Victory has wrapped up Phase 1 diamond drilling at its Coodardy, Emily Wells and Eaglehawk projects just seven weeks after listing on the ASX.

However, the company is not sitting on its laurels and is already preparing to kick off about 1,800m of reverse circulation drilling at the Emily Wells project as part of the Phase 2 program.

Core samples from the diamond drilling have been delivered to the laboratory with Victory Goldfields (ASX:1VG) noting that assay results are expected late this month or early next month.

The company is also expecting to receive soil geochemical assay results for the Tuckanarra (Nemesis) and Mafeking projects soon.

“It is very pleasing to have completed the Phase 1 diamond drilling program within just seven weeks of listing and without any safety incidents,” executive chairman Trevor Matthews said.

“With core samples at the laboratory, the Victory board and management is looking forward to receiving and announcing the assay results from this first phase of exploration work on our advanced projects.”

Phase 2 drilling

Besides the RC drilling at Emily Wells, the company is also planning to carry out 5,000m of diamond drilling primarily on the Coodardy and Eaglehawk projects.

At Coodardy, this will comprise 16 holes to follow-up on the six orientated and angled diamond holes drilled during the first phase that intersected favourable gold mineralisation.

Up to 13 diamond holes are planned at Eaglehawk depending on the results from the five holes that were drilled in Phase 1.

Victory is also planning to conduct a gold in soil geochemical program at PL20/2410 that has had no historical drilling to extend the earlier Emily Wells geochemical program.

This 500m long and robust geochemical anomaly, which strikes northward from the Oxonia Pit, was not closed off in the earlier auger program. The area has a shallow residual regolith and is ideally suited to shallow auger sampling.

Additionally, the company has been awarded two tenements extending its contiguous tenement position in an under explored area.




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.