. Newly acquired project adjoins Agnico Eagle’s Hammond Reef Gold Project in Northwestern Ontario
VANCOUVER, BC, CANADA (September 1st, 2020) – Victory Resources Corporation (CSE: VR) (FWB: VR61) (OTC: VRCFF) (“Victory” or the “Company) is pleased to announce that the first phase of exploration has commenced on the Hammond Reef South Project, which adjoins Agnico Eagle’s Hammond Reef Project in Northwestern Ontario.
The Company optioned the Hammond Reef South property from Abitibi Royalties, as announced on August 10th, 2020. The Company has engaged Clark Exploration of Thunder Bay to complete the proposed work program (August 12th, 2020 News Release).
The first phase of the program includes the prospecting and mapping of anomalous trends identified by Osisko Mining Inc. At present 15 samples have been sent to AGAT Laboratories, Thunder Bay for analysis. On receipt of the results the comprehensive exploration program will focus of further defining drill targets.
Hammond Reef South Work Commencement Highlights
•Victory optioned the Hammond Reef South Property from Abitibi Royalties as announced on August 10th, 2020
•The Company has engaged Clark Exploration of Thunder Bay to complete the proposed work program announced August 12th, 2020
•First phase of the program includes prospecting and mapping of anomalous trends identified by Osisko
•Over the past 2 weeks, 15 samples have been taken and sent to AGAT Laboratories in Thunder Bay for analysis, the results of which will define drill targets
The previous and present exploration is focused on the definition of gold trend similar to Agnico Eagle’s Hammond Reef Project. Northeast trending carbonate, sericite altered pyrite bearing zones have been identified with anomalous gold values and have been indicated from the previous Osisko exploration.
“Exploration on the property, carried out from 2009 to 2012, consisted of widely spaced prospecting traverses and limited soil sampling. Significant mineralization was found just north of the property boundary by Osisko,” said Victory geologist, Mr. Helgi Sigurgeirson. “Anomalous samples from this local returned from 0.18 to 4.75 grams per tonne Au. The area of the property immediately to the southwest (i.e. along the usual trend of mineralization in the area) has had little exploration. Alteration and minor mineralization were located in other areas of the property as well, but the preliminary nature of the work has left much of the ground incompletely evaluated, leading to the recommendation for Victory’s work program of mapping, soil sampling and magnetometer surveying.”
The Hammond Reef South Project adjoins Agnico Eagle’s Hammond Reef Project, which contains an open pit measured and indicated mineral resource of 208 million tonnes grading 0.67 gpt gold (containing 4.5 million ounces of gold), as well as open pit inferred mineral resource of 0.5 million tonnes grading 0.74 gpt gold (containing 12,000 ounces of gold), using a cut-off grade of 0.32 gpt, as of 31 December 2019 (see Agnico Eagle news release dated 13 February 2020 for further information). An Amended Environmental Assessment was submitted in January 2018 and the project subsequently received environmental approval from both Federal and Provincial agencies (see notice of approval dated 16 May 2019 on Agnico Eagle’s website).
Scientific and technical information contained in this press release was reviewed and approved by Mr. Helgi Sigurgeirson, Victory geologist, and a "qualified person" under NI 43-101.