Bullseye: Victory Goldfields just located an ‘enormous polymetallic’ IOCG target a lot like BHP’s Olympic Dam
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A ‘compelling’ iron-oxide-copper-gold (IOCG) target has been spotted by Victory Goldfields following 3D modelling of a magnetic ‘bullseye’ anomaly at Victory’s North Stanmore E20/871 tenement.
Commencing at a depth of around 140 – 170m below surface, Victory Goldfield (ASX:1VG) says the IOCG target displays magnetic characteristics similar to major deposits such as BHP Group’s Olympic Dam.
Sitting at roughly 800m by 800m, the Perth-based explorer says the find is unique to Western Australia’s Cue region and expands the exploration program further within the large-scale tenement package in Western Australia’s Cue goldfields.
1VG executive director Brendan Clark said the board and management are “very excited” with the potential of the magnetic anomaly, which could lead to an IOCG discovery in the Cue region.
“IOCG deposits are often enormous polymetallic concentrations of elements such as gold, copper, uranium, silver, and other valuable rare earth elements (REE) such as lithium and cerium.
“The mines are high-value long life operations that contribute significant economic benefits to a region.”
Now, Clark says the plan is to begin field work in April on the target, in addition to extensional RC drilling to define a maiden resource at its Coodardy Project.
“With this new high-priority exploration target being additional to Victory’s planned programs, our senior management has made cost saving measures over the recent weeks to ensure funding is available for this outstanding exploration opportunity.”
This article was developed in collaboration with Victory Goldfields, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.