23/03/2021 - 11:53

Victory wraps up gold hunt north of Coogee pit

23/03/2021 - 11:53

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Victory Mines has wrapped up a second round of reverse circulation drilling at its Coogee gold project 55km southeast of Kalgoorlie on the north-eastern shore of Lake Lefroy. One of the best intercepts from Victory’s latest bundle of samples returned a broad width of 28m at 1.2 g/t gold from 128m downhole, including 16m at 1.68 g/t gold.

Victory Mines has wrapped up its second RC drill campaign at the Coogee gold project southeast of Kalgoorlie. Credit: File

Victory Mines has wrapped up a second round of reverse circulation drilling at its Coogee gold project 55 kilometres southeast of Kalgoorlie on the north-eastern shore of Kambalda’s Lake Lefroy.

The company said its second RC drilling program was successful in stretching the defined gold mineralisation trend north of the historical Coogee pit to over 160 metres in strike length.

One of the best intercepts from Victory’s latest bundle of 4m composite samples returned a broad width of 28m at 1.2 grams per tonne gold from 128m downhole, including 16m at 1.68 g/t gold.

The company’s latest RC drilling program that comprised 36 holes for almost 5.6km of drilling successfully intersected two sub-parallel gold mineralisation trends with the main zone remaining open to the northwest.

Victory now plans to re-sample anomalous 4m composites on a one-metre basis for additional assay tests.  It also plans to selectively sample intervals where copper sulphides were observed for additional multi-element analysis.

Other significant assay results from the last batch of 4m samples included 4m at 2.07 g/t gold from 56m, a broad 24m at 0.86 g/t gold from 108m downhole and 16m at 1.21 g/t gold from 140m.

One of Victory’s deepest RC holes hit multiple zones of mineralisation with 4m grading 1.74 g/t gold from surface and an impressively wide 41m going 0.45 g/t gold from 160m downhole.  The deeper hit included 5m at the bottom of the hole that returned 1.38 g/t gold from 196m.

Victory has been drilling up a storm immediately to the north of the historical Coogee open pit, from which Ramelius Resources produced 20,400 ounces of gold at 4.7 g/t back in 2013.

The company says a post-mining JORC resource remains at Coogee of 96,000 tonnes at 3.4 g/t gold for 10,600 contained ounces however it is reasonable to expect Victory will top that number up once it works through the assays from a finer sampling interval in the holes north of the pit.

Interestingly, the latest set of drill holes have demonstrated a switch in the plunge of the zones of mineralisation from a moderate southerly plunge within the Coogee pit to a steep northerly plunge north of the pit.

The company’s technical team is also keeping an eye out for sniffs of copper and silver in its drill holes immediately north of the Coogee pit in the event that it manages to interpret a link between the Coogee gold project and its Coogee North copper-gold porphyry prospect.

Victory’s Coogee North prospect is located only 400m north of the Coogee pit, it covers a footprint of 300m by 150m and is lit up by both airborne and ground magnetic anomalies.

Historical copper-gold intercepts at Coogee North include 4.8m at 2.16 per cent copper with 1.86 g/t gold from 134.2m downhole and 2m at 4.75 per cent copper with 2.95 g/t gold from 94m.  Yet another historical drill hole hit 6m at 1.95 per cent copper, including one rich metre going 6.4 per cent copper and 14.5 g/t gold from 91m downhole.

Victory’s technical team believes its Coogee North porphyry copper-gold prospect has all the hallmarks of Lefroy Exploration’s Burns prospect which sits 15km to the southeast of Coogee North.

One spectacular gold and copper hit Lefroy made last month at Burns returned a whopping 60m at 5.22 g/t gold and 0.38 per cent copper from 112m downhole.  Within the broad zone of mineralisation, Lefroy tagged 20m going a healthy 12.2 g/t gold, 0.87 per cent copper and 1.7 g/t silver from 144m.

In support of the analogy with Lefroy’s Burns prospect, Victory uncovered another historical copper intercept at Coogee North which returned 0.45 per cent copper from 115m, including a 1m zone grading 2.45 per cent copper and 1.32 g/t gold

Victory is proposing downhole EM surveys at both the Coogee North prospect and an area south of the Coogee pit with the expectation of lighting up more sulphide and magnetite targets to be tested in the next round of drilling.

One notable drill hole to be surveyed returned a high-grade gold intercept of 10m at 12.10 g/t gold, with an uber-rich core of 3m grading at over an ounce to the tonne gold, or 35.10 g/t.

Victory will no doubt be hoping its next drilling sortie teases out further rich veins of copper and gold mineralisation around Coogee.

 

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

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