Victoria Gold Corp.

Company Data | Introduction | Projects in Hand | Management
News Update | Chinese

Company Data

Introduction

Victoria Gold is leading Yukon’s New Gold Rush. The Company’s core holding is the 100%-owned Dublin Gulch gold property in central Yukon Territory, Canada. Dublin Gulch is home to the Eagle Gold Mine – the largest gold mine in Yukon history. As at December 31, 2022, the Reserve is 2.6 million ounces of gold (124 million tonnes grading 0.65 g/t). The long-life Eagle Gold Mine has high likelihood for further mine life extension at depth and along strike. Exploration potential across the greater Dublin Gulch property is excellent and includes priority targets Raven and Lynx among others.

Investment Highlights

• Long Life Modern Heap Leach Operation
• Forecasting Year-Over-Year Production Growth
• Free cash flow (FCF) Very Levered to Gold Price
• District Scale Exploration Potential
• Delivering Positive Environmental, Social and Governance (ESG) Results

Projects in Hand

Dublin Gulch Gold Property, Central Yukon Territory

Victoria Gold's 100%-owned Dublin Gulch gold property is situated in central Yukon Territory, 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 Eagle Gold Mine is Yukon's newest operating gold mine.

Mineral Reserves (Effective date December 31, 2022)

Regional Exploration

• 550 sq. km
• 8 regional targets
• Airborne geophysics and LIDAR complete
• Unglaciated, so best prospecting tool is geochemistry

Eagle Gold Mine

The Eagle Gold Mine is situated within Victoria’s Dublin Gulch property, located in the Mayo Mining District of the central Yukon Territory and within the traditional territory of the First Nation of Na-Cho Nyak Dun. Eagle resource expansion at depth and along strike.

Located in a Stable/Safe Jurisdiction with Good Infrastructure

• Year-round road access
• Grid hydro power
• Airport at Mayo
• Proximity to major commercial hubs:
• Six hours by road to Whitehorse
• Eight hours by road to Port of Skagway, Alaska

Mayo Mining District – Canada’s Newest Growing Mining District

• Two active mines
• VGCX – Eagle Gold Mine
• Hecla – Keno Hill Mines
• 13M oz AuEq in Mayo Mining Region
• Two advanced exploration projects:
• VGCX – Raven Deposit, 1M oz Au
• BYN – AurMac Deposit, 4M oz Au
• Active explorers:
• Victoria, Banyan, Sitka Gold, Atac, St. James, Strikepoint, Hecla, Metallic Minerals, Alianza Minerals, Mayo Lakes, Snowline Gold, and Honey Badger

2023 Technical Report

• 100% replacement of resource depletion
• Ore stacked increases to 11.5M tonnes annually
• Average of 200,000 ounces annually for next 8 years
• Economic Summary:
• US$1,700 Au, 0.75 Foreign Exchange Rate
• Net Present Value (NPV) of $954M (5% discount rate)
• Free cash flow of $1,204M
• US$2,000 Au, 0.75 Foreign Exchange Rate
• NPV of $1,338M (5% discount rate)
• Free cash flow of $1,696M
• 2.1M oz produced
• All-in sustaining costs (AISC) of US$1,117/oz

Grade Reconciliation

• Ore is where it is expected and at expected grades
• The Reserve Block Model is in excellent agreement with the Blasthole Model

Recovery Reconciliation

• Metallurgical recovery is reconciling well compared to Victoria’s initial modeling and on-going met testing
• A full metallurgical balance is completed monthly
• Actual recovery vs forecast recovery is reconciled quarterly

2023 Outlook

• Victoria’s operational outlook assumes that operations will continue without any significant COVID-19 related interruptions.
• 2023 production and cost guidance is unchanged from when it was originally estimated and released in February 2023.
• Production at the Eagle Gold Mine for 2023 is estimated to be between 160,000 and 180,000 ounces.
• AISC for 2023 are expected to be between US$1,350 and US$1,550 per oz of gold sold.

Victoria Gold produced 45,568 ounces of gold during the second quarter of 2023 and 83,188 ounces of gold during the first half of 2023. John McConnell, president and chief executive officer, commented: “In Q2 2023, we continued with the record gold production we achieved in Q1. Over H1 2023, we have produced 47 per cent more gold than H1 2022.”

Both gold grade and metallurgical recovery continue to reconcile well against the Eagle reserve model. (See news release dated July 5, 2023)

Exploration – Raven

• Maiden Resource Estimate
• 20 Million Tonnes at 1.7 g/t Au
• +1 Million Ounces Au
• Based on 18,217 meters in 78 holes
• 2.5 times the grade of Eagle (See News Release dated September 15, 2022)
• Granodiorite intrusion very large
• 2022 program: 27,215 metres of diamond drilling were completed across the claim package, including 90 drillholes for 25,244 metres at the Raven Deposit
• Hole NG22 -155C: 3.59 g/t Au over 83.5 metres
• 2023 program has begun:
• Soil sampling
• 5 km trenching
• 20,000 m diamond drilling

Management

Management and Directors

John McConnell, Director, President & Chief Executive Officer

35 years experience in mining industry; operations, permitting, engineering, project management and mining company executive

Nanisivik, Strathcona, Breakwater, De Beers, Western Keltic

Mark Ayranto, Chief Operating Officer

17 years experience in mining, operations, development, permitting

StrataGold, Chair of Yukon Mineral Advisory Board to the Minister of Energy, Mines & Resources

Marty Rendall, Chief Financial Officer

30 years experience in mining; base metals, diamonds, gold; exploration, development, operations

Breakwater, De Beers

Dave Rouleau, Vice President, Mine Optimization & Strategy

30 years experience in operations and management

Taseko, Horizon Oil Sands, Teck Cominco

Tim Fisch, Vice President & General Manager of the Eagle Gold Mine

Over 40 years experience in metallurgy, process, operations

Bethlehem, Corona, BHP, Unimin, Imperial, Coeur

Paul Gray, Vice President, Exploration

20 years as an exploration geologist; precious metals, base metals, development

Doublestar, Bluerock, Selkirk Minerals, Argus Metals

Adam Melnyk, Vice President, Business Development

17 years experience in mining, financial, equity research, fund management, due diligence, engineering

Sun Valley Gold, PI Financial, National Bank, Desjardins, Canaccord Genuity, Golder Associates

Bill Heath, Vice President, Human Resources

Over 40 years industrial HR experience, Senor executive positions in mining

Royal Oak, Breakwater, RPA, Alderon Iron Ore, Detour, Centerra

Hugh Coyle, Vice President, Environment

14 years experience in mining industry regulatory affairs, tenure management and environmental compliance

StrataGold, Victoria Gold

T. Sean Harvey, Non-Executive Chairman

Christopher Hill, Director

Steve Haggerty, Director

Ria Fitzgerald, Director

Kimberly Keating, Director

Joe Ovsenek, Director

News Update

On August 16, 2024, The Globe and Mail reports in its Friday edition that Victoria Gold chief executive officer John McConnell says he regrets staying silent while the company was in crisis, and suspects June's catastrophic cyanide spill at its Yukon mine was caused by an uncontrolled buildup of fluid. The Globe's Niall McGee writes that four million tonnes of cyanide-laced rocks collapsed at the outdoor heap-leaching pond on June 24 and half of that spilled into the local environment beyond the company's containment zone. The scale of the environmental damage is unknown, but the local first nation fears the spill could devastate salmon fisheries, hunting grounds and groundwater. Victoria Gold on Wednesday was put into receivership after an Ontario judge ruled the company will not be able to finance the remediation of the site, which is now expected to cost up to $150-million. Victoria Gold sometimes went several weeks without issuing updates. Mr. O'Connell said his lawyers had advised him to stay silent, but now admits that was a mistake. "Their advice was, 'Say nothing, say nothing, say nothing.' And that's not my style. So, I regret that I wasn't out there talking to more people and getting our message out about what our plans were."

On August 15, 2024, Further to the company's news release dated Aug. 14, 2024, the Ontario Superior Court of Justice (commercial list) has granted an order appointing PricewaterhouseCoopers Inc. as the receiver and manager of Victoria Gold Corp., including, without limitation, all property, assets and undertakings in which the respondent has an interest, including the real property which includes but is not limited to the Eagle gold mine located in Dublin Gulch, Yukon, Canada.

On August 14, 2024, After the close of markets on Aug. 13, 2024, and further to the heap-leach facility (HLF) incident that occurred at the Eagle gold mine on June 24, 2024 (see the company's news releases dated June 24, 2024, July 4, 2024, July 12, 2024, and July 30, 2024), Victoria Gold Corp. was served with an application by the Yukon government seeking, among other things, the appointment of a receiver over the company and its property and related relief pursuant to the Courts of Justice Act (Ontario), such application being returnable before the Ontario Superior Court of Justice (commercial list) on Aug. 14, 2024. The company intends to respond to oppose the application.

On August 06, 2024,The Globe and Mail reports in its Saturday edition that the Nacho Nyak Dun First Nation in Yukon wants the company that owns the gold mine where a massive ore slide and cyanide spill occurred in June to be removed from managing the cleanup, and seeks a public inquiry into the disaster. A Canadian Press dispatch to the Post reports that the nation's leadership said the Eagle gold mine owner, Victoria Gold, has failed to follow government directions and cannot be relied upon to fix the situation. Chief Dawna Hope said on Thursday, "The company has lost our confidence and we do not believe they will be able to effectively address this disaster they created in our traditional territory." Ms. Hope said Victoria Gold's public apologies and statements by its chief executive officer "ring hollow." The first nation is urging the Yukon government to "take immediate and robust action" to make sure mitigation efforts continue to "remedy and prevent" further environmental contamination from the site. The heap leach facility at the Eagle gold mine failed on June 24. Yukon officials said Thursday that some water samples taken downstream have shown cyanide levels that "significantly exceed" guidelines for aquatic life.

On July 30, 2024, Victoria Gold Corp. has provided an update on the management of the heap leach facility (HLF) incident that occurred at the Eagle gold mine on June 24, 2024 (see the company's news releases dated June 24, 2024, July 4, 2024, and July 12, 2024).

Safety - Victoria's focus continues to be on the safety of its employees and mitigation of harm to the environment. As previously reported, the Company has and will continue to liaise with the government of Yukon, the First Nation of Nacho Nyak Dun (FNNND), the Village of Mayo, the Yukon Workers' Safety and Compensation Board, and other regulatory authorities.

Water sampling - Victoria is actively sampling water daily from multiple sample locations at the Eagle mine. Several of these sample locations are located downstream from the location of the HLF incident. As previously disclosed in Victoria's news release dated July 12, 2024, the company has detected trace amounts of cyanide in Haggart Creek downstream of the HLF incident. The majority of samples tested by the company downstream of the HLF have not detected any cyanide. The company has detected minor amounts of WAD (weak acid dissociable) cyanide in seven of 134 samples collected as of July 23, 2024, downstream of the HLF incident in Haggart Creek. These results range from concentrations of 5.2 parts per billion to 9.3 parts per billion WAD cyanide. The company's downstream water quality objectives pursuant to its water use licence for cyanide are five parts per billion WAD cyanide.

On July 19, 2024, The Globe and Mail reports in its Friday edition that the Yukon government is contemplating seizing control of Victoria Gold's Eagle mine site, as doubts grow about the company's ability to deal with a catastrophic heap-leach failure last month. The Globe's Niall McGee writes that four million tonnes of cyanide-laced rocks collapsed June 24 at a heap-leach processing facility at the mine. Two million tonnes of material breached the company's containment zone and elevated levels of cyanide were later found in a water body adjacent to the mine. Eagle is located on the traditional territory of the first nation of NaCho Nyak Dun. Over the past few weeks, Whitehorse-based Victoria Gold has been attempting to store and treat all of the contaminated water at the mine site. However, Yukon government officials said Thursday the company is running out of space in storage ponds and currently is not able to treat all of the effluent. As a temporary measure, Victoria Gold is pumping contaminated water from the ponds to the heap-leach facility as it builds more storage capacity. Officials were unable to guarantee that the company can construct enough storage space. Chief executive officer John McConnell is still not returning calls.

On July 12, 2024, Victoria Gold Corp. has provided a further update on the heap leach facility (HLF) incident that occurred at the Eagle gold mine on June 24, 2024 (see company news releases dated June 24, 2024, and July 4, 2024).

Victoria's focus continues to be on the safety of its employees and mitigation of harm to the environment. As previously reported, the company has continued and will continue to liaise with the government of Yukon, the First Nation of Nacho Nyak Dun (FNNND), the Village of Mayo, the Yukon Workers' Safety and Compensation Board, and other regulatory authorities.

On July 04, 2024, Victoria Gold Corp. is updating on the heap leach facility incident that occurred at the Eagle gold mine on June 24, 2024 (see company news release dated June 24, 2024).

As initially reported, there were no injuries to personnel associated with the incident and Victoria's primary focus has been on the continued safety of its employees and mitigation of harm to the environment. The company has and will continue to liaise with the government of Yukon, the First Nation of Nacho Nyak Dun, the Village of Mayo, the Yukon Workers' Safety and Compensation Board, and other regulatory authorities.

With respect to environmental mitigation, within hours of the incident a pumping system was established to return water from the HLF material to lined containment ponds. Diversion systems have also been installed for the management of both non-contact and contact water and material. To date, continued environmental surface water quality sampling at multiple points downstream of the property has not detected any cyanide.

The company advises that it has received notices of default from its lenders under the credit agreement dated Dec. 18, 2020.

Production remains suspended with previous 2024 production and cost guidance forecasts retracted.

The company expects to provide further information by the end of next week.

On June 28, 2024, The Financial Post reports in its Friday edition that contaminated water that overflowed in a landslide and equipment failure at a Yukon gold mine is being pumped into storage ponds, while the investigation continues into what went wrong, the territory's Department of Energy, Mines and Resources said. A Canadian Press dispatch to the Post quotes Mines Minister John Streicker saying in a statement that current information suggested the failure at the heap-leach facility at Victoria Gold's Eagle mine on Monday had not affected drinking water for the village of Mayo, about 80 kilometres south of the mine. The slide pushed contaminated water outside its containment area and over an embankment. Heap leaching uses chemicals to percolate through crushed ore, allowing it to extract gold, and the company's website says the Eagle Mine uses a cyanide solution in the process. Mr. Streicker said that "out of an abundance of caution" drinking water will be monitored for contaminants "until more is understood about the details of the event." He said natural resource officers are assessing the site's compliance with the terms and conditions of the mine's licences. "It's too early to speak to the cause of the heap leach failure."

On June 27, 2024, The Globe and Mail reports in its Thursday edition that an internal rock collapse at a gold mine in the Yukon was a major factor in the collapse of a gold processing plant operated by Victoria Gold. The Globe's Niall McGee writes that Whitehorse-based Victoria Gold on Monday said that its heap leach pad had failed at its Eagle gold mine, and that part of the infrastructure had breached the containment region, raising the possibility of environmental damage from cyanide leaking into the environment. Heap leaching involves stacking mined ore into giant piles and then sprinkling it with hundreds of litres of water laced with cyanide. Assisted by gravity, the toxic solution causes gold to leach from the ore. The resulting "pregnant" solution then drips into a lined outdoor pond. The solution is finally pumped to an enclosed facility where the gold is collected. The company did not say what caused its heap leach pad to fail, but images that have circulated on-line indicate that a significant rock collapse had occurred. A source familiar with the situation confirmed that a major rockslide had occurred, adding that it was not an external, naturally occurring event, but one that started when the stacked rocks collapsed.

On June 27, 2024, The Globe and Mail reports in its Thursday, June 27, edition that Desjardins Securities analyst John Sclodnick has lowered his recommendation for Victoria Gold to "sell" from "buy." The Globe's David Leeder writes in the Eye On Equities column that Mr. Sclodnick slashed his share target by $9 to $6.75. Analysts on average target the shares at $11.75. Mr. Sclodnick says in a note: "With just a brief press release and no word from management, we remain concerned about Victoria Gold's ability to make its quarterly debt repayments as operations are suspended for an unknown period. ... It is expected to continue making quarterly term loan debt repayments of $11-million until it is due Sept. 30, 2024. If we assume Victoria Gold suspends its exploration and growth capex projects, then we estimate its operations could be suspended until mid-August at the latest, at which point the cash balance would remain just above zero; note that this does not yet factor in clean-up costs. If we assume clean-up costs of 25 per cent of the total stacked tonnes on the leach pad so far, then we estimate clean-up costs of $70-million."

On June 26, 2024, The Globe and Mail reports in its Wednesday, June 26, edition that CIBC World Markets analyst Allison Carson has lowered her recommendation for Victoria Gold to "underperformer" from "neutral." The Globe's David Leeder writes that Ms. Carson slashed her share target by $6 to $4. Ms. Carson downgraded the shares following the late Monday announcement of a temporary suspension of Victoria Gold's Eagle Gold Mine in Yukon due to a heap leach pad incident. Ms. Carson says in a note: "Without knowing the full extent of the impact to the operation, we expect any prolonged shutdown of the mine to significantly impact the company's liquidity, potentially rendering it unable to maintain debt covenants and potentially impacting the company's ability to fund clean-up costs. Given the uncertainty around the length of the suspension at Eagle, the status of operation, and implications from a regulatory perspective, we have changed our valuation to an in situ basis method and added in $100-million in clean-up costs, decreasing our NAV to $4.05 from $13.68." The Globe reported on July 19 that Desjardins Securities analyst John Sclodnick was sticking with his "buy" call for Victoria Gold. The shares could then be had for $9.13.

On June 24, 2024, The heap leach pad (HLP) at Victoria Gold Corp.'s Eagle gold mine in Yukon experienced a failure. Operations are temporarily suspended while the site operations team along with management continue to assess the situation and gather information. At this early stage, it can be confirmed that there has been some damage to infrastructure and a portion of the failure has left containment. There have been no injuries to personnel associated with the incident. The company will provide further information as it becomes available.

On May 13, 2024, Victoria Gold Corp. has provided its first quarter 2024 summary financial and operating results.

John McConnell, president and chief executive officer, commented: "While gold production during the first quarter was lower than target, we still managed to generate positive free cash flow before and after working capital adjustments. Higher gold grade and stacked ore tonnage are expected to lead to elevated gold production, revenues, profits and cash flows through the remainder of 2024."

On May 10, 2024, Victoria Gold Corp. held its annual general meeting earlier today, May 10, 2024, in Vancouver, B.C. Shareholders voted in favour of all items proposed by the board of directors and management including the addition of Susan Flasha to the board of directors.

On April 10, 2024, Victoria Gold Corp. produced 29,580 ounces of gold during the first quarter of 2024.

John McConnell, president and chief executive officer, commented: "For the second consecutive year, we have stacked ore on the heap-leach pad through the winter. While quarterly gold production is down year-over-year, the summer and fall seasons are our strongest operating periods, and we expect to achieve 2024 gold production guidance of 165,000 to 185,000 ounces and cost guidance of $1,450 (U.S.) to $1,650 (U.S.) per oz of gold sold."

Tonnes of ore mined and stacked on the heap leach pad in Q1 2024 is in line with ore mined and stacked in Q1 2023. Gold production in Q1 2024 was lower year-over-year due to lower grades related to mine sequencing of the Eagle orebody, the timing of placing stacked tonnes under leach, and lower-than-planned stacking rates in Q4 2023. Both gold grade and metallurgical recovery continue to reconcile well against the Eagle reserve model.

On February 23, 2024, Victoria Gold Corp. intends to complete a normal course issuer bid (NCIB). The company has received approval from the Toronto Stock Exchange (TSX) to purchase for cancellation, from time to time over a 12-month period, common shares of the company listed on the TSX in an aggregate amount of up to 3,326,717 common shares, representing 5 per cent of Victoria's issued and outstanding shares.

On February 20, 2024, Victoria Gold Corp. has released its summary financial and operating results for the fourth quarter and year ended Dec. 31, 2023.

"Gold production in 2023 of 166,730 ounces is a record for the Eagle gold mine, an 11-per-cent year-over-year increase," noted John McConnell, president and chief executive officer. Mr. McConnell continued: "Both production and costs were well within our guidance ranges during 2023. Although we have seen a reduction from peak inflation levels, operating costs continue to be pressured by increasing input costs from labour to parts and consumables. Despite this inflationary backdrop, the Eagle gold mine is expected to increase gold production levels through 2024 and 2025, which will lead to lower unit costs."

On January 15, 2024, Victoria Gold Corp. produced 41,982 ounces gold during the period Oct. 1 to Dec. 31, 2023, the fourth quarter (Q4) of 2023. Full-year 2023 Eagle gold mine production was 166,730 ounces of gold.

"The Eagle gold mine achieved our 2023 production guidance of 160,000 to 180,000 ounces of gold," commented John McConnell, president and chief executive officer. "This is a record level of production for Eagle and an 11-per-cent increase year-over-year. In 2023, we successfully demonstrated the feasibility of year-round stacking on the heap leach facility, resulting in more consistent quarterly gold production and a mitigation of the impacts of seasonality. We intend to continue year-round stacking in 2024 and look forward to increased year-over-year production levels again this year." Mr. McConnell also noted, "We generated positive free cash flow during the fourth quarter and continued to reduce our net debt position, including a[n] $11-million payment against our term loan facility, which we expect to fully repay during the third quarter of 2024."

On October 25, 2023, Victoria Gold Corp. has released the final set of analytical results from the 2023 exploration campaign at the Raven deposit. Raven was the primary focus of this season's exploration efforts at the Dublin Gulch camp, with over 13,200 metres (m) of diamond drilling consisting of systematic fence drilling to the east of the current deposit bounds coupled with exploratory drill holes around the promising high-grade mineralization identified last season in drill hole NG22-155C (20.24 grams per tonne gold over 14.5 m; see company news release dated Jan. 19, 2023). Victoria anticipates releasing an updated Raven mineral resource estimate following the compilation and analysis of the 2023 drill results.

Assays for the final 23 of the 39 drill holes collared in 2023 have been received. Highlighted results are presented below:

• 4.52 g/t Au over 7.6 m from 257.8 m in NG23-190C;
• 3.48 g/t Au over 11.7 m from 182.9 m in NG23-196C;
• 5.83 g/t Au over 31.4 m from 44.6 m in NG23-200C.

"The 2023 Raven exploration season is now completed and, as these latest results demonstrate, has continued to identify high-grade gold mineralization both internally and externally to the current Raven deposit bounds," stated John McConnell, president and chief executive officer of Victoria. "Work on an updated Raven resource is now under way and we look forward to seeing two full seasons of drilling added to the maiden resource estimate."

On October 11. 2023, Victoria Gold Corp. has further amended its secured debt agreement dated Dec. 18, 2020, as amended Dec. 20, 2021, June 16, 2022, and Feb. 17, 2023. The Loan Facility is comprised of a term loan (the "Term Facility") and a revolving credit facility (the "Revolving Credit Facility").

The Loan Facility is provided by a syndicate of Canadian banks including Bank of Montreal, CIBC, Desjardins and National Bank.

Pursuant to the amended Loan Facility, the Company has extended the maturity date of the Revolving Credit Facility from December 31st, 2024 to December 31st, 2025. No other terms of the Revolving Credit Facility have changed.

There is no change to the Term Facility which has four equal quarterly instalments remaining through to the maturity date of September 30th, 2024.

"I would like to thank BMO, CIBC, Desjardins and National for their continued support of Victoria Gold and our Eagle Gold Mine," stated John McConnell, President & CEO. "Victoria expects to generate significant free cash flow over the coming quarters and years and will be focusing on debt repayment. The extension of the maturity of the Revolving Credit Facility will add greater flexibility to our balance sheet."

On October 04, 2023, Victoria Gold Corp. produced 41,561 ounces of gold during the period July 1 to Sept. 30, 2023, the third quarter of 2023. Year-to-date 2023 gold production is 124,749 ounces. Gold production was up by 17 per cent in the first nine months of 2023 compared with the same period in 2022, while Q3 production decreased 17 per cent year over year. Both the quarterly decrease year over year and the nine-month year-to-date increase are due to a reduction in seasonality as a result of year-round ore stacking on the heap-leach pad, a more-even distribution of planned maintenance throughout the year, and a growing heap-leach pad which moderates quarter-over-quarter gold production. The quarter-over-quarter decrease in grade is due to mine sequencing. Ore and waste mined, ore stacked on the heap-leach pad and gold produced were all negatively impacted during the third quarter of 2023 by an approximately two-week evacuation in early August due to wildfire activity.

On September 14, 2023, Victoria Gold Corp. has acquired Sabre Gold Mines Corp.'s Yukon assets via the acquisition of Sabre's wholly owned Yukon subsidiary, Golden Predator Mining Corp. All currency amounts listed in Canadian dollars.

Victoria has acquired Sabre's 100-per-cent interest in the Brewery Creek property, as well as the 100-per-cent-owned Gold Dome and Grew Creek exploration properties.

John McConnell, president and chief executive officer of Victoria, commented: "With the acquisition of Sabre's Yukon assets, we are pleased to be expanding our footprint and asset base in our own backyard. With our track record of exploration, permitting, development and operations in Yukon, we believe we can add value to this portfolio of assets."

On September 14, 2023, Victoria Gold Corp. has released the first analytical results from the 2023 exploration campaign at the Raven deposit. Raven was the primary focus of this season's exploration efforts, with over 13,200 metres of diamond drilling completed. The drilling campaign consisted of systematic fence drilling to the east of the current deposit bounds coupled with exploratory drill holes around the promising, high-grade mineralization identified last season in drill hole NG22-155C (20.24 grams per tonne gold over 14.5 metres; see company news release dated Jan. 19, 2023). Victoria anticipates releasing an updated Raven mineral resource estimate after the completion of the 2023 field season, including the receipt and analysis of all results.

Assays for 16 of the 39 drill holes collared in 2023 have been received -- highlighted results are presented herein:

• 7.80 g/t Au over 6.0 m from 235.5 m in NG23-167C;
• 3.03 g/t Au over 11.3 m from 256.3 m in NG23-168C;
• 20.20 g/t Au over 1.1 m from 292.3 m in NG23-170C;
• 3.45 g/t Au over 27.5 m from 239.0 m in NG23-172C;
• 3.47 g/t Au over 18.5 m from 170.5 m in NG23-179C.

"A busy 2023 exploration program served to validate and expand the mineralized footprint of Raven while increasing overall confidence in the Raven deposit," stated John McConnell, president and chief executive officer of Victoria. "With each successive season, Raven has grown in size, and 2023 should prove no different as we focused exploration towards growth of the deposit along strike -- particularly to the east, where 2023 results underscore the development of a high-grade trend."

August 9, 2023, Victoria Gold: 2023 Second Quarter Results. Victoria Gold earns $15.96-million in Q2 2023

https://vgcx.com/news/victoria-gold-2023-second-quarter-results/

August 1, 2023, Victoria Gold: Operational Update. Victoria Gold announced that its employees have begun remobilization to the Eagle gold mine.

https://vgcx.com/news/victoria-gold-operational-update-2023-08-01/

July 30, 2023, Victoria Gold: Operational Update. Victoria Gold announced that as a result of wildfire activity in the area of Victoria Gold's Eagle gold mine, the operation has been partially evacuated.

https://vgcx.com/news/victoria-gold-operational-update/

July 19, 2023, The Globe and Mail reports in its Wednesday edition that Desjardins Securities analyst John Sclodnick is sticking with his “buy” recommendation for Victoria Gold. The Globe's David Leeder writes that Mr. Sclodnick gave his share target a 50-cent bump to $16.50. Analysts on average target the shares at $16.25. Mr. Sclodnick boosted his share target following a visit to the Company's Eagle mine in the Yukon.

July 5, 2023, Victoria Gold: Eagle Gold Mine Q2 & H1 2023 Operational Highlights. Victoria Gold produced 45,568 ounces of gold during the second quarter of 2023 and 83,188 ounces of gold during the first half of 2023.

https://vgcx.com/news/victoria-gold-eagle-gold-mine-q2-h1-2023-operational-highlights/

May 11, 2023, Victoria Gold: 2023 First Quarter Financial Results

https://vgcx.com/news/victoria-gold-2023-first-quarter-financial-results/

May 10, 2023, Victoria Gold: Annual General Meeting Results

https://vgcx.com/news/victoria-gold-annual-general-meeting-results/

  Disclaimer

Copyright (c) 2000 - 2024 Chinese Investment Club Inc.
All Right Reserved. Do not duplicate or redistributed in any form.
版權所有, 未經同意, 不得以任何形式轉載或翻印