Victory Goldfields has started work on compiling a maiden resource estimate at its Coodardy project in the Cue goldfields just months after drilling began in August last year.
The ASX-listed junior will compile a 3D model and initial JORC 2012 mineral resource estimate after a string of high-grade assays across 300m of continuous shallow, gold rich ground at Coodardy.
Victory Goldfield’s (ASX:1VG) latest assays from recent RC drilling at Coodardy, one of three priority projects in the historic multi-million ounce Cue region, included:
- 8m at 7.7g/t from 24m
- 12m at 5.4g/t from 12m
- 8m at 5.8g/t from 36m
- 4m at 5.3g/t from 24m
- 8m at 2.5g/t from 8m; and,
- 4m at 3.2g/t from 40m.
Victory is aiming to confirm those impressive grades with 1m samples from the 4m composite samples being fire assayed and results expected soon.
“Victory continues with the high level of activity that it has adopted from the time that it listed,” Victory executive chairman Trevor Matthews said.
“We are excited about soon commencing the initial mineral resource estimate for Coodardy and we are also developing plans for exploration activities on targets from Victory’s extensive project portfolio.”
Deep search coming at Nemesis
While that mineral resource milestone is on the way, Victory is planning to drill deeper into what it has at the nearby Nemesis prospect.
The project is surely associated with the eastern extension of the Bottle Dump Shear Zone and includes many of the features seen at the Bottle Dump deposit, where an initial resource of 142,000t at 4.2g/t was mined – way back in the late 1990s when gold was in the hundreds of dollars an ounce range.
By and large diamond and RC drilling at Bottle Dump didn’t hit economic gold lodes until 100m below surface.
With that in mind Victory sees massive potential to go deep and hard at the similar Nemesis, where auger drilling identified high order gold in soil geochem anomalies at its northern end.
Five RC holes will be drilled to 200m in depth to test whether high grade mineralisation is found, like at Bottle Dump, in the deeps at structural intersections beneath previous RC drill holes.
Other work
Victory is also firing up its exploration team to undertake an airborne low level magnetic and radiometric survey on untested tenements to the west of Cue in a bid to deliver new drill targets.
The bulk of the 24 tenements have had little or no exploration done on them.
The survey should take place in the next quarter on the current schedule.
At Emily Wells, three RC drill holes recently intersected a number of low grade intervals over 4m.
The low-grade mineralisation is associated with apple green coloured quartz feldspar porphyries.
It is now waiting on 1m samples from the 4m composite samples which could demonstrate the scope to infill around those holes looking for higher grade pyrite rich porphyries.
Four RC drill holes are also planned at the Emily Wells project to test a recently identified gold arsenic anomaly along strike of the RC drilling in P20/2410.
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.