The latest drilling campaign at Victory Goldfields’ (ASX:1VG) project was designed to test lithium, gold, and monster iron oxide copper gold (IOCG) targets at three projects near Cue, WA.

The campaign included 64 aircore holes for 4,400m at the North Stanmore gold and lithium project, 11 reverse circulation holes for 1,090m at the Coodardy gold project and 1 diamond hole for 290m at the company’s potential IOCG target.

Lithium upside at North Stanmore

Late last month, 1VG’s chief geo identified pegmatite in the first 200m of drilling at North Stanmore.

The largest concentrations of lithium-containing minerals, like spodumene, are found in granitic pegmatites.

“This is the first potential lithium anomaly the company has identified across our large, underexplored tenement package, and we are now accelerating an assay program to test for lithium and pathfinder indicators from these pegmatite occurrences,” exec director Brendan Clark said at the time.

IOCG target an Olympic Dam look alike

Iron oxide copper gold ore deposits (IOCG) — like BHP’s Olympic Dam mine or more recent Oak Dam discovery — can be tremendously large, simple-to-process concentrations of copper, gold and other economic minerals.

1VG uncovered the 800m-by-800m IOCG anomaly early last month, starting at depths of ~140m to 170m below surface, the company says, with similar magnetic characteristics to Olympic Dam:

Caption: Comparison between Victory’s anomaly and the Olympic Dam anomaly. Pic: 1VG

Maiden gold resource at Coodardy due late June

The new drilling at Coodardy could potentially be incorporated into an upcoming resource estimate, 1VG says.

Recent fire assay sampling on drilling completed late last year returned thick, shallow, and high-grade gold hits up to 54.3g/t gold at the Coodardy.

The highlight result was 5m @ 15.2g/t gold from 37m (including 1m @ 54.3g/t from 38m). Anything above 5g/t is generally considered high grade.

‘Fire assay’ — which melts samples in a furnace heated to about 1000 degrees — is the industry standard process for obtaining definitive gold concentrations from high-grade ores.

1VG says a mineral resource for Coodardy, which remains open, will be finalised by late June.



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.