Join our daily newsletter At The Bell to receive exclusive market insights
- Victory Mines (VIC) receives encouraging results from phase three drilling at the Coogee Gold Project in Western Australia
- The results come from one-metre and four-metre samples and continue to strengthen and confirm down-dip extensions of gold and copper
- Drilling has intersected high grades including up to 5.99 grams of gold per tonne (g/t) gold and 1.56 per cent copper as well as broad intervals of 1.44g/t gold over 32 metres
- Victory has now drilled 122 holes over the three-phased program which have successfully outlined mineralisation that spans a one kilometre strike
- Company shares closed up 25 per cent to trade at 0.3 cents on August 26
Victory Mines (VIC) has received further encouraging results from samples taken from the Coogee Gold Project in Western Australia.
These four-metre and one-metre composite samples were collected as part of a third phase reverse circulation (RC) drilling program.
Drilling included 51 holes, for 7199 metres, to continue to define the northern extension of two gold-copper trends north of the Coogee pit. The program also aimed to provide more information on a known copper-gold porphyry target at Coogee North.
New four-metre composite results include 32 metres at 1.44 grams of gold per tonne (g/t) from 108 metres including eight metres at 3.93g/t gold, eight metres at 3.59g/t gold and 0.44 per cent copper from 124 metres, including four metres at 5.99g/t gold and 0.48 per cent copper.
Best and latest one-metre results include 22 metres at 1.11g/t gold and 1.56 per cent copper from 160 metres, and five metres at 2.96g/t gold and 0.71 per cent copper from 103 metres, including three metres at 4.22g/t gold and 0.98 per cent copper.
Victory Mines said these results were highly encouraging and continued to strengthen and confirm the down-dip extensions of gold and copper mineralisation at the Coogee Main and Coogee Eastern trends.
The company has now received four-metre sample results for 34 holes and is waiting on results for the remaining 17 holes.
So far Victory has drilled 122 holes, for 16,751 metres, across three phases of RC drilling. This drilling successfully outlined mineralisation within a broad copper-gold system that spans one kilometre.
Company shares closed up 25 per cent to trade at 0.3 cents on August 26.
