- Victory Goldfields (1VG) begins diamond drilling across the Coodardy, Emily Wells and Eaglehawk projects in Western Australia
- The diamond drilling will test the continuity and depth extensions of historical drilling and known mineralisation
- Phase two drilling is set to be undertaken later in the year with 5000 metres of diamond drilling and 1800 metres of reverse circulation (RC) drilling planned
- Based on the results of this drilling program, follow up RC drilling will be undertaken
- Victory Goldfields ends the day in the grey with shares trading at 19.5 cents
Victory Goldfields (1VG) has begun diamond drilling across the Coodardy, Emily Wells and Eaglehawk projects in Western Australia.
The diamond drilling will test the continuity and depth extensions of historical drilling and known mineralisation.
Drilling will begin at the Coodardy Project with four diamond holes planned, for 400 metres, then move to Emily Wells and Eaglehawk.
Phase two drilling has been planned for later in the year with 5000 metres of diamond drilling and 1800 metres of reverse circulation (RC) drilling set to be undertaken.
The Coodardy Project lies 30 kilometres northwest of Cue and sits on the north-eastern edge of a granite greenstone sequence.
Historical work has intersected results of 14 metres at 4.6 grams of gold per tonne (g/t) and five metres at 2.4g/t gold.
Emily Wells hosts three historical mines with all situated along the northwest shear. Previous production peaked at 883 tonnes at 37.6g/t gold.
Eaglehawk has been partially mined to a depth of 59 metres and mineralisation remains open down dip. Face sampling by previous owners returned up to 10g/t gold.
Based on the results of this drilling program, follow up RC drilling will be undertaken.
Executive Chairman Trevor Matthews is excited to begin drilling.
“To commence auger drilling and diamond drilling programs within weeks of listing Victory in an excellent start,” Mr Matthews commented.
“These are the first diamond holes ever drilled in Victory’s advanced projects and the board is looking forward to the results from this initial phase to test known gold mineralisation and continuity based on historical drill results.”
Victory Goldfields has ended the day in the grey with shares trading at 19.5 cents in a $9.17 million market cap.