Victoria Announces That Drilling at Summit Gold
Project is Underway
TORONTO, ON, October 29, 2009 - Victoria Gold Corp. (VIT.TSX-V)
(�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 Mounta in 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 conduc t 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.
About Victoria
Victoria Gold Corp. 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
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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.
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