VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/04/13 -- Victory Ventures Inc. (TSX VENTURE: VVN)(FRANKFURT: VV0) (the "Company") wishes to provide clarification regarding its recent drilling program on the Copau Property (the "Property"), located in the Iskut district of northern BC.
Some comments have been received by the Company suggesting that drill VC13-01 was incorrectly located in regard to test/intersect a geophysical anomaly on the western side of the Property. This is an invalid assumption, which is explained as follows:
There are two types of geophysical targets/anomalies on the Property that were planned for drill testing in 2013, both an IP chargeability anomaly and a magnetic anomaly lying along the northeast flank of the chargeability anomaly.
A wide-spread IP (Induced Polarization) chargeability was located in 2012 on the southwest portion of the Property, indicating possible sulphide mineral concentrations at greater than 200 meters depth. This chargeability anomaly was tested by drill hole VC13-01, with the drill hole directed northward at a dip of -50 degrees to a hole length depth of 472 meters.
Drill hole VC13-01 was drilled from the only available road traversing the property and was carried out primarily to test the cause of the IP anomaly. A second drillhole set-up will be required to test the more northerly magnetic anomaly, which could not be reached by drill hole VC13-01.
Drill hole VC13-01 intersected two distinct rock types. The upper portion of the drill hole, to 239.1 meters, consisted of a fine latite lapilli tuff followed by an extensive interval of dark carbonaceous mudstones to the bottom of the hole. The mudstones contain 20-25% of dark opaque carbonaceous matter, quite likely amorphous graphite. Due to its conductive properties, the graphitic content of the mudstone is the likely cause of the widespread deep IP chargeability anomaly. The Company is in the process of carrying out tests and assays to determine if there is potential for economic grade and quality of the thick graphitic mudstone sequence. Petrographic rock descriptions noted traces of very fine grain chalcopyrite in two of the three samples submitted to Vancouver Petrographics, for examination.
The Company is currently planning to return to the Property by early August, to carry out a diamond drill program to test the prominent northwest trending magnetic anomaly, which is present for at least 800 meters in length and 200-300 meters in width, with pronounced strengthening of the anomaly at its northwest extent and open beyond the existing grid area.
The Company looks forward to the opportunity of resuming its exploration on the Copau Property in the hope that strong magnetite concentrations causing the magnetic anomaly feature, may also indicate often associated copper (chalcopyrite) concentrations.
Mr. Greg Thomson, P.Geo. is the Qualified Person as defined by National Instrument 43-101. Mr. Thomson is a director for the Company and has reviewed and approved the technical information contained in this news release.
On behalf of the Board of Directors:
Howard Milne, Director
Victory Ventures Inc. is a Canadian-based junior mining exploration company focused on the procurement, exploration and development of precious metal properties in North America. The Company's Shares are listed and posted for trading on the TSX Venture Exchange under the symbol "VVN" and on the Frankfurt Exchange under the symbol "VV0".
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Victory Ventures Inc.
Most Popular Stories
- Frightfully Fun Films Return for Halloween
- Hollywood Eager to Grasp Hispanic Market
- Cape Cod Building Mussel Industry
- Cloud Lifts Microsoft's Quarterly Results
- Would Soccer Be Richer Without Small Clubs?
- Weekly Jobless Claims Rise but Remain Low
- Pfizer Approves $11 Billion Buyback Plan
- IS Funded by Black Market Oil Sales, Racketeering
- Sears Denies Store Closings, Layoffs Report
- Teresa Giudice Must Serve Time in Prison