m, which include a total of seven samples which range in length from 1.68 m to 1.52 m each. Assaying was done by fire assay with an atomic absorption ("AA") finish, and samples with AA results greater than 3,000 ppb were re-run by fire assay with gravimetric finish. Eleven standards, blanks, and duplicate assays were also run for QA-QC in the 309.06 meter interval.
Next Steps at Santa Fe
Victoria's geologists are currently compiling and analyzing the information generated by BH-2 including its structural geology characteristics. This will help determine the true orientation and size potential of the mineralized zones in the area near BH-2.
As evidenced by BH-2, Victoria is justified in its commitment to continue exploring for gold in Nevada, one of the most prospective exploration jurisdictions for gold in the world. The timing of further drilling at Santa Fe will be based on the prioritization of work on this property relative to potential activity on Victoria's other quality gold exploration projects in Nevada and elsewhere.
The technical contents in 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 and is responsible for the geologic interpretation.
Victoria is a high growth gold company with a focus on adding 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.
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.