Welcome to Victory Mines Limited

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

Figure 1: Location map showing Coogee Project tenements, mills and infrastructure

PLANNED 4,000M DRILLING PROGRAM - COOGEE JV GOLD PROJECT

An RC drilling programme of 4,000m will commence at Coogee using leading RC drilling contractor Strike Drilling.

Coogee is located approximately 55km southeast of Kalgoorlie on the north-eastern shore of Lake Lefroy and comprises four tenements (Mining Lease M26/477, Exploration Lease E26/177 and Miscellaneous Licences L26/264 and L26/265) that cover an area of approximately 17km2.

The project’s location (Figure 1) near the major mining centre of Kalgoorlie in Western Australia provides ready access to both significant exploration and mining support services and a skilled workforce.

 

Drill Program

Figure 2: Coogee Pit Model, showing 1gt/ mineralisation shells, highlighting the plunge of the gold mineralisation with historical (black) and planned RC drilling (blue). Looking north northwest.

The 4,000m RC drill program will test the down plunge extensions of a number of the high-grade gold shoots within an overall 600m strike length Coogee Pit Trend and below the previously mined Coogee Pit. A total of 30 drill holes have been planned and range in depth from 50 to 150m, with some of the deeper holes extending to a depth of 220m (Figure 2).

A Program of Work (POW) has been approved by the Department of Mines Industry Regulation and Safety (DMIRS) and Heritage surveys have been completed.

Within the Coogee Pit Trend gold mineralisation occurs in a moderately south-west dipping shear that varies between 2m and 8m in thickness.  Within the shear there are a number of high-grade shoots, which plunge towards the south at shallow to moderate angles.   

 

Gold is hosted in quartz-carbonate-pyrite veins within dacite, andesite and rhyolite lithologies with a skarn-like assemblage comprising garnet, actinolite, phlogopite, epidote and magnetite.

Historical drilling has returned high-grade gold intercepts within the 600 metre Coogee Pit Trend, as shown in Figure 3, from a number of shoots including:

  • Figure 3: Coogee Pit Trend long section, highlighting high grade gold intersections and planned drilling pierce points. 2m @ 28.7 g/t Au from 63 metres
  • 2m @ 14.9 g/t Au from 74 metres
  • 5m @ 11.13 g/t Au from 82 metres
  • 6m @ 16.80 g/t Au from 36 metres
  • 3m @ 21.03 g/t Au from 104 metres

 

Coogee Past Gold Production

In September 2012, Ramelius defined a JORC (2012) Indicated and Inferred Mineral Resource Estimate1 of 224,000 tonnes at a grade of 4.1 g/t Au. Using a gold price of A$1,500 per ounce, Ramelius went on to define Ore Reserves2 at Coogee of 109,00 tonnes at a grade of 5.1 g/t for 18,000 oz Au within an optimised open pit. Mining operations at Coogee subsequently commenced in August 2013 and were completed in February 2014. A total of 147,400 tonnes were mined from the Coogee Open Pit. This was at least 30% more ore tonnes than the defined Ore Reserve for Coogee3. Processing of Coogee ore was undertaken at the Burbanks mill, south of Coolgardie, 112km from the project area (Figure 2). Ramelius reported the recovery of approximately 20,400 ounces of gold from 152,800 dry tonnes of the Coogee open pit ore treated during the campaign at an average reconciled plant head grade of 4.7 g/t Au and metallurgical recovery of 96.4%.

Mining operations by Ramelius in 2013 provide established site infrastructure including haulage and access roads as well as miscellaneous licences.

 

Coogee Mineral Resource 

Coogee Mineral Resource4 reported to the guidelines of JORC (2012) is tabled below:

Indicated Inferred Total
t g/t oz t g/t oz t g/t oz
31,000 3.6 3,600 65,000 3.3 7,000 96,000 3.4 10,600
  1. Ramelius Resources ASX Release, 28 September 2012
  2. Ramelius Resource ASX Release 12 September 2013
  3. Ramelius Resources ASX Release 3 April 2014
  4. Ramelius Resources ASX Release 10 September 2019

Bonaparte

After a recent field reconnaissance program on the Company’s Bonaparte Project (E80/4901) in the Kimberley region in Western Australia.

Highlights:

  • New assays of samples collected from historical drilling confirmed
    • WBR1003 3.8m @ 1.26% Cu from 45.8m
    • WBR1005 3.1m @ 3.99% Cu, 80.8 g/t Ag, 2.98% Pb and 0.1% Zn from 47.4m, including 1.3m @ 8.4% Cu, 181 g/t Ag, 5.3% Pb and 0.17% Zn from 46.1m
  • Up to 25.9 % Cu and 13.7 g/t Ag reported from outcrop rock chip samples collected
  • Important new assay information from historical drilling reports identified:
    • PDH11, 6.1m @ 3.13% Cu, 93 ppm Pb, 138 ppm, Zn and 6.7 g/t Ag from 3m
    • PDH12, 12.2m @ 2.36% Cu, 1800 ppm Pb and 365 ppm Zn from 16m
    • PDH22, 1.5 1.5m @ 1.35% Cu, 750 ppm Pb, 125 ppm Zn and 2 g/t Ag from 10.6m; and
  • 1.5m @ 1.1% Cu, 5300 ppm Pb and 380 ppm Zn from 19.8m
  • The above results have provided impetus for an accelerated commencement to a drilling program, and an approved and current Program of Work (POW) is in place.

Work Conducted

The Company’s consulting geologist recently completed a field trip to the Bonaparte Project (E80/4901) in the North Kimberley region of Western Australia. Activities undertaken included the collection and analysis of rock chip samples, recovery and re-analysis of historical drill cores, locating historical drill hole collars and meetings with the MG Corporation, a group representing the relevant native title holders. Results from the field trip now confirm the importance of a drilling program which will commence later this year.

Rock chip sampling were collected during the field mapping exercise which was conducted across selected parts of the tenement and demonstrated that Cu, Pb and Zn anomalism could be much greater than initially considered. In addition, the historical drill core re-analyses confirmed that previous drilling over the Company’s Redbank structure did intersect significant copper mineralisation. Reinterpretation of the available diamond drill core combined with field mapping, historical gravity and EM data indicate that the Redbank structure(s) may be mineralised over a strike length of 2.8 km.

Tenement Extension

The Company recently applied and has been granted and extension for the tenement E80/4901 until 15 July 2025.  The Company has also applied for an exemption on expenditure for 2019 / 20 year as a result of COVID restrictions limiting access to the tenement.

Next Steps

Victory plans to conduct a limited drilling program to twin historical drill holes with modern drilling methods and sampling techniques . Down Hole Electromagnetic Magnetic (DHEM) tools will be used to help