Posted in | Gold | Mining Business

Victoria Gold Announces Commencement of Diamond Drilling on Olive-Shamrock Target

Victoria Gold Corp. "Victoria" or the "Company" is pleased to announce that diamond drilling has commenced for the 2016 exploration program focused on delineating the Olive-Shamrock target, a satellite zone to the fully permitted Eagle Gold project, Yukon.

As of March 30, 2016, two diamond drills are up and running with a third drill rig to start in the next couple of days. Victoria's four season construction camp has been commissioned and we expect to have 40 personnel on site in the next couple of days. In addition to three drills, Victoria has partnered with SGS Minerals to provide a mobile on-site prep lab to ensure timely assay results are received. A maiden Resource Estimate at Olive is anticipated to be included in an updated Eagle Gold Feasibility Study scheduled to be released in the fall of 2016. The approximate 8,000 metre drill program is expected to run for ten weeks at the Olive-Shamrock zone.

"Olive-Shamrock has the potential to further enhance Eagle Project economics by virtue of additional higher-grade ore, increased flexibility in mine planning and lowering capital intensity through shared infrastructure," stated John McConnell, President & CEO. "Within a short walking distance of Eagle, Olive-Shamrock clearly demonstrates the upside exploration potential of the Dublin Gulch property."

2016 Olive-Shamrock Exploration Program

A $3.6 million exploration program is planned for this year's Olive-Shamrock definition and exploration and includes diamond drilling, surface trenching and geophysical surveys over the Olive-Shamrock zone with a focus on the previously undrilled areas linking Olive and Shamrock mineralization. The exploration program will concentrate on expanding the strike length of confirmed near-surface, high-grade gold mineralization within the Olive-Shamrock shear zone trend and target the previously un-tested, 300 metre separation zone between the Olive and Shamrock targets. Several large chargeability anomalies were defined during the 2014 3D Induced Polarization geophysical survey.


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