TORONTO, ONTARIO--(Marketwire - Aug. 16, 2011) - Victoria Gold Corp. (TSX VENTURE:VIT) ("Victoria" or the "Company") is pleased to announce a new silver and gold discovery at Rex Peso on its 100% owned Dublin Gulch property. Grab sampling (rock-chip) has returned significant gold, silver and trace element assays including 1.8 g/t gold and 6,410 g/t silver.
"The strong gold and silver mineralization at Rex-Peso highlights an exciting new exploration target capable of hosting additional gold and silver deposits on the Dublin Gulch property", commented John McConnell, President CEO, "follow-up mapping and sampling programs are underway at Rex Peso, and we expect to start drilling by the end of the month".
First-pass geologic mapping and rock-chip sampling by Victoria's geologic team has discovered widespread gold, silver, arsenic and antimony mineralization at Rex Peso, which is situated within the Dublin Gulch claim block approximately 4 km west of the Eagle Gold Deposit. The Rex Peso area has sizable areas of strong gold and silver mineralization which is accompanied by wide-spread, very strong arsenic and antimony mineralization, commonly associated with gold and silver deposits in the Dublin Gulch project area and elsewhere. The Rex Peso target appears to be a significant westerly extension to the Potato Hills mineral trend, which was delineated by the Company more than one year ago. Results from the first-pass rock-chip sampling program at Rex-Peso include the following:
|Sample No.||Gold g/t||Silver g/t||Sb ppm||As ppm|
|*the listing above does not include all rock-chip samples taken and is not intended to be representative of the total sampling program or the average grade of the deposit(s).|
Additionally, a new geophysical interpretation for Rex-Peso has highlighted the presence of a very large intrusive rock body, as well as a series of faults which correspond very closely to several vein systems mineralized with gold and silver that strongly resemble gold deposits elsewhere in the Dublin Gulch project area. Geologic mapping and chip sample assays has confirmed the presence of this intrusive body.
About the Dublin Gulch Project:
Victoria's 100%-owned Dublin Gulch gold project is situated in central Yukon Territory, Canada, approximately 375 kilometers north of the capital city of Whitehorse, and approximately 40 kilometers from the town of Mayo. The project is accessible by road year-round, and is located within 25 kilometers of Yukon Energy's electrical grid. The Company has constructed a 100 person all-season camp at the project site.
The project covers an area in excess of 400 square kilometers, and is the site of the Company's Eagle Gold Deposit which has been estimated to host a NI 43-101 Compliant Mineral Resource of 222 million tonnes averaging 0.68 grams of gold per tonne, containing 4.8 million ounces of gold, in the "Indicated" category, and a further 77.9 million tonnes averaging 0.60 grams of gold per tonne, containing 1.49 million ounces of gold, in the "Inferred" category. The Company has retained Wardrop Engineering, a Tetra Tech company, to complete a Feasibility Study on the Eagle Gold Deposit.
Gold, silver, and base metal mineralization are present in numerous areas of the Dublin Gulch project, in addition to the Eagle Gold Deposit. Reconnaissance-scale exploration is underway throughout the project area, and core drilling is in progress in the area of the Olive and Shamrock prospects, which are situated within the prospective Potato Hills mineral trend, which was discovered by Victoria during the 2010 exploration season. Overall, the Dublin Gulch project, and its Potato Hills mineral trend are the site of a number of high-priority exploration targets.
Quality Control/Quality Assurance and Assaying
Sample results cited in this press release were obtained from rock chip samples which were collected by Victoria Gold's geologic staff. All samples were delivered to the Whitehorse, Yukon sample preparation facility of ALS Minerals. Analytical determinations were performed by the staff of the North Vancouver, BC laboratory of ALS Minerals.
All samples from the drilling and rock-chip sampling programs were managed in strict compliance with the Company's QA/QC (quality assurance/quality control) program, which has been reviewed and approved by an experienced independent engineering firm.
The technical content of this news release has been reviewed as accurate by Ted Wilton, CPG-7659, Vice President of Exploration of Victoria Gold Corporation, as the Qualified Person.
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, anticipated metal production, anticipated dates for the completion of work performed by external consultants, internal rate of return, estimated ore grades, commencement of production estimates and projected exploration and capital expenditures (including costs and other estimates upon which such projections are based) 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 accepts responsibility for the adequacy or accuracy of this release.