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Victoria reports long gold intercepts from Raven target



Victoria Gold’s Eagle gold mine Credit: Victoria Gold

Victoria Gold has released assays for the final 13 drilholes from this year’s exploration program at the Raven target within its wholly owned Dublin Gulch property in the Yukon. These intercepts feature long intervals of gold mineralization, which, according to the release, are typical for Raven.

Drill highlights include 19 metres of 3.95 g/t gold from 90.4 metres, within a 174.2-metre section of 0.76 g/t gold; 10.5 metres of 2.13 g/t gold from 183.1 metres, within a 126-metre section of 0.68 g/t gold; and 50.8 metres of 1.63 g/t gold starting at 121.5 metres, in a 107.2-metre section of 0.92 g/t gold.

“Raven continues to deliver high-grade, near-surface gold intervals,” John McConnell, the company’s president and CEO, said in a release. “Raven is one of several targets identified through application of the Potato Hills Trend Mineralization Model. Results from this geological model highlight the extensive mineral potential of the Dublin Gulch gold camp.”

McConnell added that the Raven mineralization remains open, and the target will be a major focus of Victoria’s exploration work next year.

Overall, this year’s campaign tripled the strike extent of this zone, increasing it by over 750 metres.

Over the course of the field season, the company completed diamond drilling, surface trenching, mapping and soil geochemical surveys over the area. Victoria also collected oriented core, which, together with detailed core logging and surface mapping, will be used to vector in on controls to the mineralization.

In a note to investors, Andrew Mikitchook of BMO Capital Markets wrote that the “Exploration results from Raven continue to support the probability of a second mining centre 13 km to the east of Eagle.”

The mining analyst has a $21 price target and ‘outperform’ rating on the stock.

Victoria Gold wholly owns the 555-sq.-km Dublin Gulch property, which also includes the operating Eagle gold mine. On Friday, the company also reduced the production guidance for Eagle for the second half of this year. Based on its third-quarter output, the miner has revised its production guidance for the year down to 72,000 to 77,000 gold oz., at all-in sustaining costs of US$1,175 to US$1,275 per oz. This compares with its prior guidance for 85,000 to 100,000 oz. at all-in sustaining costs of US$950 to US$1,100 per oz.

For more information, visit www.VGCX.com.


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