TORONTO, ONTARIO--(Marketwire - Feb. 20, 2008) - Victoria Resource Corporation (TSX VENTURE:VIT) ("Victoria" or the "Company") is pleased to provide an update on the drilling progress from the Cove-McCoy Project located in North-Central Nevada.
Core drilling resumed in early January 2008 on holes NW-6 and NW-7 to further confirm the geometry and grade of the mineralized area called the "Helen Zone" located near the previously-mined Cove open-pit.
The assay results received by the Company up to February 19, 2008 from NW-7 are tabled below (true widths have not yet been determined):
Table 1: Partial NW-7 Assay Results from Cove-McCoy Project, NW-Cove Area, Helen Zone -------------------------------------------------------------------- From To Interval Grade -------------------------------------------------------------------- m Feet m Feet m Feet g/t oz/ton -------------------------------------------------------------------- 533.4 1,750 564.5 1,852 31.1 102 8.46 0.247 including 544.6 1,785 559.3 1,835 15.2 50 16.28 0.475 578.2 1,897 624.2 2,048 46.0 151 1.88 0.055 including 584.6 1,918 595.3 1,953 10.7 35 3.87 0.113
Drill hole NW-7 was intended to target an area located about 46 m (150 feet) below the intercepts of NW-5 released by the Company on December 11, 2007 which included an interval of 61.9 m (203 ft) grading 12.57 g/t (0.367 oz/ton). NW-7 was drilled to a depth of about 718 m (2,355 feet). This hole was surveyed and appears to have deviated to the west of its planned azimuth by almost nine degrees and deeper by almost six degrees. For every degree of deviation, Victoria estimates a deviation distance of 12 m (35 feet) away from its intended target point. The Company believes that NW-7 may have hit the western arm of the postulated Helen Zone and not the central part of the zone as targeted. Raul Madrid, VP of Exploration said that "we believe that NW-7 deviated because it tracked the major north-south structural corridor that is the host of the Helen Zone; these situations are not unusual for relatively deep holes in Nevada such as NW-7".
Drill hole NW-6 was abandoned at a relatively shallow depth due to poor ground conditions. Hole NW-6A is currently at a depth of approximately 440 m (1,400 feet). Assay results for NW-6A have not yet been received by Victoria.
"We are very encouraged by these results which we believe to be from the western edge of the Helen Zone; we look forward to receiving the rest of NW-7's assay results from 665 m (2,183 feet) to 718 m (2,355 feet) expected over the next few weeks followed shortly thereafter by the assays from core drill hole NW-6", said Chad Williams, P. Eng, CEO, President & Director.
A third drill rig is being added to the two rigs already on site. Core hole NW-8 was collared several days ago. The possibility of drill hole deviation will be accounted for in the design of the Company's future holes at Cove-McCoy.
The Helen Zone is one of eight (8) postulated significant structural intersection zones located within the "NW-Cove" target, which is the first of fourteen larger target areas on the Cove-McCoy property to be drilled by Victoria. Further information regarding the Helen Zone and all of Victoria's projects may be found at: www.victoriaresourcecorp.com.
Victoria is earning up to a 100% interest in the Cove-McCoy project through annual work commitments, such interest being subject to (i) a back-in right in favour of Newmont Mining Corporation for a 51% interest, or (ii) a US$1.5 million cash payment to Newmont and a maximum royalty of up to 5% upon the delivery of a positive feasibility study completed by Victoria.
Victoria Resource Corporation intends to be a high-growth, lower-risk company focused on gold. The Company's strategy is to add value per share through efficient exploration, accretive acquisitions and effective marketing. Maintaining a low risk profile through project diversification, sound financial management, and operating in secure jurisdictions are key priorities for Victoria's management team.
Victoria's core is transported from the drill site to the core logging/splitting area by a Company geologist. The core is logged, photographed and sawed in half. One half of the core is shipped to Inspectorate Laboratory in Reno, Nevada. Each sample is analyzed for gold by fire assay with atomic absorption ("AA") analysis finish. Every sample with greater than 3.0 grams per tonne gold is re-assayed by fire assay with gravimetric analysis finish. The Company uses certified control standards, duplicates and coarse field blanks randomly inserted into the sample stream to monitor the laboratory performance. Dr. Raul Madrid, Vice President of Exploration, directs the drilling and logging procedures at the Cove-McCoy Project and is responsible for the geologic interpretation. The contents of this press release were reviewed by Nancy J. Wolverson, Consulting Geologist and C.P. Geo. In addition to a recent site visit, she reviewed the analytical results and the QA/QC procedures in place at Victoria and the analytical laboratory. Ms. Wolverson is a Certified Professional Geologist (C.P. Geo.) through the American Institute of Professional Geologists (AIPG) and is a Qualified Person as defined by NI 43-101.
ON BEHALF OF VICTORIA RESOURCE CORPORATION
Chad Williams, P. Eng, CEO, President & Director
This discussion includes certain statements that may be deemed "forward-looking statements". All statements in this discussion, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include metal prices, exploration successes, continued availability of capital and financing, and general economic, market or business conditions.
FOR FURTHER INFORMATION PLEASE CONTACT:
Victoria Resource Corporation
CEO, President & Director
Victoria Resource Corporation
Director, Public & Corporate Affairs