Victory Goldfields has announced the completion of its Phase 1 diamond drilling (DD) program for its Coodardy, Emily Wells and Eaglehawk projects in the Cue goldfields of Western Australia.
The Phase 1 and Phase 2 DD programs form a part of Victory’s strategy to test the continuity and depth extensions of historical drilling results and known mineralisation at the three priority targets.
Victory’s Executive Chairman, Trevor Matthews, said it is pleasing to have completed the Phase 1 DD program within just 7 weeks of listing and without any safety incidents.
“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,” Mr Matthews said.
The Phase 2 DD program is planned to comprise approximately 5,000 metres and will be primarily focused on the Coodardy and Eaglehawk projects.
At Coodardy, the two-phased DD program commenced with six orientated and angled diamond holes in Phase 1 and, upon intersecting favourable gold mineralisation, another 16 orientated diamond holes are planned for Phase 2.
At Eaglehawk, five orientated diamond holes have been drilled in Phase 1. Dependent on the results, a further 13 orientated diamond holes are planned in Phase 2.
Victory said diamond drilling provides further information on the structural elements and alteration assemblages of the known mineralisation compared to traditional reverse circulation (RC) drilling methods.
There has been no previous diamond drilling undertaken on Victory’s tenements, however, approximately 1,800 metres of RC drilling is planned to commence as part of a Phase 2 program for Emily Wells project.
Today Victory also reported the acquisition of two tenements, PL21/772 and PL21/773, which extends its contiguous tenement position in an underexplored area. The company now has a total of 50 granted tenements in the Cue region.