High-Grade Gold Assays From the HelenZone

 

TORONTO, ON - Victoria Gold Corp. reported the results from diamond drill hole NW-15 from the Helen Zone at the Cove Project located in north-central Nevada. The purpose of drill hole NW-15 was to further test the Helen Zone below where previous drilling defined a plunge length of over 150 metres (m).

NW-15 intersected an impressive, wide gold-mineralized interval of 274.3 m that returned 2.50 grams per tonne (g/t) gold containing two separate zones at both the top and base of this interval that had some of the highest grades of gold mineralization intersected by Victoria in the Helen Zone thus far. This occurred even though NW-15 drifted over 30 metres (m) west of the central target of the Helen Zone. The hole reached a total depth of 835 m.

"NW-15 returned very high gold grades over meaningful widths within a much larger, anomalous gold zone", said Chad Williams, President, CEO, and Director of Victoria Gold. "This is especially encouraging since NW-15 intersected gold mineralization a substantial distance away from what is believed to be the core of the Helen Zone system - we have once again succeeded in demonstrating that the Helen Zone can return high grades of gold over a wide area."

The fifteen holes drilled by Victoria so far indicate that the Helen Zone is U-shaped in plan with a fairly steep dip or plunge to the south-east.

The widest intercepts of gold mineralization encountered so far by Victoria in holes NW-1 to NW-14 have been centered on an area where two major structural zones intersect (one oriented northwest-southeast and the other oriented north-south). NW-15 appears to have intersected the bottom edge of this intersection system, yet returned robust gold intercepts. The host rocks in this immediate area may have been more impervious to generalized gold deposition than in the central part of the Helen Zone where the density of structures is higher. This likely explains why the gold intercepts are higher-grade but more distinct than other assays released by Victoria from the Helen Zone in the past.

The Helen Zone is located just 600 m northwest of the Cove open pit. This should be beneficial to Victoria in terms of underground accessibility, permitting, and capital requirements. The Cove open pit mine historically produced 2.3 million ounces of gold and 100 million ounces of silver. Victoria believes the Helen Zone is not an extension of the gold zones that were mined in the historical pit but an entirely new gold discovery.

Drilling of NW-15 was carried out using HQ and NQ-sized core with assays taken mostly at 1.5 m intervals. The true thickness of the mineralized zones in NW-15 is not known at this time.

The company’s address is 80 Richmond Street West, Suite 303, Toronto, ON M5H 2A4, 416-866-8800, fax: 416-866-8801.