High-grade gold hits at Coodardy spell success for Victory
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Shallow, high-grade gold intersections are a positive sign for Victory as the company prepares to calculate a maiden indicated and inferred resource for its Coodardy project.
Notable results from the drilling over a mineralised strike of 300m include 8m grading 7.7 grams per tonne (g/t) gold from a depth of 24m, 12m at 5.4g/t gold from 12m and 8m at 5.8g/t gold from 36m.
Detailed 1m samples from the 4m composite samples are being fire-assayed with Victory Goldfields (ASX:1VG) noting that it will calculate the resource once it receives the results.
Executive chairman Trevor Matthews said the results of the reverse circulation drilling program were pleasing and that being in position to calculate an initial resource for Coodardy just six months after listing was an exceptional achievement.
He added that results from drilling at Emily Wells and Nemesis, the company’s other projects in Western Australia’s Cue region, also warranted follow-up drilling along with exploration activities on targets within the company’s project portfolio.
The company had completed the 3,821m of reverse circulation across the three projects in November last year.
The RC drill program was designed to convert historical non-JORC compliant drilling to meet JORC 2012 requirements.
It confirmed that the north-south striking mineralisation that dips shallowly to the east is continuous between the six drilling sections throughout the 300m length of the tenement.
This mineralisation rarely extends 50m below surface, as suggested in July’s diamond drill program at Coodardy.
Over at Nemesis, the company said that drilling has not intersected economic mineralisation until 100m below surface.
This provides potential to drill under the RC holes to search for plunging high grade shoots at structural intersections.
Victory has also intersected several low-grade intervals at Emily Wells associated with green quartz feldspar porphyries that may be sourcing the anomalous gold from soil geochemical contours.
It added that depending on results from the 1m fire assays, there may be scope to infill around these holes, searching for higher grade pyrite rich porphyries.
The company also intends to test the recently identified, coincident gold arsenic anomaly.
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.