Victoria Gold Corp says latest drill results from Santa Fe project continue to exceed expectations

Victoria Gold Corp. (TSX VENTURE: VIT) said its latest results from three diamond drill holes - BH5, BH6, and KR1 - at the Santa Fe gold exploration project in Nevada continue to exceed its expectations. These holes were part of Victoria's Phase 1 drill program, which was designed primarily to determine the post-mineral faulting on, and the vertical extent of, gold mineralization in two targeted zones, ‘BH’ and ‘KR’.

"The results from hole BH-6 are particularly encouraging and we anticipate that the information gained from this hole will facilitate the targeting of other higher-grade zones on the property”, Victoria Gold president and chief executive Chad Williams commented. “Santa Fe has become a very promising exploration asset and Victoria is of the view that it is showing signs of being a large gold system."

Victoria said that the Phase 1 drill program was successful, and it provides a foundation for future drilling.

In BH6, Victoria encountered a 157m interval (from 99.1-256m) grading 3.94 grams per tonne (gpt) gold, including 30.6m at 6.67gpt, 25.8m at 5.33gpt and 6.1m at 9.94m.  The company said that the gold mineralization in BH6 extends more than 30m beneath the, previously drilled, mineralization in BH3. Additionally, higher gold grades in BH6 occur near the surface and therefore may be more easily accessible for possible open pit mining.

The company noted that the large gold intercept in BH6 is one of the most continuous and largely un-faulted zones of gold mineralization in the drilling thus far.

BH5 intersected numerous zones of mineralization, separated by post-mineralization faults containing lower gold grades. The mineralized zones extends to a down hole depth of 831 meters (776 meters vertical), and at least two mineralized zones occur deeper than any mineralization drilled on the property by previous operators.

KR1 was a step-out exploration hole, targeting a structural intersection zone 1,000m north-west of BH5 and 300m north-west of the pit. KR1 encountered 7.5m of gold grading 0.58gpt from 23.3-30.8m.

According to Victoria, post-mineral faulting is critical to understanding both the vertical and horizontal extent of gold mineralization and furthermore the post-mineral faults correlate between drill holes and with structures mapped on the surface.

The company said that Phase 2 exploration is currently underway, and all gold mineralization zones, defined by Victoria, remain open at depth and laterally. Future drilling seeks higher-grade and more continuous gold values, in the host rock that has been displaced by the multiple faults.

Additionally, Victoria noted it will continue to test the KR area in an attempt to vector into higher, more continuous gold values.

The Santa Fe project is located in south-western Nevada within the Walker Lane physiographic province. Victoria can earn up to 70% in the project from Barrick Gold (TSX & NYSE: ABX) by expending US$6.5 million over six years. In addition to the claims included in the earn-in agreement with Barrick Gold, Victoria Gold has also staked a further 42 unpatented claims adjacent to Santa Fe.

Victoria has several other projects in Nevada, the Eagle Gold project in the Yukon province of Canada, and currently controls the Tassawini project in Guyana, South America. Last month the company agreed the terms of the sale of its subsidiary, StrataGold Guyana Inc (SGI), which holds two advanced stage gold projects in Guyana.

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