Victory Ventures Finalizes Drill Contract for the Copau Property, Iskut District, BC
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/09/13 -- Victory Ventures Inc. (TSX VENTURE: VVN)(FRANKFURT: VV0) (the "Company") is pleased to report that it has completed a drill contract for its planned diamond drilling program on the Copau Property, located in the Iskut District of northern British Columbia (the "Property"). A contract for the upcoming drill program has been signed with Blackhawk Drilling Ltd. of Smithers, BC. Victory Ventures is exploring for copper-gold porphyry mineralization, similar to that found at the nearby Red Chris copper-gold porphyry deposit, currently moving towards mineral production by 2014.
The Property has been permitted for up to five diamond drill holes, to be drilled from existing road access. Drill holes will be drilled to depths of between 400 meters and 500 meters to test the full potential of the depth-strengthening IP chargeability anomalies on the surveyed grid portion of the property.
The drill program on the Property, planned for the first week of June, 2013, will test a prospective IP chargeability anomaly, as discovered by survey work carried out on the property by Frontier Geosciences Inc. in 2012. A chargeability anomaly, increasing in strength with depth, was detected at 155 m to 455 m depth against a background of overall lower resistivities. Between 205 metres to 455 metres chargeabilty measurements varied from 20ms to 40ms (milliseconds) at 205 metres depth, increasing to 70ms to 100ms at 455 metres depth.
The newly defined deep IP chargeability anomaly forms a pattern similar to the chargeability anomalies identified at Red Chris, 11.5 kilometers to the southwest, where the bulk of the mineralization is hosted in the deeper, stronger southern chargeability anomaly.
On the Copau Property, the main zone of anomalous chargeability is presently of indeterminate size as it lies open to the south and west of the currently surveyed grid area. The presently known anomaly covers an area of at least 600 m long on a north-south axis and approximately 200 metres to 400 metres wide in an east-west direction. It is postulated that the main zone of strong chargeability is likely caused by increasing sulphide content within the interpreted southwest dipping syenite body, possibly related to hydrothermal processes within the syenite body.
Although there is little rock outcrop present on the Property, several occurrences of sulphide mineralization have been located, including pyrite, chalcopyrite as well as magnetite hosted in a syenite host rock. The syenite body which is known to underlie the central part of the Property is likely an important causative factor in the mineralizing process. Mineralization was first discovered on the Property area in 1994 during a regional mapping program by the BC Geological Survey. The showing was designated as Minfile B-31, with one sample assaying 0.34% copper.
The Property is located in the northern end of the prolific "Golden Triangle", an area well known for its potential to host world-class alkalic-type copper-gold porphyry deposits. The main driver for exploration in this region is Imperial Metals Corporation's Red Chris development project, which lies 11.5 kilometres southwest of the Property.
The Red Chris Mine, with planned production of 30,000 tonnes per day, will be in production by 2014, in conjunction with the completion of the Northwest Transmission Line. From a 2012 technical report, Imperial Metals states that Red Chris currently has measured and indicated resources of 1.22 billion tonnes with an average grade of 0.327% copper and 0.327 g/t gold, using a 0.2% copper equivalent cut-off. A similar size and grade resource also exists in the inferred resource category.
Several other companies are actively pursuing copper-gold porphyry targets in the Red Chris deposit region.
West Cirque Resources is actively carrying out exploration work on their Castle Property, located 25 km northwest of the Red Chris deposit. West Cirque has recently entered into an agreement with Freeport-McMoran of Canada Ltd., whereby Freeport can earn a 51% interest in the Castle, Tanzilla and Pliny mineral properties, following an $8,000,000 cumulative expenditure on the properties over a 4 year period. The majority of the exploration expenditures will be directed towards exploration of the Castle property.
Colorado Resources Ltd. are working on their Eldorado property, located 7 kilometers north of Red Chris, where plans are in place to drill test newly discovered deep IP chargeability anomalies.
Also active in the area is Teck Resources Ltd, carrying out an extensive exploration program on their GJ (Kiniskan) property located 20 kilometers west of Red Chris.
Qualified Person
Mr. Greg Thomson, P.Geo. is the Qualified Person as defined by National Instrument 43-101. Mr. Thomson is a director for the Company and has reviewed and approved the technical information contained in this news release.
On behalf of the Board of Directors:
Howard Milne, Director
Victory Ventures Inc. is a Canadian-based junior mining exploration company focused on the procurement, exploration and development of precious metal properties in North America. The Company's Shares are listed and posted for trading on the TSX Venture Exchange under the symbol "VVN" and on the Frankfurt Exchange under the symbol "VV0".
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Victory Ventures Inc.
Howard Milne
Director
(604) 377-8994
hdmcap@shaw.ca
www.victoryventures.ca
