TORONTO, ONTARIO--(Marketwire -09/18/11)- Victoria Gold Corp. (TSX-V: VIT.V - News) ("Victoria" or the "Company") is pleased to announce that it will undertake an exploration drilling program at its Mill Canyon, Nevada project, which is contiguous with Barrick Gold's Cortez Hills and Pipeline gold mines. This drilling program, which will test one of several high-quality exploration targets on the Company's 6,900 acre property, is scheduled for early October, 2011.
About the Mill Canyon Project
Victoria's Mill Canyon gold project is located in north-central Nevada, approximately 175 miles (280 kilometers) east-northeast of the city of Reno, and 60 miles (100 kilometers) southwest of Elko. The project is situated at the southern end of the Cortez Mountains. Victoria's property comprises patented and unpatented mining claims that cover an area of approximately 6,900 acres (28 square kilometers) on the northern side of the Battle Mountain - Eureka mineral belt (Cortez trend), which is one of the world's most prolific and prospective gold provinces. The Mill Canyon project adjoins Barrick Gold's world-class Cortez Hills gold mine and the Cortez Pediment project and is along the most productive and prospective part of the Cortez trend between the Pipeline gold mine (6 kilometers to the northwest) and the Red Hills and Gold Rush discoveries (3 to 4 kilometers to the southeast), which are the newly discovered gold deposits that Barrick reported on very recently.
The geologic characteristics of Victoria's Mill Canyon project, display strong similarities with the adjacent Cortez Hills and Pipeline mines, the former Horse Canyon gold mine (which adjoins the southeast boundary of the Mill Canyon project), Barrick's newly announced discoveries at Red Hill and Gold Rush (located 3 to 4 kilometers southeast of Mill Canyon), and their Pediment project, which is contiguous with the southern boundary of the Mill Canyon project.
Victoria's ongoing geological work at Mill Canyon has recently concentrated on the region of the Erwin target in the central portion of the project area. Although this area received little attention from previous workers, it has been determined to have very good potential for the discovery of large-scale "Carlin-style" gold deposits, as indicated not only by the strong gold results from rock-chip (up to 78.2 grams per tonne) samples and very strong gold anomalies (up to 420 parts per billion gold) in soil samples in the target zone, and by historical regional exploration drilling that encountered significant gold mineralization in one hole that was never followed-up on. Drill hole DML-7, which encountered a 9 meter interval that averaged 2.3 grams of gold per tonne and was drilled by Santa Fe Pacific Gold, encountered strong gold mineralization in carbonate host rocks of the Lower Plate of the Roberts Mountain thrust fault system, which are the same rock units that host the extensive gold deposits throughout northeastern Nevada, including the Carlin trend mines, Jerritt Canyon and at the Pipeline and Cortez Hills mines.
Victoria's drill program will test the extent of the mineralization encountered in the historical drill hole at the Erwin target, as well as other mineralized zones in the central part of the Mill Canyon project that have been recently outlined by Victoria's work. This first phase of exploration drilling will be comprised of six to ten holes totaling approximately 15,000 feet (4,600 meters).
Geochemical sample results cited in this press release were obtained from "spot" rock chip samples and soil samples which were collected by Victoria Gold's geologic staff during the course of their detailed investigations of the Mill Canyon project. All samples were delivered by Victoria's personnel to the Sparks, Nevada laboratory of American Assay, Inc., who undertook the analytical determinations for gold and other elements. The drill hole assay data cited in this news release are historical in nature and have not yet been verified by Victoria Gold.
The technical content of this news release has been reviewed as accurate by Ted Wilton, CPG-7659, Vice President of Exploration of Victoria Gold Corporation, as the Qualified Person.
Victoria Gold Corp. is a Canadian based gold exploration and development company focused on advancing its flagship project, the Eagle Gold Deposit, located on the 100% owned Dublin Gulch property in the Yukon, Canada, to production. The company also continues to explore its other core projects in Yukon and Nevada. For more information please visit the company's website at www.vitgoldcorp.com.
Cautionary Language and Forward-Looking Statements
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this discussion, other than statements of historical facts, that address future exploration drilling, exploration activities, anticipated metal production, anticipated dates for the completion of work performed by external consultants, internal rate of return, estimated ore grades, commencement of production estimates and projected exploration and capital expenditures (including costs and other estimates upon which such projections are based) and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include metal prices, exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Accordingly, readers should not place undue reliance on forward-looking statements.
This news release and the information contained herein does not constitute an offer of securities for sale in the United States and securities may not be offered or sold in the United States absent registration or exemption from registration.
Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.