VIT: TSX.V
Chairman: T. Sean Harvey
President and CEO: John McConnell
Executive Vice President: Mark Ayranto
Victoria Gold Corp. is focused on the exploration and development of its Dublin Gulch property in central Yukon Territory. The Eagle gold deposit at Dublin Gulch is permitted to begin mine construction. According to a feasibility study completed in 2012, an open-pit mine and valley heap leach operation at Eagle would produce 192,000 ounces of gold annually for roughly nine years, based on probable reserves of 92 million metric tons averaging 0.78 grams per metric ton (2.3 million ounces) gold. Including indicated and inferred resources, the Eagle deposit contains an estimated 6.3 million ounces of gold. While the company has permits in hand to begin development of Eagle Gold, the company’s 2014 work focused on exploration of the Olive zone. Located about 2.5 kilometers (1.5 miles) northeast of Eagle Gold, the Olive zone has the potential to add at least 10 million metric tons of higher grade material to the mine plan at Eagle. Olive has long been known to host high-grade gold veins. Victoria first drilled the zone in 2010, cutting 20.3 meters grading 1.93 grams per metric ton gold and 41.1 meters of 0.96 g/t gold in hole DG10-384C. A small drill program completed in 2011 and 11 holes drilled in 2012 continued to confirm the potential of the Olive zone. To follow up on this potential, Victoria launched a 3,000-meter, phase-1 2014 program in May. This initial phase of drilling included 20 holes, three of which were used solely for metallurgical testing. Highlights from this drilling include 69.7 meters of 2.29 g/t gold in hole DG14-584C; 96.1 meters of 1.22 g/t gold in DG14-586C; 99 meters of 1.02 g/t gold in DG14-588C; 35.3 meters of 1.67 g/t gold in DG14-590C; and 89.6 meters of 1.18 g/t gold in DG14-600C. Victoria engaged Kappes Cassidy & Associates to complete metallurgical testing on Olive samples. Initial tests included 96-hour bottle roll tests on three composite oxide and three composite sulfide samples. All samples were tested using a crush size to match the proposed crushing facility at Eagle. While the 61 percent recovery on the oxide samples is less than recoveries on Eagle ore, Victoria said the higher gold grades at Olive more than offsets the lower recoveries, netting a higher recovered grade from Olive. Following the success of this initial phase of drilling and metallurgical work, Victoria began a 5,000-meter phase-2 program in late July. The phase-2 program aims to provide sufficient drilling to be able to update the Eagle feasibility study to include a mine plan with additional ore from Olive. In addition to infill and step-out exploration drilling, the phase 2 program included geotechnical drilling to develop a feasibility study level mine plan and additional metallurgical testing for feasibility study level gold recovery engineering.
Cash and short-term deposits: C$12.2 million (May 31, 2014)
Working capital: C$19 million (May 31, 2014)
Market capitalization: C$42.5 million (Oct. 1, 2014)
Suite 303 - 80 Richmond St. West
Toronto, Ont. Canada M5H 2A4
Tel: 416-866-8800 • Fax: 416-866-8801
www.vitgoldcorp.com
