Victoria Gold expands Raven target at Eagle

9.12.2019, 19:53 - eeppo

Victoria Gold released the results of trenching completed at its Eagle gold project in the Yukon. Trench highlights from the Raven target include 7.91 g/t gold over 12 metres and 1.12 g/t gold over 60 metres.

The surface footprint of the Raven target has been expanded by 200 metres to the east and by 250 metres to the southeast from the Raven discovery trench completed in 2018. The discovery trench returned 124 metres of 3.51 g/t gold.

The Raven target is situated along a large intrusive body, similar to the one hosting Eagle gold mine mineralization.

Follow up work will focus on areas to the south and southeast of Raven. Soil sampling results for this area are pending.

Reserve and technical report update

In early December, Victoria also released the results of an updated feasibility-level technical report completed for the Eagle gold mine.

Total pre-production reserves increased to 155 million tonnes at 0.65 g/t gold for a total of 3.3 million oz., compared to 123 million tonnes at 0.67 g/t gold for a total of 2.7 million oz. previously.

Estimated average annual production has increased to 220,000 oz. from 200,000 oz. previously with all in sustaining costs expected at US$774 per ounce.

Victoria is also investigating the possibility of year-round stacking of ore on the heap leach pad.

The Eagle gold mine is ramping up; it is currently expected to declare commercial production in the second quarter of 2020.

(This article first appeared in the Canadian Mining Journal)