Highlights:
- 3D modelling of a significant magnetic ‘bullseye’ anomaly identifies potential IOCG target at Victory’s North Stanmore E20/871 tenement
- IOCG target anomaly commences at a depth of approximately 140- 170m below surface
- Magnetic characteristics similar to major IOCG deposits such as BHP Group Limited’s Olympic Dam
- Estimated magnetic ‘bullseye’ anomaly size approximately 800m X 800m
- Diamond drill rig secured to commence drilling in late April 2022 with a planned vertical hole to a depth of 270m
- Target situated approximately 15km north of Cue on Victory’s large North Stanmore tenement E20/871 with a total area over 21Km2
Victory Goldfields (ASX:1VG) (“Victory” or “the Company”) is pleased to announce a high impact Iron Oxide Copper Gold (IOCG) exploration target which represents a unique, walk-up drilling opportunity at Victory’s North Stanmore E20/871 tenement. This exploration opportunity is unique in the Cue region and the new target expands Victory’s exploration program situated within its large-scale exploration package in the Cue goldfields, Western Australia.
Victory’s Executive Director Brendan Clark commented: “The Board and Management are very excited with the potential of the magnetic anomaly which could lead to an IOCG discovery in the Cue region.
IOCG deposits are often enormous polymetallic concentrations of elements such as gold, copper, uranium, silver and other valuable rare earth elements (REE) such as lithium and cerium. The mines are high value long life operations that contribute significant economic benefits to a region.
Victory is due to commence field work in April on the target in addition to extensional RC drilling within our maiden resource project at Coodardy and other planned programs proposed to follow.
With this new high-priority exploration target being additional to Victory’s planned programs, our senior management has made cost saving measures over the recent weeks to ensure funding is available for this outstanding exploration opportunity and so that our existing programs are uninterrupted.”
