Victory Resources Corp. Completes the Drill Program on the Tailings Pond
July 03 2012 - 3:00AM
PR Newswire (Canada)
Symbol:-TSX-V:VR OTCQX:VRCFF VANCOUVER, July 3, 2012 /CNW/ -
Victory Resources Corp. (OTCQX: VRCFF) (the "Company") is pleased
to announce that it has completed the 2(nd) and final stage of the
drill program at the Altamira tailings pond located at the Reforma
mine. The drill program was conducted on two tailings ponds known
as the Matanza and the Altamira. The drill program completed on the
Matanza tailings pond consisted of 46 drill holes with depths
ranging from 2 meters to 10.9 meters for a total of 291 meters. The
drill program completed on the Altamira tailings pond consisted of
10 drill holes with depths ranging from 2 meters to 7.5 meters for
a total of 38 meters. The company is now preparing a representation
bulk sample from each tailings pond to be submitted for
mineralogical studies and metallurgical tests to determine the
viability of re-processing the material. Previous production at the
Reforma mine involved the recovery mainly by flotation of
chalcopyrite, galena and sphalerite. Significant values of Silver
(AG) ranging from 10 grams to greater than 250 grams were recovered
with the sulphides. Gold was a minor component. Magnetite which
comprised a significant portion of the complex ore was not
recovered. "The completion of the drill program at the tailings
ponds is an important milestone in determining the near term
economic potential." stated Wally Boguski, President and CEO. "The
scenario of an immediately viable resource in the tailings pond
could represent an opportunity for the company to access capital
for the current development of the Reforma mine." Mr. Ruben
Verzosa, P. Eng., a Qualified Person (QP) as defined by NI 43-101
has approved the geological content of this Press Release About
Victory Resources Corporation The company's main focus is on the
Reforma property located at the common boundary of Sinaloa and
Chihuahua States in west central Mexico. The concessions cover a
total area of 7,226 hectares. Victory Resources will earn a 70%
undivided interest in the Reforma property as part of an option
agreement. Formerly owned by Penoles in Mexico, documentation
showed that between the years 1968 to 1980, the Reforma mine
processed 1.8 million tonnes grading an average of 91.62 grams per
tonne Ag, 1.90 per cent Pb, 7.44 per cent Zn and 0.63 per cent Cu.
The recently optioned Boleo property is situated on the western
foothills of the Sierra Madre Occidental mountain range, at the
common boundary of the northeastern Mexican States of Sinaloa and
Chihuahua and expands the resource potential of Victory with 20,460
hectares of contiguous property. This area is characterized by a
northerly prolific mineralized belt hosting the multi-million-tonne
porphyry copper and gold deposits of Santo Tomas and Bahuerachi.
The Company has also begun exploration work on the Au-Wen property
in British Columbia, Canada. The Au-Wen property is 100 % owned by
Victory Resources and is located 30 kilometers southeast of Merritt
and 8 kilometers east of the historic Aspen Grove mining camp in
south-central British Columbia, Canada. The property is comprised
of 91 mineral claims covering an area of 34,200 hectares. The area
covered is up to 39 kilometres long and up to 21 kilometres wide.
On behalf of The Board of Directors of Victory Resources
Corporation. Paul Lee, Director This news release contains certain
forward looking statements which involve known and unknown risks,
delays, and uncertainties not under the control of Victory
Resources Corp. which may cause actual results, performance or
achievements of Victory Resources Corporation to be materially
different from the results, performance or expectation implied by
these forward looking statements. Neither TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this press release, which has been
prepared by management. Victory Resources Corporation
CONTACT: For more information contact Corey Safran, Investor
Relations, at609-228-0595, or by email at corey@vrcorpusa.com.
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