Victoria Gold (TSX: VGCX) this morning announced a maiden resource estimate for a deposit discovered on its property back in 2018. Referred to as the Raven Gold Deposit, the deposit is just 15 kilometres to the east of the firms Eagle Gold Mine.
The maiden resource estimate consists of 1,070,239 ounces of inferred gold, which is based on surface exploration and drilling conducted on the property from 2018 through to 2021. Data from the currently ongoing drill program at the deposit was not included in the estimate, with a total of 78 holes across 18,217 metres of drilling utilized to establish the resource.
The inferred estimate has a cut-off grade of 0.50 g/t gold, with the deposit consisting of just under 20.0 million tonnes at 1.67 g/t gold within an open-pit model.
Current drilling meanwhile has expanded the deposit 325 metres to the east of the deposit, with 25,000 metres of the drill campaign being undertaken this year focused on the Raven deposit.
“Raven is a new discovery made by our team in 2018 through geophysics, geochemistry, prospecting, trenching, and drilling along the contact of the Nugget intrusive, 15 kilometers east of Eagle. Follow-up exploration was hampered by COVID, yet in three exploration seasons we have identified a significant Resource,” said CEO John McConnell.
Victoria Gold last traded at $7.93 on the TSX.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
