Victoria Gold Corp. (TSX:VGCX) produced 37,619 ounces of gold during the first quarter of 2023.

Mr. John McConnell, President and CEO commented, “During the first quarter, we successfully demonstrated the feasibility of year-round stacking on the heap leach pad. This was the best Q1 performance for the Eagle Gold Mine since operations commenced with strong gold production and ore tonnage stacked on the heap leach pad.”

Eagle Gold Mine First Quarter 2023 Operational Highlights

The Company’s Q1 operations plan for 2023 included a ramp up to full stacking of ore on the heap leach pad during the quarter. Prior to 2023, there was a cessation of stacking during Q1 due to seasonally cold temperatures. The Company has successfully demonstrated year-round stacking of ore on the heap leach pad is both technically feasible and operationally achievable.

Eagle Gold Mine Q1 2023 Operational Highlights:

Q1 statistics may be subject to immaterial reconciliation variances.

Gold production in Q1 2023 was, as expected, seasonally low with no active side slope leaching activities and was also impacted by lower than planned stacking rates in Q4 2022. Gold production was 55% higher in Q1 2023 compared to the same period last year. Tonnes stacked on the heap leach pad in Q1 2023 were 133% higher compared to Q1 2022. Total tonnes mined were 44% higher in Q1 2023 compared to the same period last year. Similarly, waste mined was higher in Q1 2023 compared to Q1 2022.

Both gold grade and metallurgical recovery continue to reconcile well against the Eagle reserve model.

About the Dublin Gulch Property

Victoria Gold’s 100%-owned Dublin Gulch gold property is situated in central Yukon Territory, Canada, approximately 375 kilometers north of the capital city of Whitehorse, and approximately 85 kilometers 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 square kilometers, and is the site of the Company’s Eagle and Olive Gold Deposits. The Eagle Gold Mine is Yukon’s newest operating gold mine. The Eagle and Olive deposits include Proven and Probable Reserves of 3.3 million ounces of gold from 155 million tonnes of ore with a grade of 0.65 grams of gold per tonne, as outlined in a National Instrument 43-101 Technical Report for the Eagle Gold Mine dated December 3, 2019. The Mineral Resource under National Instrument 43-101 – Standards of Disclosure for Mineral Projects for the Eagle and Olive deposits has been estimated to host 227 million tonnes averaging 0.67 grams of gold per tonne, containing 4.7 million ounces of gold in the “Measured and Indicated” category, inclusive of Proven and Probable Reserves, and a further 28 million tonnes averaging 0.65 grams of gold per tonne, containing 0.6 million ounces of gold in the “Inferred” category.