26/08/2021 - 15:41

32m gold drill hit for Victory near Kalgoorlie

26/08/2021 - 15:41

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ASX-listed explorer Victory Mines has delivered further encouraging results from a recently completed drilling campaign at its Coogee gold-copper project near Kalgoorlie in Western Australia where a 1km strike length has now been identified. Latest hits include a broad 32m intercept going 1.44 g/t gold and 8m at 3.59 g/t gold. Assays from 17 holes are pending.

New and previous gold and copper intercepts at Victory Mines’ 100 per cent owned Coogee project near Kalgoorlie, WA. Credit: File

ASX-listed explorer, Victory Mines has delivered further encouraging results from a recently completed drilling campaign at its Coogee gold-copper project near Kalgoorlie in Western Australia where a one-kilometre strike length has been identified. Latest hits include a broad 32 metre intercept going 1.44 grams per tonne gold and 8m at 3.59 g/t gold. Assays from 17 holes remain pending.

A total of 51 holes taking in more than 7,000m were drilled as part of the company’s third phase reverse circulation program at Coogee.

The campaign was seeking to delineate the northern extensions of two gold‐copper trends north of the historical Coogee pit – the Eastern Trend and the Coogee Main Trend.

Mid-tier gold miner, Ramelius Resources, produced some 20,000 ounces of gold at an impressive 4.7 g/t gold at the Coogee pit before closure of the mine in 2014. The pit has a reported remnant resource of about 10,000 ounces at 3.4 g/t gold.

The drill campaign was also looking to grow Victory’s understanding of the previously identified copper‐gold porphyry prospect, Coogee North, immediately to the north‐east of the Eastern Trend.

Management says the latest drilling has intersected several broad zones of mineralisation hosting higher-grade shoots that represent attractive targets for follow-up testing.

Drilling at the Eastern Trend also returned a broad 22m intercept at 1.11 g/t gold and 0.73 per cent copper from 160m, including a richer 5m interval at 3.16 g/t gold and 1.56 per cent copper.

Other promising results from the Eastern Trend include the 8m intercept averaging 3.59 g/t gold that also takes in 0.44 per cent copper from 124m. A 4m section going 5.99 g/t gold and 0.48 per cent copper is hosted within the intercept.

Elsewhere along the Eastern Trend the drilling returned 4m at 3.25 per cent copper and 1.01 g/t gold within a broader 7m interval going 2.2 per cent copper and 0.65 g/t gold from 132m.

At Coogee North, one hole returned 1m at 2.07 g/t gold and 1.66 per cent copper from 75m and 1m at 3.71 g/t gold and 0.26 per cent copper from 108m.

Victory says assays for 4m composite samples from 34 holes have now been received.

One metre individual samples from anomalous 4m composite samples will also be submitted to the labs for analysis.

The Coogee tenure covers some 17 square kilometres about 55km south-east of Kalgoorlie. Victory moved to full ownership of the project earlier this year when it issued $1 million of its shares to former joint venture partner in the project, Ramelius Resources.

Lefroy Exploration’s exciting Burns discovery, where a stunning 38m intercept going 7.63 g/t gold and 0.56 per cent copper was reported, lies just 15km south-east of the project.

Victory also appears well on its way to unravelling the true value of Coogee as the gold and copper hits continue to flow in.

 

Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au

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