Victoria Gold Corp VITFF

Metals & Mining Gold

Victoria Gold Corp. is a gold mining company. The Company’s flagship asset is its 100% owned Dublin Gulch property, which hosts the Eagle, Olive and Raven gold deposits along with numerous targets along the Potato Hills Trend including Nugget, Lynx and Rex Peso. Dublin Gulch is situated in the central Yukon, Canada, approximately 375 kilometers (km) north of the capital city of Whitehorse. The property covers an area of approximately 555 square kilometers and is the site of the Company's Eagle and Olive Gold Deposits. It also holds a suite of other development and exploration properties in the Yukon, including Brewery Creek, Clear Creek, Gold Dome and Grew Creek. The Eagle West target area lies as close as 500 meters northwest of the main Eagle Gold Deposit and hosts the exposures of the granodiorite. The Raven target is located at the contact zone at the extreme southeastern portion of the Nugget Stock. The Brewery Creek Project is a past producing heap leach gold mining operation.

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Victoria Gold Corp > News, No Drilling results though

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Comment by MVargason Sep 14, 2021 12:22am

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Post# 33853606

RE:RE:RE:RE:News, No Drilling results though

Greatdaysahead wrote:
For ref in 2Q PR: " The full extent of these improvements are expected to materialize in H2 2021."

So why should we consider July a big miss ?

We shouldn't. In fact July was arguably Victoria's best month ever for many metrics, including ore mined and ore stacked on the HLP and that is what counts. The recoverable gold from 1,217 tonnes stacked on the HLP in July at a grade of 0.86 g/t at a recovery rate of 72% is 24,230 ounces. The 14,717 oz produced in July is a reflection of the lower stacked volumes in Q2. Another way of putting it is 24,230 ounces were deposited into the gold bank account in July, but only 14,717 oz were withdrawn.

August was even better because of the higher grade. 1,140 tonnes at a grade of 0.98 g/t will add an additional 25,864 ounces to the gold bank bringing the Jul-Aug total to over 50,000 oz., but only 35,461 oz were produced in that period. The gold inventory was 85,000 oz at the end of Q2; it has now grown to almost 100,000 oz. Eventually the ounces produced will catch up to the recoverable ounces stacked on the Pad.

After Q2 results were issued I was highly sceptical of John's claims of producing 60k or 70k oz in each of Q3 and Q4, but meeting the lower end of guidance is certainly acheivable now if mining and stacking rates continue at this pace for the duration of 2021. I think It is unlikely that Q3 production will reach 60k oz, but I expect it to be in the 56k - 58k oz range. That will leave 63k - 65k oz for Q4 or just over 21k/month which again is reasonable based on current mining and stacking rates and grades. There won't be any dropoff in production until stacking is suspended at year-end or perhaps the end of January if the plan is to only have a one-month stoppage this year.