Victory Resources Corporation - Drill Program on Reforma Tailings has Commenced
09 Apr, 2012, 04:00 ET
VANCOUVER, April 9, 2012 /PRNewswire/ - Victory Resources Corp (Symbol VR-TSXV) (the "Company") is pleased to announce that it has begun a systematic drilling program to determine the potential size and grade values of the Matanza and Altamira historic Reforma tailings deposit located beside the Reforma historic mine site.
The drill program has a surveyed grid of 20 by 20 meters, with a total of 93 holes planned with a depth of 15 meters on average. This 1400 meter drill program is expected to take about 30 days to complete.
Upon completion of the drilling, a representation bulk sample will be sent to a laboratory to determine the mineralogical and metallurgical studies for recovery values followed by a feasibility study of re-processing the material.
"Based on the initial results from the tailings pond that we previously announced, we are pleased to commence the confirmatory drill program on the tailings pond," stated Wally Boguski, President and CEO. "The potential of an economically viable resource in the tailings pond will be an important milestone in our development of the Reforma mine site."
Mr. John Thornton, S.A.I.M.M., a Qualified Person (QP) as defined by NI 43-101 has approved the geological content of this Press Release.
About Victory Resources Corporation
The company's main focus is on the Reforma property located at the common boundary of Sinaloa and Chihuahua States in west central Mexico. The concessions cover a total area of 7,226 hectares. Victory Resources will earn a 70% undivided interest in the Reforma property as part of an option agreement. Formerly owned by Penoles in Mexico, documentation showed that between the years 1968 to 1980, the Reforma mine processed 1.8 million tonnes grading an average of 91.62 grams per tonne Ag, 1.90 per cent Pb, 7.44 per cent Zn and 0.63 per cent Cu.
The company has also begun exploration work on the Au-Wen property in British Columbia, Canada. The Au-Wen property is 100% owned by Victory Resources and is located 30 kilometers southeast of Merritt and 8 kilometers east of the historic Aspen Grove mining camp in south-central British Columbia, Canada. The property is comprised of 91 mineral claims covering an area of 34,200 hectares. The area covered is up to 39 kilometres long and up to 21 kilometres wide.
On behalf of The Board of Directors of Victory Resources Corporation.
Paul Lee, Director
This news release contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the control of Victory Resources Corp. which may cause actual results, performance or achievements of Victory Resources Corporation to be materially different from the results, performance or expectation implied by these forward looking statements. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.
SOURCE Victory Resources Corporation
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