Bonaparte Project

Update after a recent field reconnaissance program on the Company’s Bonaparte Project (E80/4091) in 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

Figure 1: drill core showing the cross-cutting nature of the copper mineralisationThe Company’s consulting geologist recently completed a field trip to the Bonaparte Project (E80/4091) 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.

The structure in the recovered drill core can be traced in outcrop and in gravity images through other areas where significant copper anomalism exists.

Non executive Director Mt Alec Pismiris commented….” The recent fieldwork at Bonaparte has yielded important new information about the Company’s exciting base metals project. We look forward now to drilling which is now necessary to confirm the potential mineralisation extensions”

Figure 2: Location of rock chips and drill holes

Tenement Extension and Expenditure Exemption

The Company recently applied and has been granted and extension for the tenement E80/4901 until 15 July 2025.  The annual expenditure on the tenement is $196,000.  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 later this year to twin historical drill holes with modern drilling methods and sampling techniques . Down Hole Electromagnetic Magnetic (DHEM) tools will be used to help determine the presence of primary sulphide conductors.

Competent Person’s Statement

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Mathew Perrot who is a Registered Practicing Geologist and Member of the AIG. Mr Perrot is employed by Mathew Perrot Consulting Geologist Pty Ltd.  Mr Perrot is a significant/substantial shareholder in Victory Mines. Mr Perrot has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Perrot consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.