Victory Ventures Acquires Fortuna Property, Kamloops, BC
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/02/13 -- Victory Ventures Inc. (the "Company") (TSX VENTURE: VVN)(FRANKFURT: VV0) is pleased to report the recent acquisition, subject to regulatory approval, of the Fortuna mineral property ("Fortuna Property"), located 60 kilometers north of Kamloops, BC.
The Fortuna Property is an all-weather, road accessible mineral property, located 12 kilometres east of Highway 5 and east of the community of Louis Creek, BC. The main mineral zones are exposed on the steep slopes north of the main access road following eastward from Louis Creek. The 608.9 hectare property was acquired from Victory Ventures president, Mr. Dennis Vigouret, for a cash payment of $3,156.
The general exploration target is that of a volcanogenic massive deposit type (copper-lead zinc). The main area of mineralization lies within three zones of prominent rock alteration with locally intense silicification and sericitization of the host rocks. The primary sulphide mineralization is pyrite with local concentrations of galena and chalcopyrite. The mineral zones are hosted in northwest trending and northeast dipping chloritized schists and metasediments belonging to the Devonian to Mississippian age Eagle Bay assemblage.
The Fortuna Property saw early exploration in 1907/08, with the establishment of five crown granted mineral claims and the development of three adits, totalling 143 metres. The main adit (East Zone), now caved, was 128 metres long and intersected three zones of massive pyrrhotite with widths of between 0.6 metres to 4.8 metres wide, near the end of the adit. It is reported that the pyrrhotite bands contained high values in copper, nickel, gold, silver and platinum, however, such values cannot be substantiated until future diamond drilling is carried out to test the now inaccessible sulphide zones.
Surface grab samples of the best mineralization analyzed as high as 1.2% copper, 0.33% zinc, 14.6 grams per tonne silver, 0.45 gram per tonne gold and 0.47 per cent lead (Assessment Report 15438).
It is the intention of the Company to carry out an immediate geological and rock-sampling examination of the Fortuna mineral property, with the intent of furthering the exploration potential of the property through geophysical surveys (magnetometer, EM) and ultimate diamond drilling of favorable targets.
Following completion of one diamond drill hole on its Iskut area Copau property, the Company is currently planning for more diamond drilling to test the prominent magnetic anomaly situated on the west side of the property. Drill hole VC13-01 was drilled to a depth of 472 meters, but was located too far south to test the magnetic anomaly. Proposed drill holes, requiring helicopter support, are planned to test the strong northwest magnetic anomaly, which measures at least 800 meters long with indicated widths of 200 meters to 300 meters wide. The testing of the magnetic anomaly is scheduled to be carried out by early August of this year.
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.
(604) 377-8994
hdmcap@shaw.ca
www.victoryventures.ca
