Victory's corporate objectives include:
- Focussed exploration;
- Conduct exploration using a high standard of exploration methods; and
- Add shareholder value through the advancement of projects
DECEMBER 2017 PROJECT UPDATES
Victory Mines has the rights to 8 tin tailings deposits in Bolivia. In an ASX Announcement dated 16th August 2017, the full details of the project were announced. The reader should review this announcement.
Victory has been granted permission by the Bolivian state mining company, Corporacion Minera de Bolivia (COMIBOL) to commence a feasibility study on a number of its existing tailing sites plus four new additional sites identified by the Victory Mines board and Victory’s Bolivian Country Manager, Mr Alberto Galvez.
The eight tailing projects have their Exploration Target Potential summarised in the table below which shows a Total Exploration Target Potential of 55.05 to 60.65 million tonnes (Mt) at grades between 0.39 and 0.41% tin.
The potential quantity and grade of these Exploration Targets is conceptual in nature and there has been insufficient exploration to estimate a Mineral Resource and that it is uncertain if further exploration will result in the estimation of a Mineral Resource.
|TAILINGS EXPLORATION TARGETS|
EXPLORATION TARGET MINERALISATION POTENTIAL
|El Kenko Tailings||8.4 to 8.8 Mt @ 0.36 -0.4% Sn|
|Colas Catavi Tailings||9.5 - 10 Mt @ 0.29 - 0.31% Sn|
|Sink and Float Descartes Tailings||24- 26 Mt @ 0.25 - 0.27 % Sn|
|Rio Andavillque Tailings||8 - 10 Mt @ 0.74 to 0.84 % Sn|
|Colas Arenas||1.1 - 1.3 Mt @ 0.55 to 0.65% Sn|
|River Huanuni||2.1 - 2.3 Mt @ 0.45 - 0.55% Sn|
|Colas Machacamarca||0.65 - 0.75 Mt @ 0.48 - 0.52% Sn|
|Colas Japo||1.3 - 1.5 Mt @ 0.45 - 0.55% Sn|
|TOTAL/WEIGHTED AVERAGE||55.05 - 60.65 Mt @ 0.39 to 0.41% Sn|
General Location of the Tailings Projects Centred on LLallagua and Huanuni
The following steps will now be taken as Victory moves towards it’s overall goal in Bolivia.
- Development of drilling program for eight tailing deposit sites
- Creation of a new wholly owned subsidiary in Bolivia
- Definition and execution of the metallurgical test work program
- Definition of the most cost-effective way to process the tailings
- Preparation of the feasibility study
- Submission of the feasibility study to COMIBOL
The Company believes strongly in the economics of the tailing sites and is committed to the Bolivian Government, its people and working with COMIBOL to ensure that a successful outcome is achieved.
The Bonaparte Project is highly prospective for lead (Pb), zinc (Zn), silver (Ag) and copper (Cu). (see Fig 3)
Recent (2017) rock chip sampling has defined several areas for immediate follow-up exploration, and work from previous explorers has defined structural features defined from an EM survey completed in 2010. A ground gravity survey will cover approximately 100 sq km over areas considered to be the most prospective including the Redbank and Martins Gossan, as well as areas where high rock chip values have been encountered. The most recent rock chip sample (Copper Gossan discovery – Nov 2017) returned a grade of 15.95% Cu (see Fig 2)
The Laverton Project is located approximately 20km NE of Laverton in WA. The tenement is considered prospective for gold, copper and nickel. Previous explorers had conducted a low level combined magnetic and radiometric survey and surface geochemical studies covering structural trends (which were identified from the magnetic survey). Since acquiring the tenement, Victory has conducted additional surface geochemical studies to either extend, or infill the areas previously sampled.
The results of all of this work defined 3 areas (totalling 5.2km2) worthy of further investigation, and these three areas were the subject of a ground EM survey which was completed in August 2017. Some areas of mild conductivity were defined by this work.
The Company is planning further exploration during the 3rd quarter of 2018.
If you require any further information, please click here to contact us.