27/11/2020 - 15:35

Victory rolls out more Coogee gold hits

27/11/2020 - 15:35

Bookmark

Upgrade your subscription to use this feature.

Victory Mines continues to deliver a barrage of solid drill intercepts from its recently completed drilling program at the Coogee gold project in WA. Drill hits from the latter half of the company’s maiden program across the target include 12m at 2.85 grams per tonne gold, hosting 4m at 5.52 g/t gold from 76m and 20m at 2.07 g/t gold, hosting 8m at 3.41 g/t gold from 92m.

A geologist logging drill chips from reverse circulation drilling in WA. Credit: File

Victory Mines continues to deliver a barrage of solid drill intercepts from its recently completed drilling program at the Coogee gold project in WA. Drill hits from the latter half of the company’s maiden program across the target include 12m at 2.85 grams per tonne gold, hosting 4m at 5.52 g/t gold from 76m and 20m at 2.07 g/t gold, hosting 8m at 3.41 g/t gold from 92m.

The latest drill results follow hot on the heels of earlier assays, which included an impressive 8m at 13.53 g/t from 92m. Exploration has confirmed both the high-grade nature of the Coogee gold mineralisation and its continuity both along strike and at depth.

The company’s initial success at Coogee will now likely lead into a larger program across the project area with Victory looking to build on its existing resources and define new ore shoots within the extensive Coogee Shear Zone.

Victory Mines Executive Director, Matthew Blake said:

We continue to be encouraged by the success of Victory’s first RC drilling programme at the Coogee Gold Project with further significant high‐grade gold results being returned.”

Victory’s wholly-owned Coogee gold project is located on the north-eastern shore of Lake Lefroy in the venerated Eastern Goldfields of Western Australia. The project lies 55km south-east of the gold mining mecca of Kalgoorlie and is centred around a small open pit operation at Coogee, which was developed by Ramelius Resources back in 2013.

The high-grade Coogee pit delivered 20,400 ounces of gold into the coffers of the mid-tier miner, tipping the scales at an enviable grade of 4.7 g/t gold. However, in Ramelius’ haste to exploit the open cut, the miner left more than a few interesting drill results behind. These deeper drill intercepts lie along strike from, and beneath, the existing pit and are the target of the ongoing exploration program. Coogee hosts a remnant resource of 96,000 tonnes at 3.4 g/t gold just below the current pit floor.

The gold mineralisation at Coogee is hosted by a stockwork of south plunging quartz-carbonate veins within a north-west trending Coogee Shear Zone.  This style of gold mineralisation is found throughout the Kalgoorlie Goldfield and is typical of some of the higher-grade mines in the region, including the revered Beta Hunt gold mine.

Victory completed its maiden drilling program at Coogee in early November 2020, delivering a 3,924m reverse circulation program comprising of 35 drill holes designed to test the extensions of the mineralised lodes outside the existing mine environs and below the old open pit.

Initial results from the drilling included the above-mentioned strikes, in addition to 2m at 13.82 g/t gold from 102m, 4m at 2.81 g/t gold from 45m and 4m at 2.52 g/t gold from only 40m down-hole.

Further results from the latter half of the drilling program also include 16m at 1.09 g/t gold from 80m and 8m at 1.86 g/t, hosting 4m at 2.61 g/t gold from 104m downhole. The abundance of gold, in such close proximity to the old open pit operation, provides a sizable target for an extended drilling program over the target stratigraphy and structure.

The high-grade gold intercepts at Coogee should continue to provide a significant enticement for the company to kick back into exploration at the earliest opportunity.

With Victory now focused on the resampling of the drilling and modelling of the ore system, it shouldn’t be too long until the next phase of drilling is designed, and a systematic drilling campaign kicks off over this fertile gold terrane.

 

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

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options