Victory Resources Corporation (CSE:VR) (OTCMKTS:VRCFF) (FRA:VR62) said it has completed site preparations for a short-hole drill program on the company's recently-optioned Loner Property in Nevada.
Victory Resources noted the seven to ten short-hole diamond drill program will test the historically mined vein area and investigate wall rock mineralization.
“We are excited to advance the short hole drill program on the Loner Property,” Victory Resources Vice-President of Exploration David Deering said in a statement.
READ: Victory Resources shores up mining interests in North America, advances Loner Project in Nevada and Canadian assets
“The weather trend is improving and work on access to the site is now complete, allowing our team to ready all other aspects of the drilling program, which we developed and advanced sequentially over the last three months,” Deering added.
The company added that drilling will begin on the Loner Property early this month, subject to weather conditions, with the goal of confirming intersections of gold-bearing quartz vein that correlates with historical underground mining and mapped surficial gold occurrences.
As well, Victory Resources said the drill program may define the anomalies more extensively throughout the target, along with evaluating the best and most productive way to advance the project in the most targeted fashion.
The Loner project comprises 16 claims covering historic workings and exposed low-sulphidation gold mineralization and lies 12 miles north of the Goldbanks project (current resources 557,000 ounces of gold). There are strong similarities between Loner and the Goldbanks deposit in terms of geological setting and style of mineralization found at each. Also, the Coronado VMS project is prospective for copper and lies six miles southeast of Loner.
Victory Resources is also currently developing its recently-acquired properties, Hammond Reef South in Ontario adjoining Agnico Eagle’s Hammond Reef mine, and Lac Simard in Quebec within 20 kilometers of three operating gold mines, including Agnico Eagle’s Goldex, Canadian Malartic mines and Eldorado Gold’s Lamaque mine.
Contact Sean at sean@proactiveinvestors.com