Vancouver —
Victoria is earning an interest in the property from
Mill Canyon is 1.6 km east of the Cortez Hills gold discovery in the Battle Mountain trend, and adjacent to the old Cortez and Horse Canyon mines. The RJR zone is 820 metres northwest of the Open Cut zone, where drilling returned several high-grade gold zones earlier this year. Stepout drilling is to begin at the Open Cut zone in July.
The recent hole 36 intersected 6.1 metres grading 4.04 grams gold per tonne at a down-hole depth of 489.8 metres, as well as 25.9 metres grading 10.4 grams gold starting at 503.5 metres down-hole (including 15.2 metres grading 13.7 grams gold). The hole, which is still not completed, has returned preliminary results of 0.1 gram gold over 111.3 metres starting at 529.4 metres down-hole.
The intense alteration and mineralized zone intersected in hole 36 starts at a vertical depth of 265 metres below surface. The company believes the mineralized zone trends north-south, dips southwest, and is open in all directions. On surface, the tabular zone is 360 metres wide and 600 metres long.
Drilling continues at the RJR zone, where a stepout program of deep drilling will test the strike and dip extent of the new mineralized zone.
Drilling of the Open Cut target earlier this year identified four high-grade “Carlin-type” gold zones over an area of 185 by 125 metres within what is thought to be a larger structural corridor. High-grade gold mineralization was intersected in eight of the 10 holes, including: hole 6, which hit 7.6 metres of 24.5 grams gold; hole 10, which returned 9.1 metres of 40 grams gold; hole 12, which cut 3.1 metres of 66.8 grams gold; and hole 13, which intersected 7.6 metres of 35.5 grams gold.
Under an amended agreement, Newmont can participate in a joint venture at Mill Canyon by spending $5 million before 2006.
Victoria is an affiliate of
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