TORONTO, ONTARIO, Oct. 29, 2009 (Marketwire) -- Victoria Gold Corp. (TSX VENTURE:VIT) ("Victoria" or the "Company") is pleased to announce that core drilling is underway at its 100% controlled Summit Gold Project. The first diamond drill hole, PS-1 was recently completed to a depth of 529 m while the second hole, PS-2 was started this week.
"We are excited to be starting our first ever drill program at Summit", said Chad Williams, President, CEO, and Director. "We used the same exploration techniques that have been very successful for Victoria to vector-in on the areas of highest potential at Summit."
The Summit Property
The Summit property is located 35 km east of Gabbs, in Nye County, Nevada, about 40 km west-northwest of the Round Mountain Mine and about 240 km south of Victoria's Cove Gold Project. The property is comprised of 26 unpatented mining claims originally held by Taminco, plus 249 unpatented claims staked by Victoria, all of which are now held under contract with Taminco Inc., the underlying claim holder. Victoria has exercised its right to purchase the Summit property from Taminco Inc. and will own 100% of the property once the final installment payment, scheduled for 2013, has been made. Taminco Inc. will retain a 3.5% Net Smelter Royalty from the property.
Centered within the Summit property is a Carlin-type gold system. A small part of this mineralized area hosted the site of over 120 holes drilled by previous operators to an average depth of 95 m. About 70 of these holes were drilled in a smaller area containing higher-grades of gold, which produced about 8,800 ounces at a grade of 8.22 g/t in open pit mining in 1988 and 1989. Many of the shallow, mostly vertical reverse circulation drill holes ended in strongly altered and dolomitized rocks containing anomalous gold grades within Triassic carbonate and carbonate-rich sediments. Gold mineralization is also known to occur in volcanic sediments at the base of the volcanic rocks. This historical data was used by Victoria in the decision to conduct further work at Summit. Further background on the Summit property can be found at www.vitgoldcorp.com.
Victoria's Exploration Rationale at Summit
Victoria has completed a Structural Systematics mapping campaign and has delineated several targets for drilling. The first of these targets will be drilled in a three-hole array. This array will first test the intersection of steeply to shallowly plunging intersection zones of NW, WNW, and N-S structural orientation. Victoria is focused on expanding the potential of the gold mineralized area that covers a minimum 1,000 m by 700 m zone characterized by outcropping hydrothermal dolomite. This alteration/mineralization is thought to extend further under the volcanics, and drilling is designed to test mineralized rocks under these volcanic rocks and to extend the gold system laterally, as well as to depth.
The technical contents in this press release were reviewed by Nancy J. Wolverson, Independent Consulting Geologist. 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.