VICTORIA GOLD: EAGLE GOLD MINE Q2 2022 PRODUCTION

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Overig advies 12/07/2022 12:33
Whitehorse, YT / July 12, 2022 / Victoria Gold Corp. (TSX-VGCX) (“Victoria” or the “Company”) produced 32,055 ounces of gold during the period April 1 to June 30, 2022; the second quarter (“Q2”) of 2022. Year-to-date 2022 Eagle gold production is 56,413 ounces gold.

Eagle Gold Mine 2022 Production Results
2nd Quarter 2022 2nd Quarter 2021 First Half 2022 First Half 2021
Ore mined
millions of tonnes 2.2 2.3 3.5 3.9

Waste mined
millions of tonnes 2.2 3.3 4.5 8.0

Total mined
millions of tonnes4.4 5.6 8.0 11.8
Strip ratio
waste to ore 1.0 1.5 1.3 2.1
Mining rate
000’s of tonnes/day 48 62 44 65
Ore stacked on pad
millions of tonnes 2.3 2.4 3.2 3.4
Ore stacked grade
grams/tonne Au 0.85 0.81 0.81 0.82
Gold produced
ounces 32,055 32,140 56,413 58,899

Q2 2022 statistics may be subject to immaterial reconciliation variances.

“Similar to previous years, the first half of 2022 was a seasonally slow production period at the Eagle Gold Mine. We expect to see significant growth in gold production as we move into the second half of this year. We remain confident 2022 production will be within our previously stated guidance range for the Eagle Gold Mine of between 165,000 and 190,000 ounces.”, stated John McConnell, President &CEO.

Ore mined and stacked as well as gold production in Q2 2022 were in line with the same period of 2021. Waste mined and resultant strip ratio in Q2 2022 were lower than the same period of 2021 due to mine sequencing.

Update on Yukon Wild Fires

On July 5, 2022, in response to an abnormally high number of wild fires in the region, the Yukon Emergency Measures Organization placed a large area of the north-central Yukon Territory, which encompasses several surrounding communities, inclusive of the Eagle Mine, on Evacuation Alert. An Evacuation Alert is a precautionary measure which provides advance notice for communities and individuals to be prepared should an Evacuation Order be issued. At present, no such order has been issued and the Eagle Gold Mine remains fully staffed and operational. There are currently no wild fires within the near vicinity of the Eagle Gold Mine despite the high number of active fires in the district. Should the need arise, the Emergency Response Team at the Eagle Gold Mine are well trained and equipped to protect personnel and assets.

During this period, wildfires located over 90 kilometers southwest of the Eagle Gold Mine caused some disruption to the main Yukon Power Grid. Full power service has since been restored. Heap leach operations and the gold recovery plant operated normally during this period; however, due to power supply disruptions, crushing and stacking operations were curtailed for approximately 5 days. With the restoration of power service, operations and production rates have returned to normal.

Update on Closure and Reclamation Security

As noted in local Yukon press reports, the Eagle Gold Mine uses a progressive closure and reclamation plan whereby the workplan and estimated costs are updated on a regular basis. The cost of reclamation and closure are expected to increase this year as the mine continues to grow. Reclamation and closure financial security requirements for the Eagle Gold mine are provided to the Yukon Government by third-party surety arrangements on behalf of Victoria for an annual interest charge of approximately 0.9 - 1.25%. The surety arrangements do not require any restricted cash to be held on Victoria’s balance sheet. The Company anticipates all future related security requirements will be handled in a similar manner.

Qualified Person
The technical content of this news release has been reviewed and approved by Paul D. Gray, P.Geo., as the “Qualified Person” as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

About the Dublin Gulch Property
Victoria Gold's 100%-owned Dublin Gulch gold property (the “Property”) is situated in central Yukon Territory, Canada, approximately 375 kilometers north of the capital city of Whitehorse, and approximately 85 kilometers from the town of Mayo. The Property is accessible by road year-round, and is located within Yukon Energy's electrical grid.

The Property covers an area of approximately 555 square kilometers, and is the site of the Company's Eagle and Olive Gold Deposits. The Company issued a National Instrument 43-101 Technical Report for the Eagle Gold Mine dated December 3, 2019 (the “2019 Eagle Technical Report”). Since the date of the 2019 Eagle Technical Report, the Company has produced gold from its Eagle Mine. Based on the 2019 Eagle Technical Report and after adjusting for depletion through December 31, 2021, the Eagle and Olive deposits include Proven and Probable Reserves of 2.7 million ounces of gold from 133 million tonnes of ore with a grade of 0.64 grams of gold per tonne. Based on the 2019 Eagle Technical Report and after adjusting for depletion through December 31, 2021, the Mineral Resource for the Eagle and Olive deposits has been estimated to host 207 million tonnes averaging 0.63 grams of gold per tonne, containing 4.2 million ounces of gold in the "Measured and Indicated" category, inclusive of Proven and Probable Reserves, and a further 28 million tonnes averaging 0.61 grams of gold per tonne, containing 0.6 million ounces of gold in the "Inferred" category.




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