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Victory Resources kicks off exploration at Hammond Reef South project; 15 samples sent to lab

The work is being carried out by Clark Exploration of Thunder Bay

Victory Resources Corp -
The first phase of exploration sees prospecting and mapping of anomalous trends identified by Osisko Mining in a bid to define drill targets

Victory Resources Corp (CSE:VR) (OTCMKTS:VRCFF) has kicked off the first phase of exploration at its newly optioned Hammond Reef South property in Ontario with 15 samples already sent to the lab for analysis.

The work is being carried out by Clark Exploration of Thunder Bay and the first phase sees prospecting and mapping of anomalous trends identified by Osisko Mining to define drill targets.

READ: Victory Resources says advancing exploration plan for its Mal-Wen copper/gold property in British Columbia

"Exploration on the property, carried out from 2009 to 2012, consisted of widely spaced prospecting traverses and limited soil sampling. Significant mineralization was found just north of the property boundary by Osisko," Victory's geologist Helgi Sigurgeirson said in a statement on Tuesday.

"Anomalous samples from this local returned from 0.18 to 4.75 grams per tonne Au. The area of the property immediately to the southwest (ie, along the usual trend of mineralization in the area) has had little exploration.

"Alteration and minor mineralization were located in other areas of the property as well, but the preliminary nature of the work has left much of the ground incompletely evaluated, leading to the recommendation for Victory's work program of mapping, soil sampling and magnetometer surveying," he added.

As reported last month, Victory has struck an option deal to acquire a 100% interest in the gold project, which adjoins mining major Agnico Eagle's (NYSE:AEM) Hammond Reef gold asset.

Previous and current exploration is focused on the definition of gold trend similar to Hammond Reef.

Agnico's Hammond Reef project contains an open pit higher confidence measured and indicated mineral resource of 208 million tonnes grading 0.67 grams per ton (g/t) gold, containing 4.5 million ounces of the yellow metal. There is also an open-pit inferred mineral resource of 0.5 million tonnes grading 0.74 g/t gold, containing 12,000 ounces of gold, using a cut-off grade of 0.32 g/t.

Shares added 3.85% in Toronto to C$0.14 each.

---Updates for share price---

Contact the author at giles@proactiveinvestors.com

Quick facts: Victory Resources Corp

Price: 0.065 CAD

CSE:VR
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Market Cap: $3.15 m
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