Victoria Gold expands high-grade Raven

Victoria Gold Corp. Dec. 9 reported that its summer exploration program has expanded the near surface high-grade gold discovered at the Raven target on the company's Dublin Gulch property in the Yukon.

Situated about 13 kilometers (eight miles) northeast of Victoria's newly established Eagle Gold Mine, Raven is a 2018 discovery target that has the exploration company turned gold producer excited.

Raven is a target within the Nugget zone, which hosts the second largest known intrusive body on the Dublin Gulch property – the Dublin Gulch stock that hosts the Eagle Gold deposit is the largest.

One hole drilled at Raven last year, NG18-006C, cut 101.5 meters averaging 0.57 grams per metric ton gold from a depth of 3.4 meters. This long intercept included 33 meters of 1.03 g/t gold from 61.8 meters.

The Victoria Gold exploration team, however, are particularly excited by the results of trenching carried out at Raven late in the 2018 season.

Highlights from the 2018 trenching include:

• 124 meters of 3.51 g/t gold in TR18-33;

• 50 meters of 4.15 g/t gold in TR18-37; and

• four meters of 7.25 g/t gold in TR18-38.

This year, the Victoria exploration crew dug, mapped and sampled 37 surface trenches (5,402 meters) at Nugget. Roughly 3,300 meters of this trenching was completed on Raven, with the balance targeting the Southeast and Northwest areas of the Nugget zone.

Highlights from the 2019 trenching at Raven include:

• 10 meters of 6.64 g/t gold in TR-19-13;

• 12 meters of 7.91 g/t gold in TR-19-15; and

• 60 meters of 1.12 g/t gold in TR-19-07.

"The high-grade surface expression at Raven continues to produce strong results and has become a tier 1 target for future exploration efforts," said Victoria Gold President and CEO John McConnell.

In addition to the trenching, earlier this year the company reported results from nine holes at Raven this year. Highlights from this drilling include:

• 88.1 meters of 0.6 g/t gold from a depth of 28.8 meters in NG19-011C, including 2.8 meters of 7.72 g/t gold from 28.8 meter;

• 166.4 meters of 0.46 g/t gold from 29.4 meters in NG19-12C, including 5.9 meters of 4.48 g/t gold from 65.9 meters; and

• 139.3 meters of 0.41 g/t gold from 14.1 meters in NG19-13C, including one meter of 9.9 g/t gold from 72.5 meters.

"Raven is located along a large intrusive body, second only to the Dublin Gulch Stock which hosts the Eagle Gold Mine. Given our extensive knowledge of the surface expression and the local geology we are excited to watch this target grow considerably in size," McConnell added.

A primary focus for future exploration will be to the south and southeast of Raven within a recessive overburden covered area that strikes north-south into Raven. Assay results from roughly 3,500 soil samples collected from this lineament are pending.

Detailed evaluation of Raven mineralization is ongoing by Victoria's geological team following up on the meter scale trench mapping conducted in 2019. Raven structural mapping is currently being integrated with geophysical, Lidar and soil geochemical interpretations.

Results of this work will help guide future exploration in these areas.

Eagle Gold technical report

Victoria Gold also said a technical report supporting the increased gold reserves for the Eagle Gold Mine is now available on the company's website and under the company's profile on SEDAR (System for Electronic Document Analysis and Retrieval), an electronic filing system that allows listed companies in Canada to report their securities-related information.

The NI 43-101-compliant technical report outlines 3.3 million oz of gold reserves for Eagle. This more than 20 percent increase in reserves is expected to boost annual gold output at the mine by 10 percent to 220,000 oz per year.

The all-in sustaining cost to produce each oz of gold at Eagle is calculated to be US$774, resulting in a post-tax net present value (5 percent discount) of C$1.03 billion.

The full report can be found at https://www.vitgoldcorp.com/investors/reports/.

–SHANE LASLEY