Victory Mines has nailed the projected ‘down-plunge’ extensions to its recently acquired Coogee gold project in WA, with the latest assays from its maiden RC drill campaign returning more high-grade drill intercepts. The best result was an exciting 10m intersection at 12.01 grams per tonne gold from 93m down-hole that included an even sweeter 3m going 35.87 g/t gold from 94m.
The company said the 3m high-grade shoot plunges over 100m in a southward direction beyond the southern end of the Coogee pit.
Victory also said it was onto a 20m thick extension up to 350m north of the pit with one RC drill hole hitting 20m at 2.22 g/t gold from 92m, including 12m at a robust 3.31 g/t gold from 93m downhole.
The company only reeled in the Coogee project from mid-tier miner Ramelius Resources last month and has been firing off salvos of RC drill results ever since.
Ramelius historically worked the ground at Coogee from as early as 2013, selling out to Victory after walking away with 20,400 ounces of gold during its short but lucrative campaign. Victory saw potential in Ramelius’ drill results and is looking to pick some of the low hanging fruit left behind under the old pit by Ramelius as it seeks to prove up a broader ore deposit.
Coogee is located approximately 55km southeast of Kalgoorlie, on the north-eastern shore of Lake Lefroy and the deposit is surrounded by other gold miners such as Northern Star, Goldfields and Silver Lake Resources.
South-plunging quartz-carbonate veins that slice through the Coogee Shear zone host the Coogee deposit in an intermediate felspar porphyry which the company said remains open at depth at widths of up to 50m.
After announcing significant assay results from 4m composites late last month, the Perth-based Victory now has an impressive bank of notable intercepts from the 1m samples now assayed, giving the company more confidence in the high-grade nature of the gold mineralisation.
The plethora of high-grade hits to-date include 3m at 7.11 g/t gold from a relatively shallow 42m downhole and 1m at 9.4 g/t from only 38m. Numerous wide hits have been tallied up too, with one drill hole intersecting 19m at 1.55 g/t gold from 91m and another 13m section came in at 3.07 g/t from 77m.
Other deeper hits from the recent campaign were 3m at 4.33 g/t gold from 105m and 5m at 2.02 g/t gold from 109m downhole.
Victory is well and truly blooded for the hunt now and will no doubt release the hounds again early in the new year at this emerging hot spot in Kalgoorlie’s Eastern Goldfields.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
By Matt Birney
