Victoria Gold Corp. (TSX:VGCX) is pleased to provide additional assay results received to date from the 2022 Raven Proximal Program at Dublin Gulch Gold Camp. Raven is one of several priority on/near-surface gold targets on the property and was the primary focus of the 2022 Dublin Gulch exploration activities. The current Raven Resource Estimate includes 1.1 Million ounces at 1.7 g/t Au (see Company News Release dated September 15, 2022). During the 2022 season, 27,215 meters of diamond drilling were completed across the claim package, including 90 drillholes for 25,244m at the Raven Deposit.
The 2022 Raven drilling campaign was designed to advance two key objectives:
1) A Raven Proximal Program which included drilling within and proximal to the current footprint of the Raven Deposit. It is expected these assays will further define and test the mineralization potential and contribute to an updated Raven Resource Estimate later in 2023.
2) A Raven Distal Exploration Program which included drilling beyond the existing Raven Deposit to test the extension of mineralization by approximately 500m strike length and over 100m in width. The majority of these assays are not expected to inform the 2023 updated Resource Estimate, but will confirm the existence of mineralization for future resource expansion (see Company News Release dated January 19, 2023 which included 3.59m g/t over 83.5m).
The Raven Proximal Program consisted of 30 drillholes (8,810m) within the existing Raven Resource footprint and 14 drillholes (4,410m) collared within 100m of the Raven Resource footprint. Assays for 33 of these 44 drillholes have been received. Highlighted results are presented below:
“These results from within and close to the 2022 Raven Resource underscore the continuity and high gold grades which define Raven,” commented John McConnell, President and CEO of Victoria. “The consistency of the mineralized structures and grades across Raven are notable and, as demonstrated from the results of the Raven Distal Exploration Program which were released last week, mineralization remains open for expansion, with the eastern strike extent a prime target for the 2023 exploration program”.
An updated Raven Resource Estimate is expected to be released in Q1 2023.
Highlighted analytical results from the 33 Raven drillholes received to date from Raven Proximal Program are shown in Table 1 below.
Table 1: Raven Proximal Program – 2022 Diamond Drillhole Highlighted Results
|Hole ID||From (m)||To (m)||Length* (m)||Gold (g/t)|
*True widths are estimated to be approximately 90% of drilled lengths
A set of drill sections and plan map to accompany these Raven drillholes, along with drill collar and survey data, will be made available on the Company website (www.vgcx.com).
All exploration drill core from the Dublin Gulch 2022 programs were analyzed at MSALABS of Terrace, B.C. utilizing the ICP_230 34-element analytical package with FAS-111 30-gram fire assay with AA finish for gold on all samples. All core samples were split at Victoria’s exploration facilities and shipped to MSALABS’ Terrace, B.C. preparation facility. There samples were sorted and crushed to appropriate particle size (coarse crush) and representatively split to a smaller size (250 grams) for MSALABS Langley, B.C. analytical facility. A comprehensive system of standards, blanks and field duplicates was implemented for the 2022 exploration campaign and is monitored as chemical assay data become available.
The technical content of this news release has been reviewed and approved by Paul D. Gray, P.Geo., as the “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Raven represents a potentially high-grade, on-surface gold deposit that lies in the extreme southeast contact of the Nugget Intrusive Stock within the surrounding Earn Group metasedimentary package. This large, approximately 3 kilometers by 2 kilometers, medium to coarse grained granodiorite stock of Cretaceous age represents the second largest intrusive body on the Dublin Gulch property (second only to the Dublin Gulch Stock that hosts the Eagle Gold Mine). The Nugget Stock is highly prospective to host Eagle-style sheeted vein mineralization, and the vast majority of the greater than 5 square kilometer stock remains untested.
The Raven occurrence is hosted in a shear zone corridor on the southeast portion of the Nugget Stock, in close association with the intrusion-metasediment contact on the eastern side of the Lynx Creek valley. The area is underlain by the Devonian to Mississippian age Earn Group and the Early Carboniferous age Keno Hill Quartzite which have been deformed by greenschist facies metamorphism, folding, and thrusting (Gordey and Makepeace, 2003).
Exploration drilling, trenching, and soil geochemical sampling at the Raven deposit in the 2018 through 2022 field seasons have repeatedly returned high-grade gold intersections accompanied by prolific visible gold occurrences along a major and consistently mineralized corridor, which has grown sequentially since its discovery in 2018. The Raven discovery was based largely from initial surface trenches constructed and sampled in the 2018 field season that exposed scorodite, bismuth, and siderite related sulphide veins under less than 1 meter of overburden/cover.
About the Dublin Gulch Property
Victoria Gold’s 100%-owned Dublin Gulch gold property (the “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 Company issued a National Instrument 43-101 Technical Report for the Eagle Gold Mine dated December 3, 2019 (the “2019 Eagle Technical Report”). Since the date of the 2019 Eagle Technical Report, the Company has produced gold from its Eagle Mine. 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 with a grade of 0.64 grams of gold per tonne. 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 grams of gold per tonne, 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 grams of gold per tonne, containing 0.6 million ounces of gold in the “Inferred” category.
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We acknowledge the [financial] support of the Government of Canada.