Victory starts Cue gold exploration campaign
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Victory Goldfields has kicked off a shallow auger drilling program at its Tuckanarra (Nemesis) and Mafeking projects in WA’s Mid West region to identify gold drilling targets.
The 826-hole program comes just weeks after the company listed on the ASX and is the first move in its aggressive exploration program in the Cue goldfields.
Besides the auger drilling, Victory Goldfields (ASX:1VG) also plans to carry out about 6,400m of diamond drilling later this month that will be followed up by about 1,800m of reverse circulation drilling.
“It’s great to get exploration activities underway on Victory’s excellent Cue goldfields tenement portfolio very quickly after listing,” executive chairman Trevor Matthews said.
“With diamond drilling scheduled to commence next week on the Coodardy project, the first of Victory’s three advanced projects to be drilled, shareholders can expect strong newsflow over the coming weeks and months.”
The company’s portfolio comprises 46 granted tenements and seven tenement applications covering 73.88sqkm that includes 52 historical gold mines, most of which date back more than 100 years.
Some of these mines produced near-surface gold at average grades of up to 100 grams per tonne (g/t), which hints at the potential deeper down.
Despite this proven gold system, little modern follow-up exploration has been carried out in the area.
Victory plans to remedy this oversight with its exploration drilling campaign, with 24 holes planned at Coodardy to close up the spacing of historical drilling and to also test for mineralisation at depth.
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.