Victoria Hits Another Wide Gold Intercept at Santa Fe: 284 m
Grading 2.50 g/t
TORONTO, ON, January 12, 2010 - Victoria Gold Corp.
(VIT.TSX-V) (�Victoria� or the �Company�) is pleased to report assay
results from diamond drill hole BH-3 at the Santa Fe gold exploration
project, Nevada. The results are summarized below:
Drill Hole BH-3 Gold Assay
Summary Table:
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From
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To
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Interval
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Grade
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(m)
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(m)
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(m)
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g/t
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2.9
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286.8
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283.9
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2.50
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incl
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31.1
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64.3
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33.2
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3.19
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incl
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118.6
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153.3
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34.7
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7.68
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incl
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142.0
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153.3
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11.3
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11.46
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incl
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208.8
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218.8
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10.1
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3.77
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307.1
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315.2
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8.1
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3.67
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355.4
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361.5
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6.1
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2.35
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Notes:
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1
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Poor recovery from 3 to 168
meters.
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2
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Interval 2.9 to 286.8 meters
includes narrow zones with <300 ppm (167.6 to 170.8 m, 181.4 to
184.4 m, 187.5 to 192 m, 251.2 to 252.8 m, 266.1 to 267.6 m).
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3
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Numbers may not add up due to
rounding
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�Similar to drill hole BH-2�s interval of 309 m grading
2.25 g/t reported on October 22, 2009, BH-3 returned a very wide interval
of gold mineralization; importantly, BH-3 also contained a higher-grade
mineralized block having a minimum of 11.3 m grading 11.46 g/t which
Victoria views as very encouraging�, said Chad Williams, President, CEO,
and Director.
Gold mineralization in BH-3 (azimuth 90�, inclination, -45�), is
contained in a thick package -- which remains open along strike and down
dip -- of mineralized blocks within a post-mineral fault zone.
Mineralized fracture systems in the highest-grade blocks of BH-3 are in
two �sooty� sulfide sets, which show structural angles of about 30� to
35� and 50� to 70� to the core axis indicating that the hole was likely
dr illed across the mineralized zones and thus not down their dip.
The true thickness of the mineralization intersected by BH-3 is not known
at this time due to insufficient drilling to date. A diagram of the
location of BH-3 can be found at www.vitgoldcorp.com.
The distance between BH-2 and BH-3 is estimated to be 65m or more,
measured from the bottom of both holes.
Drilling of core hole BH-4 at Santa Fe is in
progress. This hole is intended to probe for higher-grade gold
mineralization to the north-east of the existing Santa Fe open pit.
Another core drill rig is being mobilized to the property to accelerate
exploration.
Santa Fe Background
Victoria has the
right to earn from Homestake Mining Company of California, an indirect
subsidiary of Barrick Gold Corporation (ABX-TSX, ABX-NYSE), up to a 70%
interest in the Santa Fe gold property, which is comprised of 24 patented
claims and 226 unpatented claims, by incurring exploration expenses in an
aggregate amount of at least US$6.5 million over a six year period.
Victoria has also staked 42 unpatented claims within the Area of Interest
adjacent to the Santa Fe project. Barrick Gold Corporation does not have
a back-in right with respect to the Santa Fe project. A summary table of
historical drilling at the Santa Fe property can be found at www.vitgoldcorp.com
Victoria�s e xploration activities on the Santa Fe property started in
the summer of 2009. Drill hole BH-1 returned 1.34 g/t over 47.6m as
reported in a press release of the Company dated September 16th, 2009.
Drilling of BH-3 was carried out using HQ and NQ-sized core. The
assays were prepared, processed and assayed by Inspectorate in Reno,
NV. The cut-off grade for exploration purposes used by Victoria at
the Santa Fe project is 300 ppb. Assaying was done by fire assay
with an atomic absorption (�AA�) finish, and samples with AA results
greater than 3,000 ppb were re-run by fire assay with gravimetric finish.
Standards, blanks, and duplicate assays were also run for QA-QC in the
286.8 meter interval. The intended depth of BH-3 was 760 m, but the
hole was lost at a down-hole depth of 413 m due to bad ground.
The technical contents in this press release were reviewed by Nancy J.
Wolverson, Independent Consulting Geologist. She reviewed th e analytical
results and the QA/QC procedures in place at the facilities of the
Company and the analytical laboratory. 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 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
Neither
the TSX Venture Exchange / nor its Regulation Services Provider accepts
responsibility for the adequacy or accuracy of this release. 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,
conti nued 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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