Bender's Profile
Bender's Posts
TORONTO, ONTARIO--(Marketwire - Oct. 5, 2010) - Victoria Gold Corp. (TSX VENTURE:VIT) ("Victoria" or the "Company") is pleased to provide exploration results from the Santa Fe gold exploration property located in Mineral County, Nevada.
Victoria completed five additional diamond drill core holes at Santa Fe bringing the total number of holes drilled by the Company on this property to twelve. Selected significant intercepts from these newest holes drilled into the BH zone are shown below (BH-8 is discussed later in this release):
--------------------------------------------------------------
--------------------------------------------------------------
BH Zone Selected Significant Gold Intercepts
--------------------------------------------------------------
From (m) To (m) Interval (m) Grade (g/t)
--------------------------------------------------------------
BH-7 44.8 96.9 52.1 1.41
Plus 429.2 551.1 121.9 1.23(ii)
BH-9 87.8 107.6 19.8 1.93
Plus 116.7 154.8 38.1 2.31
BH-10 129.2 157.9 28.7 1.91
Plus 316.7 366.8 50.1 1.00
BH-11A 84.7 98.9 14.2 2.47
(ii)includes a single 1.5 m interval with less than 0.30 g/t
gold
Minimum grade equal to 0.30 g/t gold
True thickness of the individual intervals is unknown
--------------------------------------------------------------
--------------------------------------------------------------
Detailed assay data and drill hole location maps for these holes can be found at http://www.vitgoldcorp.com/">www.vitgoldcorp.com.
"The size of the known gold mineralized envelope in the BH area grew -- especially to the south-east -- through these drill results", commented Chad Williams, CEO, President, and Director. "The information gained from these holes added significantly to our understanding of the gold mineralizing system in the BH area and we were pleased to continue encountering multiple assays over 1 g/t gold over significant drill intervals in all the recently completed drill holes."
Diamond drill holes BH-7, BH-9, BH-10, and BH-11A were designed to further define the geometry of the BH zone and more fully understand the implications of post mineralization faulting in the immediate area.
-- BH-7 was successful in intersecting two mineralized zones (52.1 m of
1.41 g/t gold and 121.9 m of 1.23 g/t gold).
-- BH-9 intersected significant gold values in the upper 141 m including 38
m of 2.31 g/t gold; this hole was designed to cross the strike of the
post-mineral fault zone intersected in previously drilled and reported
holes BH-2, BH-3, and BH-6.
-- BH-10 targeted extensions of the mineralization to the east of the
existing open pit and intersected an upper zone (28.7 m grading 1.91 g/t
gold) and a lower zone (50 m grading 1.0 g/t gold) before ending in
granite.
-- BH-11A targeted extensions of the BH-7 mineralization.
BH-8 was an important step-out hole since it was collared approximately 500 m west of the main BH zone mineralization. This was the first hole drilled by Victoria in this area. The Company views the drilling of BH-8 as a success since it extended the gold mineralization below the existing open-pit and confirmed the gold mineralization intersected by a nearby historic hole.
The BH-8 gold assays are shown below:
------------------------------------------------------
From (m) To (m) Interval (m) Grade (g/t)
143.6 149.7 6.1 1.52
Plus 181.7 184.7 3.0 2.18
Plus 187.8 195.4 7.6 0.48
Plus 204.5 217.9 13.4 0.81
Plus 219.5 222.5 3.0 0.66
Plus 238.0 257.9 19.8 0.88
Plus 259.4 270.1 10.7 1.16
Plus 271.6 303.6 32.0 0.81
Plus 318.8 342.6 23.8 0.86
Plus 392.4 395.0 2.6 1.08
Note: All intervals with greater than or equal to
3.0 m at greater than or equal to 0.300 g/t
gold
Minimum grade is 0.300 g/t gold, with no waste
included
Poor core recovery from 0-63.4 m depth
True thickness of the individual intervals is
unknown
------------------------------------------------------
Next Steps at Santa Fe
Exploration by Victoria at Santa Fe remains at an early stage. Alteration and elevated gold values occur in many different areas throughout the large 1,670 square km property. In addition to drilling, Victoria plans to initiate geophysical and geochemical surveys to better define areas that have the potential to host significant gold mineralization both near surface and at depth in the BH area and elsewhere on the property, culminating in the calculation of a National Instrument ("NI") 43-101 resource calculation in 2011.
Santa Fe Background
Victoria has the right to earn from Homestake Mining Company of California, an indirect subsidiary of Barrick Gold Corporation (TSX:ABX)(NYSE:ABX), up to a 70% interest in the Santa Fe gold property, which comprises 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. Cumulative expenditures against the US$6.5 million earn-in are approximately US$3.0 million. Victoria has also staked 42 unpatented claims within the Area of Interest for the Santa Fe project. Homestake Mining does not have a back-in right with respect to the Santa Fe project.
Wouldn't it be nice if there were some great new results to talk about at these events? Hopefully news will be out soon...
September 12-15, 2010
Chad will be presenting at the Rodman & Renshaw Annual Global Investment Conference, at the New York Palace Hotel, in New York, NY on September 14th at 9:10am.
The webcasting links are located on their website at www.rodm.com/conferences under "Conference Webcasting" button
September 16-17, 2010
Chad will be in Montreal attending the Energy & Mines Ministers Conference at the Hotel OMNI, Salon Pierre-de-Coubertin
September 19-22, 2010-
Victoria Gold Corp will be attending the Denver Gold Show at the Hyatt Regency, Colorado Convention Center, Denver
Sun Valley Gold LLC ("Sun Valley") announced today that it has, on behalf of client accounts over which it has discretionary trading authority, acquired control and direction over 19,200,000 common shares ("Common Shares") of Victoria Gold Corp. ("Victoria Gold"). The Common Shares, which are beneficially owned by Sun Valley's clients, were acquired on August 24, 2010 as part of a public offering by Victoria Gold (the "Offering") of a total of 41,112,500 Common Shares for a subscription price of $0.70 per share. Following the completion of the Offering, Sun Valley exercises control and direction over an aggregate of 36,306,070 Common Shares and 2,777,500 common share purchase warrants ("Warrants") on behalf of client accounts over which it has discretionary trading authority. The 36,306,070 Common Shares over which Sun Valley exercises control and direction represent approximately 13.2% of Victoria Gold's issued and outstanding Common Shares. If exercised, the 2,777,500 Warrants over which Sun Valley exercises control and direction would, together with the 36,306,070 Common Shares over which Sun Valley exercises control and direction, represent approximately 14.1% of Victoria Gold's issued and outstanding Common Shares (after giving effect to the exercise of such Warrants, but not the exercise of any other convertible securities issued by Victoria Gold). The Common Shares were acquired for investment purposes. Sun Valley and its clients may increase or decrease their ownership of securities of Victoria Gold depending upon future market conditions. FOR FURTHER INFORMATION, OR TO OBTAIN A COPY OF THE EARLY WARNING REPORT FILED BY SUN VALLEY UNDER APPLICABLE SECURITIES LEGISLATION, PLEASE SEE THE CONTACT INFORMATION BELOW. SOURCE: Sun Valley Gold LLCContacts: Sun Valley Gold LLC Mr. Peter F. Palmedo President (208) 726-2327 (208) 726-2469 (FAX)
TORONTO, ONTARIO--(Marketwire - Aug. 24, 2010) - Victoria Gold Corp. (TSX VENTURE:VIT) ("Victoria" or the "Company") announces that the equity financing ("Offering") announced on July 29, 2010 has closed, providing gross proceeds of $28,778,750 to the Company. Victoria plans to use the net proceeds from the Offering for project development -- notably the advancement of a decline and level development into the Helen Zone at the Cove Gold Project in Nevada (upon receipt of permits), exploration at the Company's Nevada and Yukon gold projects, and for general corporate purposes. GMP Securities L.P., acted as lead underwriter in connection with the offering for a syndicate of underwriters that includes Cormark Securities Inc., Wellington West Capital Markets Inc., NCP Northland Capital Partners Inc., Paradigm Capital Inc., Raymond James Ltd., RBC Dominion Securities Inc., and Scotia Capital Inc.
Annual Special Meeting Results
At the August 19, 2010 Annual and Special Meeting of the Company, the Shareholders' Rights Plan ("Plan") was approved. The Plan is expected to take effect on August 27, 2010.
The purpose of the Plan is to provide the board of directors and shareholders with additional time to properly consider any hostile takeover bid that may be made for the Company and to allow for competing bids and alternative proposals to emerge.
The shareholders have also re-elected Mr. T. Sean Harvey, Mr. Chad Williams, Mr. John McConnell, Mr. Hugh Agro, Mr. Michael McInnis and Mr. Leendert Krol to serve as directors of the Company.
Exploration Status
At the Dublin Gulch gold project in the Yukon, Victoria has drilled 28 holes totaling about 6,200 metres since the commencement of the 2010 exploration campaign in June 2010. These holes were drilled mostly in the Eagle, Olive, Shamrock, and Steiner zones to date. Due to the unusually heavy volume of exploration activity in the Yukon, assay turnaround has been slower than expected. The purpose of the 2010 exploration campaign on the large Dublin Gulch property is to add gold mineralization to the existing Eagle pit design, define new zones of gold mineralization within economic trucking distance of the planned Eagle infrastructure, and delineate potential drill targets on other parts of the property.
At the Santa Fe Gold Project in Nevada, Victoria has drilled four holes (BH-7 to BH-10) totaling roughly 2,200 metres since the Company's Phase 2 exploration program began in June 2010. Hole BH-11 is down to about one-third its planned depth. The purpose of the Phase 2 exploration program at Santa Fe is to gain information on the size and orientation of potentially economic gold zones located adjacent to the existing Santa Fe open pit.
Personnel Appointment
Victoria is pleased to announce the appointment of Mark Ayranto as Vice President, Yukon. Mr. Ayranto has extensive experience in permitting and community relations, two areas of near-term focus at the Eagle Gold Project.
About Victoria
Victoria is a high-growth gold company with a focus on adding value per share through efficient exploration, project development, and accretive acquisitions. Maintaining a low risk profile through project diversification, sound financial management, and operating in secure jurisdictions are key priorities for Victoria's management team.
About Dublin Gulch
The Dublin Gulch property contains the Eagle Gold Deposit which hosts a National Instrument 43-101 compliant Probable Reserve of 1,751,000 ounces of gold contained in 66,141,000 tonnes of ore grading 0.823 g/t calculated at a gold price of $900/oz. On March 9, 2010 Victoria released the results of an independent pre-feasibility study demonstrating robust economics at Eagle under an open-pit mining scenario at that same gold price with average annual gold production of roughly 170,000 ounces at a total cash cost of about US$500/oz. The Dublin Gulch property is road accessible year-round and is situated in the Mayo Mining District of Yukon Territory, Canada. Dublin Gulch is 100% owned by Victoria and covers an area of 34,576 hectares.
About Santa Fe
Victoria has the right to earn from Homestake Mining Company of California ("Homestake"), an indirect subsidiary of Barrick Gold Corporation, up to a 70% interest in the Santa Fe gold property, which comprises 24 patented claims and 226 unpatented claims, by incurring exploration expenses in an aggregate amount of US$6.5 million over a six-year period. Victoria has also staked 42 unpatented claims within the area of interest for the Santa Fe project. Homestake does not have a back-in right with respect to the Santa Fe project.
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, 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Victoria Gold Corp.
Chad Williams, P. Eng
President, CEO, and Director
416-866-8800 ext 230
cwilliams@vitgoldcorp.com
Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.