May 16, 2011- Victoria Gold Corporation
(VIT.TSX-V)- Toronto, ON (�Victoria� or �the Company�) is pleased to
report the results from fifteen diamond drill core holes recently
completed on the Eagle Gold Deposit at our 100%-owned Dublin Gulch
project, situated in the Mayo mining district Yukon, Canada.
The drilling program was comprised of fifteen
diamond drill �triple-tube� core holes totaling 2,692 meters, and was
designed to accomplish several goals in our advancement of the Eagle
deposit:
� Obtain additional
Feasibility Study level samples from the main part of the deposit for
bulk density determinations;
� Better define the
location and nature of the interface between the non-oxidized portion of
the deposit and the variably oxidized zones of the Eagle deposit; and
� Provide �in-fill� drill
coverage for a portion of the deposit to support Reserve definition for
the Feasibility Study.
All three objectives of this phase of
drilling at Eagle were accomplished as planned.
�This first batch of drill
results from our 2011 exploration campaign at Dublin Gulch demonstrates
the potential for Eagle to host near-surface higher-grade zones of gold
over significant widths�, commented President and CEO, John McConnell,
�In the lead up to completing the Feasibility Study, these results
confirm Eagle is evolving into a significant gold deposit and we are on
track to start construction in 2012.�
Results from the fifteen holes are
summarized in the following table:
Table 1: Drill Hole Assay Data, Eagle Gold Deposit:
Hole Number
|
From
(meters)
|
To
(meters)
|
Length
(meters)
|
Grade
(g Au/tonne)
|
�True Width
(meters)
|
|
|
|
|
|
|
DG10-405C
|
29.60
|
169.77
|
140.17
|
0.40
|
98.11
|
including
|
38.70
|
53.90
|
15.20
|
0.83
|
10.64
|
and including
|
104.18
|
143.80
|
39.62
|
0.53
|
27.73
|
|
|
|
|
|
|
DD10-406C
|
45.90
|
200.25 [eoh]
|
154.35
|
0.89
|
108.04
|
including
|
52.40
|
96.62
|
44.22
|
1.04
|
30.95
|
and including
|
117.95
|
152.98
|
35.03
|
1.27
|
24.52
|
and including
|
174.37
|
200.25
|
25.88
|
1.24
|
18.11
|
|
|
|
|
|
|
DG10-407C
|
32.91
|
72.54
|
39.63
|
2.05
|
27.74
|
including
|
32.91
|
49.69
|
16.78
|
3.61
|
11.74
|
and
|
99.97
|
202.69 [eoh]
|
102.72
|
1.03
|
71.90
|
including
|
145.69
|
188.36
|
42.67
|
1.53
|
29.86
|
|
|
|
|
|
|
DG10-408C
|
0.00
|
63.10 [eoh]
|
63.10
|
1.45
|
44.17
|
|
|
|
|
|
|
DG10-409C
|
2.10
|
201.20 [eoh]
|
199.10
|
0.95
|
139.37
|
including
|
28.00
|
75.20
|
47.20
|
1.57
|
33.04
|
and including
|
133.20
|
171.30
|
38.10
|
1.47
|
26.67
|
|
|
|
|
|
|
DG10-410C
|
0.00
|
57.81 [eoh]
|
57.81
|
1.05
|
40.46
|
|
|
|
|
|
|
DG10-411C
|
0.00
|
102.71
|
102.71
|
0.73
|
71.89
|
including
|
12.77
|
56.99
|
44.22
|
1.05
|
30.95
|
and including
|
81.38
|
102.71
|
21.33
|
0.70
|
14.93
|
|
|
|
|
|
|
DG10-412C
|
15.24
|
199.03 [eoh]
|
183.79
|
1.04
|
128.65
|
including
|
21.34
|
77.72
|
56.38
|
1.73
|
39.46
|
|
|
|
|
|
|
DG10-413C
|
56.39
|
199.64
|
143.25
|
0.57
|
100.27
|
including
|
94.99
|
147.83
|
52.84
|
0.84
|
36.98
|
|
|
|
|
|
|
DG10-414C
|
0.00
|
56.39
|
56.39
|
0.71
|
39.47
|
including
|
25.91
|
54.86
|
28.95
|
0.89
|
20.26
|
and
|
77.72
|
204.12 [eoh]
|
126.40
|
0.79
|
88.48
|
including
|
152.40
|
202.69
|
50.29
|
1.01
|
35.20
|
|
|
|
|
|
|
DG10-415C
|
45.70
|
60.96
|
15.26
|
0.54
|
10.68
|
and
|
74.68
|
85.34
|
10.66
|
1.03
|
7.46
|
and
|
107.00
|
128.02
|
21.02
|
1.10
|
14.71
|
and
|
143.36
|
164.59
|
21.23
|
0.46
|
14.86
|
|
|
|
|
|
|
DG10-416C
|
33.53
|
199.64
|
166.11
|
0.63
|
116.27
|
including
|
65.53
|
105.16
|
39.63
|
0.95
|
27.74
|
and including
|
139.93
|
163.07
|
23.14
|
1.11
|
16.19
|
|
|
|
|
|
|
DG10-417C
|
7.50
|
21.34
|
13.84
|
1.22
|
9.68
|
and
|
54.86
|
121.92
|
67.06
|
0.82
|
46.94
|
including
|
67.06
|
100.58
|
33.52
|
1.26
|
23.46
|
and
|
131.06
|
201.17 [eoh]
|
70.11
|
1.38
|
49.07
|
including
|
158.50
|
196.60
|
38.10
|
1.98
|
26.67
|
|
|
|
|
|
|
DG10-418C
|
0.00
|
118.87
|
118.87
|
0.52
|
83.20
|
including
|
88.59
|
114.30
|
25.71
|
1.04
|
17.99
|
|
|
|
|
|
|
DG10-419C
|
30.34
|
65.53
|
35.19
|
0.82
|
24.63
|
and
|
79.09
|
201.17 [eoh]
|
122.08
|
1.01
|
85.45
|
including
|
102.11
|
172.21
|
70.10
|
1.50
|
49.07
|
Notes:
1. �eoh� denotes
end of hole.
2. �True Width� is approximately 70% of �Length�.
All fifteen drill holes intersected
substantial thicknesses of strong gold mineralization at grades which
compare very favorably to the average grade of the resource as determined
by Wardrop in an updated mineral resource
estimate:
Table
2 - Wardrop 2011 Resource Estimate, Eagle Gold
Deposit:
Resource
Classification
|
Tonnes
(*1000)
|
Grade
(g
Au/tonne)
|
Au
(ounces *1000)
|
Indicated
|
222,194
|
0.68
|
4,861
|
Inferred
|
77,931
|
0.60
|
1,494
|
QA/QC Procedure
Samples were delivered to the ALS
Minerals sample preparation facility in Whitehorse,
Yukon, and the analytical
determinations were performed in their North
Vancouver, British Columbia
laboratory. All samples from this drilling program were managed within
the context of Victoria�s
Quality Control/Quality Assurance program. �
The technical content of this news
release has been reviewed as accurate by Ted
Wilton, CPG and PG, Vice President of Exploration, Victoria
Gold Corp, as the Qualified Person.
About Victoria Gold Corp
Victoria's
strategy is to maximize shareholder value by advancing the Eagle Gold
deposit to production, and exploring our pipeline of projects in Yukon
and Nevada.
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.
FOR FURTHER
INFORMATION PLEASE CONTACT:
Victoria Gold Corp.
Katie Fedorowicz,
MBA
Investor Relations
Coordinator
416‐866‐8800 Ext. 226
416��866��8801
(FAX)
kfedorowicz@vitgoldcorp.com
www.vitgoldcorp.com
|