- Victory Goldfields (1VG) completes phase one diamond drilling at the Coodardy, Emily Wells and Eaglehawk projects in Western Australia
- Drilling began in mid-August to test the continuity and depth extensions of historical drilling and known mineralisation
- Samples have been sent to the laboratory for analysis with assay results expected later this month or early next month
- Phase two drilling is set to begin shortly with primary focus on the Coodardy and Eaglehawk projects
- Victory ends the day 1.67 per cent in the red with shares trading at 29.5 cents
Victory Goldfields (1VG) has completed phase one diamond drilling at the Coodardy, Emily Wells and Eaglehawk projects in Western Australia.
Drilling began in mid-August to test the continuity and depth extensions of historical drilling and known mineralisation.
There has been no previous diamond drilling undertaken at these tenements.
Samples have been sent to the laboratory for analysis with assay results expected later this month or early next month.
Phase two diamond drilling is planned to consist of roughly 5000 metres with primary focus on the Coodardy and Eaglehawk projects.
Six orientated and angled diamond holes were drilled at Coodardy under phase one with Victory intersecting favourable gold mineralisation.
As a result, a further 16 orientated diamond holes have been planned for phase two.
Five orientated diamond holes were also drilled at Eaglehawk under phase one and depending on results, a further 13 holes will be drilled under phase two.
Additionally, Victory is set to undertake 1800 metres of reverse circulation drilling shortly at the Emily Wells Project under the phase two program.
Executive Chairman Trevor Matthews is pleased drilling has been completed.
“It is very pleasing to have completed the phase one diamond drilling program within just seven weeks of listing and without any safety incidents,” Mr Matthews said.
“With core samples at the laboratory, the Victory board and management is looking forward to receiving and announcing the assay results from this first phase of exploration work on our advance projects.”
Victory has also acquired tenements PL21/772 and PL21/773 and now has a total of 50 granted tenements in the Cue goldfields region.
Furthermore, a gold in soil geochemical program is expected to begin on tenement PL20/2410 which has had no historical drilling.
Victory has ended the day 1.67 per cent in the red with shares trading at 29.5 cents in a $14.11 million market cap.