Victory Goldfields (ASX:1VG) reports it has identified a ‘significant’ gold anomaly from its recent air core (AC) drilling program at the company’s North Stanmore and Mafeking projects in the Cue goldfields of Western Australia.
The company is now planning further follow up reverse circulation (RC) drilling to determine if the quartz vein-hosted gold mineralisation identified in the air core drilling persists at depth.
A 600m long x 250m wide maximum gold in drilling anomaly has been identified shown by 300ppb Au and 600ppb Au contours and is situated adjacent to and paralleling the interpreted Mafeking Fault.
In addition, assaying is to commence for the full suite of rare earth elements (REEs) to investigate the yttrium and other REEs anomaly identified in air core drilling.
Victory’s Executive Director Brendan Clark commented: “Victory’s latest results are very encouraging with the company adding rare earth elements to its radar due to very anomalous yttrium values that have been reported from our recent exploration activities.
Victory’s latest results are very encouraging with the company adding rare earth elements to its radar due to very anomalous yttrium values
“Victory is also very pleased with the 600m gold anomaly situated parallel to a significant fault, and it will become a priority to drill this target at depth with follow up exploration to commence immediately.”
Initial logging of the AC drilling by Victory identified abundant pegmatite in drill chips in several holes. Subsequently, Victory assayed for both lithium pathfinder elements (Li, Cs, W and Rb) and a selection of the REEs. Assays were anomalous for the REEs including Yttrium (Y), Cerium (Ce), and Lanthanum (La).
Victory will commission the services of an expert geochemist to interpret the results from the completion of the full suite of REE which will include 1m samples.
Meanwhile, the gold mineralisation contours are open to the northeast, along strike of the adjacent and controlling structure known as the Mafeking Fault.
The Mafeking Fault is an 8km-long regional fault zone with many gold workings occurring along its strike length.
Many of these old workings have been previously drilled including Hidden Treasure (1m @ 9.0 g/t Au), New Gem (2m @ 1.4 g/t Au), Lombardy (1m @ 1.3 g/t Au followed by 2m @ 1.55 g/t Au) and Mafeking (not previously drilled).
Anomalous yttrium with values up to 4m @ 964ppm, lanthanum up to 4m @ 559ppm and cerium up to 4m @ 475ppm were identified in pegmatite and granite. These results require follow up assays and expert interpretation.
At North Stanmore, given the length of the anomalous zone of quartz hosted gold mineralisation (600m long x 250m wide) an RC drill program will be planned to test the potential mineralisation.
Victory has a portfolio of underexplored and contiguous tenements in the Cue goldfields of Western Australia. Victory’s key assets include a portfolio of 46 tenements and a further seven tenement applications.
Cue is located in the Mid West region of Western Australia, about 665km from Perth, and the Cue goldfields are regarded as one of the most prestigious mining districts of Western Australia with a long and successful history of gold exploration and production.
Images: Victory Goldfields Ltd
