The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
VIT: TSX-V
President and CEO: Chad Williams
Board Chairman: T. Sean Harvey
Chief Geologist: Marcus K. Johnston, Ph.D.
Victoria Gold Corp., organized in 1981, is a gold exploration company focused on value growth per share through efficient exploration, project development, accretive acquisitions and effective marketing.
Its strategy is to maintain a low-risk profile through project diversification and sound financial management and by operating in secure jurisdictions like Yukon Territory.
In June 2009 the Toronto-based junior merged with Vancouver explorer StrataGold Corp, which owned Dublin Gulch gold project in central Yukon.
This boosted the NI 43-101 gold resources that Victoria has acquired in the past year to 4.4 million ounces at a cost of C$3 per ounce.
It now owns five core projects in Yukon and Nevada, a joint venture gold project in Guyana with a Newmont Mining Co. subsidiary, and 10 pipeline gold projects.
Victoria is focused on exploring its Eagle Gold (formerly Dublin Gulch) Project.
Eagle Gold, located about 48 kilometers, or 30 miles, northeast of Mayo, has a huge NI 43-101-compliant probable Reserve of 1.75 million ounces of gold contained in 66.14 million metric tons of ore grading 0.823 g/t.
The Eagle Gold deposit is believed to be a geological twin to the Fort Knox Mine near Fairbanks, Alaska.
Fort Knox is owned by Kinross Gold Corp., which also is Victoria's largest shareholder, holding 28 percent of the company's outstanding common shares.
Exploration drilling re-started at Eagle in the spring after a winter break.
Two core drills were currently evaluating the extent of mineralization about 500 meters west of the existing main Eagle orebody.
If successful, this could represent a roughly 25 percent extension to the known strike length of the Eagle resource.
Victoria said the Olive and Shamrock targets, located within trucking distance of the Eagle deposit, will then be drilled in an attempt to define new zones of gold mineralization that could be incorporated into an expanded mine production scenario.
The company planned to spend about C$5 million on exploration at Eagle in 2010, which is the largest amount ever spent on the property in a field season.
The 2010 summer work program at Eagle also includes environmental baseline data collection and geotechnical and condemnation drilling.
The explorer also planned to follow the pre-feasibility study released in March with initiation of a feasibility study on the Eagle deposit in the fourth quarter of 2010.
The property also hosts the Mar tungsten deposit, which has an NI 43-101-compliant indicated resource of 86.2 million pounds of tungsten trioxide in 12.7 million metric tons grading 0.31 percent, using a 0.10 percent cutoff grade.
The deposit also boasts an inferred resource of 8.9 million pounds WO3 grading 0.30 percent.
Cash and short-term deposits: C$21.7 million (at May 31, 2010)
Working capital: C$19.59 million (at May 31, 2010), plus C$28.78 million (raised in August 2010 public offering)
Market capitalization: C$258.69 million (Sept. 10, 2010)
80 Richmond St. West, Suite 303 Toronto, Ont. Canada M5H 2A4
Tel: 416-866-8800 Fax: 416-866-8801
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