Victory Resources says assays pending after it sinks ten holes for 496 metres at Loner

Victory Resources Corporation (CSE:VR) (FRA:VR61) (OTCPINK:VRCFF) said it had completed a ten-hole, 496 metres (m) drill program at its Loner property in Nevada and samples have been sent to the lab. 

The main aim was to test gold in soil anomaly east of the southern workings, where drilling had encountered several zones of intensely altered granite cut by veinlets. 

READ: Victory Resources set to drill its optioned Loner Property in Nevada

If assays indicate that these zones are gold-bearing, it supports the idea that the steeply dipping zones are part of a larger gold-bearing system, said Victory.

“From the time we optioned Loner in late December till now, the Victory team has accomplished a tremendous amount of work and we look forward to the assay results from this drill program, which will guide our next steps,” said David Deering,  vice-president (VP) of exploration in a statement.

“Loner is located in an area within Nevada that is in the vicinity of Goldbanks, an area where Barrick, Kinross and Premier have interests, and we have added to our portfolio in the area by staking the Black Diablo property, which we will be advancing in the near future.”

The Loner project, optioned from Silver Range Resources last year, comprises 16 claims covering historic workings and exposed low-sulphidation gold mineralization and lies 12 miles north of the Goldbanks project (current resources 557,000 ounces of gold).

There are strong similarities between Loner and the Goldbanks deposit in terms of geological setting and style of mineralization found at each. Also, the Coronado VMS project is prospective for copper and lies six miles southeast of Loner.

Victory Resources is also currently developing the Hammond Reef South in Ontario adjoining Agnico Eagle’s Hammond Reef mine, and Lac Simard in Quebec within 20 kilometers of three operating gold mines, including Agnico Eagle’s Goldex, Canadian Malartic mines and Eldorado Gold’s Lamaque mine.

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Story by ProactiveInvestors