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VICTORY MINES LIMITED - Corporate Spotlight

Victory Mines (ASX:VIC) plans to conduct a limited drilling program to twin historical... Victory Mines (ASX:VIC) plans to conduct a limited drilling program to twin historical drill holes with modern drilling methods and sampling techniques . Down Hole Electromagnetic Magnetic (DHEM) tools will be used to helpMore

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Victory plans to conduct a limited drilling program to twin historical drill holes with modern drilling methods and sampling techniques . Down Hole Electromagnetic Magnetic (DHEM) tools will be used to help
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VIC INTERSECTS FURTHER COPPER AND GOLD AT COOGEE

VIC INTERSECTS FURTHER COPPER AND GOLD

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Victory Mines (ASX:VIC) intersects further copper and gold at Coogee

ASX:VIC
Source: Victory Mines

  • Victory Mines (VIC) intersects further high-grade gold and copper from its third phase reverse circulation (RC) drilling program at its Coogee Gold Project in Western Australia
  • Drilling was designed to define the northern extensions of the two gold-copper trends and develop a greater understanding of the copper-gold porphyry target
  • The company has now received all results from the phase three drilling program with new results peaking at 16.15 grams of gold per tonne (g/t) and 1.71 per cent copper
  • Victory will now engage a consulting group to produce a 3D model of Coogee to target areas of interest for further drilling programs

    Read the Full Article on The Market Herald here

VIC PLANS FURTHER EXPLORATION

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Victory Mines (ASX:VIC) plans further exploration at Mt Ida Goldfield

Mining

ASX:VIC
Source: Victory Mines

  • Victory Mines (VIC) applies for an additional five exploration licences located north of the Mt Ida Goldfield through to the Ida Valley in WA
  • If all exploration licences are granted, the company will have around 900 square kilometres of highly prospective ground for gold, nickel and lithium
  • Next month a detailed aeromagnetic and radiometric survey will be conducted over the entire Mt Ida Project area
  • Survey results are expected in December with geophysical interpretation anticipated to be completed in early 2022

Victory Mines (VIC) has confirmed it has applied for an additional five exploration licences that are located north of the Mt Ida Goldfield through to the Ida Valley in WA.


If all exploration licences are granted, the company will have around 900 square kilometres of highly prospective ground for gold, nickel and lithium.


Victory’s Mt Ida-Ida Valley project is located north of the historic Mt Ida Goldfield, which was recently purchased by Red Dirt Mining (RDT).


The pegmatites from this historic mine are likely to extend northwards where VIC’s exploration licences applications are located.


Next month a detailed aeromagnetic and radiometric survey will be conducted over the entire Mt Ida Project area.


Flight line spacing will be 50 metres using a survey sensor height of between 35 and 45 metres with a total of approximately 21,000 kilometres of flight lines to be conducted.


Survey results are expected in December with geophysical interpretation anticipated to be completed in early 2022.


Executive Director Matthew Blake commented on the announcement.


“Victory now has a significant exploration portfolio in a highly prospective area commencing from just north of the historic Copperfield‐Mt Ida Goldfield and covering the northward extensions of potential granites, pegmatites and E‐W and N‐S structurally controlled ultramafic intrusives,” he said.


“Our new aeromagnetic survey is timely as it should provide us with valuable new radiometric and magnetic information for our ground follow‐up evaluation of potential new nickel/copper, gold/pgm and now lithium activities.”


Read the Full Article on The Market Herald here

VIC EXPANDS FOOTPRINT AT BONAPARTE BASIN

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5 October 2021


VICTORY EXPANDS SILVER AND BASE METALS FOOTPRINT AT BONAPARTE KIMBERLEY WA


  • Acquisition of E 80/5119, E 80/5569 granted and application for E 80/5644 pending.

  • Bonaparte project now comprises 3 Exploration Licences and 1 Exploration Licence Application totalling 550 square kilometres in area.

  • Field reconnaissance anticipated to be conducted before commencement of 2021 wet season


Victory Mines Limited (‘The Company”) is pleased to advise that it has entered into an agreement for the acquisition of E 80/5119 in the North Kimberley region of Western Australia from local prospectors covering approximately 60 square kilometres of the western margin of the Bonaparte Basin which is considered highly prospective for silver, lead and zinc. The consideration for the acquisition is the issue of 10,000,000 shares in the Company which will be escrowed for 6 months.


The Company is also pleased to confirm the grant of E 80/5569 covering approximately 128.31 square kilometres to the south of the Company’s other tenements and that the adjoining E 80/5564 remains in the application phase.
The Company’s Bonaparte project is approximately 50 kilometres west of the Boab Metals Limited (ASX: BML) Sorby Hills base metals resource which contains a current resource estimate of 44.1 Mt of 4.5% lead and 0.5% zinc (refer Figure 1)


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Figure 1: Bonaparte tenement locations


The new Exploration Licences are underlain by predominantly shallow marine sediments of Devonian and Carboniferous age, including reef and shelf facies limestone, in a similar geological environment to the Sorby Hills (WA) and Sandy Creek (NT) Pb‐Zn‐Ag deposits (associated with lower Carboniferous limestone on the western and eastern flanks of the onshore Bonaparte Basin respectively).


The new tenement acquisition (E 80/5119) abuts the western side of the Company’s flagship Bonaparte tenement (E 80/4901) which contains significant Zn, Pb, Cu and Ba mineralisation at Martin's Gossan and Redbank Hills. Whilst a small reverse circulation drilling campaign was conducted at Redbank Hills (10 drill holes for 850 metres) by the Company in August 2020 which yielded some encouraging results, the Martin’s Gossan locality has not been the subject of any modern exploration.


Victory Executive Director Mr Matthew Blake commented “We have now added some additional prospective silver and base metals tenure to our Bonaparte Project portfolio. All known silver, lead and zinc deposits in the area, such as Sorby Hills and Sandy Creek, were originally located through ground prospecting which identified gossans similar to the under explored Martin’s Gossan which may trend westwards into our newly acquired tenement. We look forward to the next fieldwork which will further investigate several historical geochemical base metal anomalies such as our Martin’s Gossan and projected extensions”.


The region has been compared to the high‐grade deposits within the soft sedimentary host rocks commonly found along the Mississippi River in the US otherwise known as Mississippi Valley‐Type (MVT) or in the North‐West of Australia.

The Company is planning an investigative field sampling programme anticipated to commence before the onset of the 2021 Kimberley wet season.


OUR PROJECTS AND COMPANY

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Welcome to Victory Mines Limited


Victory's corporate objectives include:

  • Focussed exploration;
  • Conduct exploration using a high standard of exploration methods; and
  • Add shareholder value through the advancement of projects

Figure 1: Location map showing Coogee Project tenements, mills and infrastructure


PLANNED 4,000M DRILLING PROGRAM - COOGEE JV GOLD PROJECT

An RC drilling programme of 4,000m will commence at Coogee using leading RC drilling contractor Strike Drilling.

Coogee is located approximately 55km southeast of Kalgoorlie on the north-eastern shore of Lake Lefroy and comprises four tenements (Mining Lease M26/477, Exploration Lease E26/177 and Miscellaneous Licences L26/264 and L26/265) that cover an area of approximately 17km2.


The project’s location (Figure 1) near the major mining centre of Kalgoorlie in Western Australia provides ready access to both significant exploration and mining support services and a skilled workforce.

Drill Program


Figure 2: Coogee Pit Model, showing 1gt/ mineralisation shells, highlighting the plunge of the gold mineralisation with historical (black) and planned RC drilling (blue). Looking north northwest.


The 4,000m RC drill program will test the down plunge extensions of a number of the high-grade gold shoots within an overall 600m strike length Coogee Pit Trend and below the previously mined Coogee Pit. A total of 30 drill holes have been planned and range in depth from 50 to 150m, with some of the deeper holes extending to a depth of 220m (Figure 2).


A Program of Work (POW) has been approved by the Department of Mines Industry Regulation and Safety (DMIRS) and Heritage surveys have been completed.


Within the Coogee Pit Trend gold mineralisation occurs in a moderately south-west dipping shear that varies between 2m and 8m in thickness.  Within the shear there are a number of high-grade shoots, which plunge towards the south at shallow to moderate angles.   


Gold is hosted in quartz-carbonate-pyrite veins within dacite, andesite and rhyolite lithologies with a skarn-like assemblage comprising garnet, actinolite, phlogopite, epidote and magnetite.


Historical drilling has returned high-grade gold intercepts within the 600 metre Coogee Pit Trend, as shown in Figure 3, from a number of shoots including:


  • Figure 3: Coogee Pit Trend long section, highlighting high grade gold intersections and planned drilling pierce points.

  • 2m @ 28.7 g/t Au from 63 metres
  • 2m @ 14.9 g/t Au from 74 metres
  • 5m @ 11.13 g/t Au from 82 metres
  • 6m @ 16.80 g/t Au from 36 metres
  • 3m @ 21.03 g/t Au from 104 metres

Coogee Past Gold Production

In September 2012, Ramelius defined a JORC (2012) Indicated and Inferred Mineral Resource Estimate1 of 224,000 tonnes at a grade of 4.1 g/t Au. Using a gold price of A$1,500 per ounce, Ramelius went on to define Ore Reserves2 at Coogee of 109,00 tonnes at a grade of 5.1 g/t for 18,000 oz Au within an optimised open pit. Mining operations at Coogee subsequently commenced in August 2013 and were completed in February 2014. A total of 147,400 tonnes were mined from the Coogee Open Pit. 


This was at least 30% more ore tonnes than the defined Ore Reserve for Coogee3. Processing of Coogee ore was undertaken at the Burbanks mill, south of Coolgardie, 112km from the project area (Figure 2). Ramelius reported the recovery of approximately 20,400 ounces of gold from 152,800 dry tonnes of the Coogee open pit ore treated during the campaign at an average reconciled plant head grade of 4.7 g/t Au and metallurgical recovery of 96.4%.


Mining operations by Ramelius in 2013 provide established site infrastructure including haulage and access roads as well as miscellaneous licences.

Coogee Mineral Resource 

Coogee Mineral Resource4 reported to the guidelines of JORC (2012) is tabled below:


IndicatedInferredTotal
tg/toztg/toztg/toz
31,0003.63,60065,0003.37,00096,0003.410,600



Bonaparte

After a recent field reconnaissance program on the Company’s Bonaparte Project (E80/4901) in the Kimberley region in Western Australia.


Work Conducted

The Company’s consulting geologist recently completed a field trip to the Bonaparte Project (E80/4901) in the North Kimberley region of Western Australia. Activities undertaken included the collection and analysis of rock chip samples, recovery and re-analysis of historical drill cores, locating historical drill hole collars and meetings with the MG Corporation, a group representing the relevant native title holders. 


Results from the field trip now confirm the importance of a drilling program which will commence later this year.

Rock chip sampling were collected during the field mapping exercise which was conducted across selected parts of the tenement and demonstrated that Cu, Pb and Zn anomalism could be much greater than initially considered. In addition, the historical drill core re-analyses confirmed that previous drilling over the Company’s Redbank structure did intersect significant copper mineralisation. 



Reinterpretation of the available diamond drill core combined with field mapping, historical gravity and EM data indicate that the Redbank structure(s) may be mineralised over a strike length of 2.8 km.


Tenement Extension 

The Company recently applied and has been granted and extension for the tenement E80/4901 until 15 July 2025.  The Company has also applied for an exemption on expenditure for 2019 / 20 year as a result of COVID restrictions limiting access to the tenement.


Next Steps

Victory plans to conduct a limited drilling program to twin historical drill holes with modern drilling methods and sampling techniques . Down Hole Electromagnetic Magnetic (DHEM) tools will be used to help


VISIT VICTORY MINES WEBSITE HERE TO LEARN MORE

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Victory Mines (ASX:VIC) intersects further copper and gold at Coogee


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