- Victory Mines (VIC) intersects further high-grade gold and copper from its third phase reverse circulation (RC) drilling program at its Coogee Gold Project in Western Australia
- Drilling was designed to define the northern extensions of the two gold-copper trends and develop a greater understanding of the copper-gold porphyry target
- The company has now received all results from the phase three drilling program with new results peaking at 16.15 grams of gold per tonne (g/t) and 1.71 per cent copper
- Victory will now engage a consulting group to produce a 3D model of Coogee to target areas of interest for further drilling programs
- Shares in Victory are up 25 per cent on the market and are trading at 0.3 cents at 12:28 pm AEDT
Victory Mines (VIC) has intersected further high-grade gold and copper from its third phase reverse circulation (RC) drilling program at its Coogee Gold Project.
The Coogee Project lies roughly 55 kilometres southeast of Kalgoorlie in Western Australia and consists of four tenements that cover 17 square kilometres.
It has a JORC 2012 indicated and inferred mineral resource estimate of 224,000 tonnes at 4.1 grams of gold per tonne (g/t) and an ore reserve of 109,999 tonnes at 5.1g/t gold for 18,000 ounces.
Victory has now received all results from the 51 holes drilled under the phase three program.
The phase three program was designed to define the northern extension of the two gold-copper trends and develop a greater understanding of the copper-gold porphyry target at Coogee North.
New results include four metres at 9.34g/t gold from 175 metres, including two metres at 16.15g/t gold from 176 metres, two metres at 9.86g/t gold and 1.71 per cent copper from 125 metres.
Executive Director Matthew Blake commented on the results.
“We have now received further encouraging gold-copper results from our third phase RC drilling program which continues to further refine the Coogee geological and mineralisation model,” Mr Blake said.
“In particular, the identification of potential new high-grade gold shoots is important as we continue our exploration drilling to discover an attractive high-grade underground gold-copper resource at depth.”
Victory will now engage a leading consulting group to produce a 3D model for Coogee to target areas of interest for further drilling and to define a global estimate of the tonnages and grades.
Shares in Victory were up 25 per cent on the market and were trading at 0.3 cents at 12:28 pm AEDT.