Victoria Gold, an emerging gold producer, has announced additional drill results from its reconnaissance campaign at its Eagle Gold Deposit located in Yukon Territory, Canada.
The drill results were released subsequent to the prior drill results from the reconnaissance campaign, which comprised 47.2 m of 2.1 g/t gold, and after the conclusion of the feasibility study for the Eagle Project.
The aim of the drilling campaign is to study the untested regions within the open pit limits. The latest results indicate the possibility of continued gold resource expansion. Further drilling will be done to define gold mineralization extensions. The company has extended a number of holes to study the mineralization beneath the open pit limits. Drill hole DG12-482C intersected 7.5 m of 1.15 g/t gold and 4.5 m of 1.52 g/t gold beneath the planned pit limits.
Victoria Gold’s President and CEO, John McConnell stated that the latest drilling results have proved that the Eagle deposit has not been completely outlined and its full potential has not been realized yet.
The exploration program, which commenced in November 2011, is planned for 17,000 m of drilling. So far, 37 holes have been done for 11,822 m. These holes were drilled to get an enhanced understanding of the Eagle gold deposit, particularly to discover fresh mineralization, enhance mineable grades and optimize mine scheduling.
Other objectives comprise regrouping of grade blocks from indicated and inferred resource, thereby improving the understanding of oxidation and alteration controls and distribution. The drilling campaign is expected to be completed in the Q3 of 2012. Additional data is likely to be included in a reserve model and revised resource.
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