Victoria Gold Corp. (TSX VENTURE: VIT) ("Victoria" or the
"Company") is pleased to report that its ongoing 2011 exploration
drilling program at its 100% owned Dublin Gulch, Yukon project
continues to intersect significant gold mineralization near the
Eagle gold deposit and at targets elsewhere in the project area.
The Dublin Gulch project is the site of one of the most intensive
exploration programs in the Yukon region, and the 2011 work program
includes diamond drilling and other geological and geochemical
evaluation efforts. In addition, the Eagle Gold Deposit is in the
permitting process and a Feasibility Study is expected to be
completed in Q4, 2011.
"Extensional drilling along and adjacent to the Eagle Gold
Deposit further demonstrate the future growth potential as we move
this deposit toward full production in 2014. Our strategy to find
additional economic opportunities along the Potato Hills Trend have
also been bolstered by recent drilling", commented John McConnell,
President and CEO of Victoria. "We currently have three core drills
operating on the property, one drilling on Eagle and two drilling
along the Potato Hills Trend. With our 100 person permanent camp we
have the unique ability to continue drilling through to early
December".
Drill results from the western extent of the Eagle Gold Deposit
include 59.7m grading 0.74 g/t while at Steiner, to the northwest
of Eagle, assays returned 42.7m grading 0.81 g/t. Potato Hills
Trend drill results include 43.1m grading 0.80 g/t at Eagle North
(showing similar mineralization to Eagle) and 3.05m grading 6.34
g/t at Popeye. We encourage interested parties to visit the
Company's website at www.vitgoldcorp.com to see a map showing the
location of recent drilling.
Victoria's 2011 program has continued to progress from an early
in-fill program in the Eagle deposit (see News Release of May 16,
2011) to "step-out" drilling of targets north of the Eagle deposit
(Eagle North and Steiner) and continued exploration drilling of a
mineralized area (Popeye) in the Potato Hills mineral trend that
was first tested in 2010.
Eagle Deposit Drill Results:
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Hole No. From (m) To (m) Length (m) Grade (g Au/mt)
-----------------------------------------------------------------------
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DG11-435C 232.3 253.6 21.3 0.45
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and 271.7 331.3 59.6 0.74
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and 374.0 393.8 19.8 0.67
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and 415.2 430.4 15.2 0.40
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and 439.4 470.0 30.6 0.29
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(i) Apparent true width is approximately 80% of intersection lengths
This hole was designed to test the western end of the Eagle
deposit and the eastern end of the "Western Plunge" zone of
Eagle.
Eagle North Target
At the Eagle North target, which is situated approximately 200
meters north of the main Eagle gold deposit, three diamond core
holes were completed in order to test a target that demonstrates
strong geologic similarities to the Eagle deposit itself. The
results of these three holes demonstrate the presence of
significant "Eagle-style" mineralization in the target area:
Eagle North Drill Results:
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Grade
Hole No. From (m) To (m) Length (m) (g Au/tonne)
-----------------------------------------------------------------------
-----------------------------------------------------------------------
DG11-421C 27.6 70.7 43.1 0.80
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DG11-422C 94.5 102.1 7.6 2.36
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and 204.2 207.3 3.1 1.53
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and 228.6 234.7 6.1 0.79
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DG11-427C 100.8 117.3 16.5 1.02
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and 209.4 212.5 3.1 1.10
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and 227.1 229.2 2.1 1.83
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and 265.7 274.9 9.2 1.68
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(i) Apparent true width is approximately 90% of intersection lengths
Popeye Target
The Popeye target is situated within the central segment of the
Potato Hills mineral trend - an east-west trending belt of gold and
associated metals targets that lie to the northwest and northeast
of the Eagle deposit. The Popeye target, which was first outlined
and tested by geologic mapping, geochemical sampling and first-pass
"scout drilling" during the 2010 field season, is a massive sulfide
vein system hosted in a highly altered granodiorite.
Popeye Target Drill Results:
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Hole No. From (m) To (m) Length (m) Grade (g Au/mt)
-----------------------------------------------------------------------
-----------------------------------------------------------------------
DG11-430C 50.29 53.34 3.05 0.99
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DG11-431C 14.02 17.07 3.05 6.34
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DG11-436C 13.10 14.82 1.72 4.58
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(i) Apparent true width is approximately 70% of intersection lengths.
(ii) DG11-433C and DG11434C did not return significant mineralization.
Steiner Target
The Steiner target area, which is located northwest of the main
Eagle deposit, demonstrates similar geological characteristics to
those of the nearby Eagle deposit. Results from the 2011 drilling
program have confirmed these geologic observations.
Steiner Target Drill Results:
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Hole No. From (m) To (m) Length (m) Grade (g Au/mt)
-----------------------------------------------------------------------
-----------------------------------------------------------------------
DG11-429C 40.23 82.90 42.67 0.81
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and 191.11 201.77 10.66 0.46
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and 212.45 220.06 7.61 0.70
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and 247.49 253.57 6.08 0.70
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DG11-432C 38.71 52.42 13.71 0.23
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and 145.39 148.85 3.46 1.25
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and 204.82 206.66 1.84 2.22
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(i) Apparent true width is approximately 70% of intersection lengths
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
4.86 million ounces of gold, in the "Indicated" category, and a
further 78 million tonnes averaging 0.60 grams of gold per tonne,
containing 1.49 million ounces of gold, in the "Inferred"
category.
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 Trend, which was discovered by
Victoria during the 2010 exploration season. Overall, the Dublin
Gulch project, and its Potato Hills Trend are the site of a number
of high-priority exploration targets.
Quality Control/Quality Assurance and Assaying
Samples cited in this press release were obtained from core
holes drilled by an independent contractor under the direct
supervision of Victoria Gold's geologic staff. 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 this drilling program 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.
Contacts: Victoria Gold Corp. Katie Fedorowicz, MBA Investor
Relations Coordinator 416-866-8800 Ext. 226 416-866-8801 (FAX)
kfedorowicz@vitgoldcorp.com www.vitgoldcorp.com
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