Canadian Mining Journal


GOLD: Victoria Gold boosts Eagle’s ounces and grade

YUKON – Victoria Gold Corp. has increased the tonnage, gold grade and ounces in the measured and indicated category at its Eagle deposit in the Yukon, where the Toronto-based company expects to start pouring gold in the second half of 2019.

Once in production, the open pit deposit will produce about 200,000 oz. of gold a year for more than a decade, according to a 2016 feasibility study, and will be the largest gold mine in the Yukon’s history.

The resource update boosts Eagle’s ounces of gold in the measured and indicated resource by 12.4% and the gold grade by 2.4%.

The updated resource incorporated 58 new diamond drill holes completed since the feasibility study, and has added 450,000 oz. of gold to the project, the company says.

Eagle now contains 198.72 million measured and indicated tonnes grading 0.64 g/t gold for 4.08 million oz. of gold. Inferred resources add 12.78 million tonnes averaging 0.49 g/t gold for 204,631 oz. of contained gold.

The latest resource for Eagle doesn’t include the Olive-Shamrock deposit, but the company intends to update that resource once all of the 2018 drill results are in hand. Based on the 2016 resource, Olive-Shamrock contains 9.5 million measured and indicated tonnes grading 1.08 g/t gold and 2.11 g/t silver for 329,000 oz. of contained gold and 645,000 oz. of contained silver. The inferred resource measures 7.3 million tonnes grading 0.89 g/t gold and 1.7 g/t silver for 210,000 oz. of gold and 402,000 oz. of silver.

The Eagle project, where construction is 60% complete, is part of Victoria Gold’s 100% owned Dublin Gulch gold property, about 375 km north of Whitehorse and about 85 km from the town of Mayo.

It is accessible by road year-round and commercial grid power is available about 45 km from the site. An airstrip suitable for commercial planes lies 80 km to the south.

A 250-person all-season camp is on site.

At press time Victoria Gold was trading at $0.37 per share within a 52-week trading range of $0.30 and $0.47.

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