Victory fires up diamond drilling for gold at Coodardy
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With the on-time delivery of auger drilling under its belt, ASX newcomer Victory is continuing its aggressive pace with the start of its Phase 1 diamond drilling program.
The 1,400m program will test the continuity and depth extensions of historical drilling results and known mineralisation at the Coodardy and Eaglehawk projects and test depth extensions and confirm historical drilling at the Emily Wells’ Oxonia Pit.
Victory Goldfields (ASX:1VG) will drill an initial four holes totalling 400m at Coodardy before moving on to the other two projects in Western Australia’s Cue region.
A further 5,000m of diamond drilling and 1,400m of reverse circulation drilling will be carried out under its Phase 2 program that is planned for later this year.
Meanwhile, samples from the 860 auger holes completed at the Tuckenarra (Nemesis) and Mafeking projects have been received at the analytical laboratory with geochemical results to be used to generate drill targets.
“To commence auger drilling and diamond drilling programs within weeks of listing Victory is an excellent start,” executive chairman Trevor Matthews said.
“These are the first diamond holes ever drilled in Victory’s advanced projects and the board is looking forward to the results from this initial phase to test known gold mineralisation and continuity based on historical drill results.”
Further auger drilling is planned for several projects with follow-up RC drilling based on soil geochemical results.
Previous drilling at Coodardy – located 30km from the town of Cue – returned intersections including 14m at 4.6 grams per tonne gold and 13m at 3.46g/t.
The company previously described its drilling at the prospect to be more like infill drilling as it is aimed at closing up the spacing between some of the historical drill holes and testing for mineralisation at depth.
Eaglehawk – a formerly producing underground mine – also has numerous high-grade intercepts including reports of 5m at 18.2g/t gold to the end of a hole and 7m at 3.2g/t gold.
Victory’s drilling will test for lode continuity and contribute to a resource definition program.
Over at Emily Wells, more than 600m of gold soil anomalies have been recorded northward from the historical Oxonia open pit while previous drilling within the pit returned results such as 6m at 17g/t gold, 10m at 2.2g/t gold, and 3m at 28.3g/t gold.
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.