Raven resource update, next upVictoria anticipates releasing an updated Raven Mineral Resource Estimate following the compilation and analysis of the 2023 drill results. Assays for the final 23 of the 39 drillholes collared in 2023 have been received. Highlighted results are presented below:
- 4.52 g/t Au over 7.6m from 257.8m in NG23-190C
- 3.48 g/t Au over 11.7m from 182.9m in NG23-196C
- 5.83g/t Au over 31.4m from 44.6m in NG23-200C
“The 2023 Raven exploration season is now completed and, as these latest results demonstrate, has continued to identify high-grade gold mineralization both internally and externally to the current Raven deposit bounds,” stated John McConnell, President and CEO of Victoria. “Work on an updated Raven Resource is now underway and we look forward to seeing two full seasons of drilling added to the maiden resource estimate.”
During the 2023 field season, 13,220m of diamond drilling was completed (39 holes at Raven) along with 1,282m of surface trenches (16 trenches at both Raven and Lynx), detailed structural/geological mapping and prospecting. Drilling in 2022 and 2023 tested an additional 400m of strike length from the 2022 maiden Raven Mineral Resource Estimate eastern limits. This drilling confirmed Raven mineralization over a strike length of 1.7 kilometers (“km”). Analytical results from these programs represent further confirmation of the Raven mineralization and Resource model, with long intervals of gold mineralization (such as 240.2m of 0.96 g/t Au) hosted within granodiorite lithologies punctuated by intervals of high grade massive sulphide veins (such as 1.0m of 49.10 g/t Au and 0.5m of 24.20 g/t Au).
The second half of the 2023 program, from which these assay results are derived, was split between exploratory drilling to the east of the Raven deposit, targeting further definition of the previously identified high-grade trend east of Raven (see Company NR dated September 15, 2023) and drilling internal to the current Raven Resource, targeting areas with previously limited data. This later aspect of the program was designed to increase the grade and confidence of the Raven Resource.
Highlighted analytical results from the final 23 drillholes of the 2023 Raven program are presented below:
Table 1: Raven 2023 Diamond Drillhole Highlighted Results
| Hole | From m | To m | Length | Au g/t | Ag g/t |
| NG23-182C | 101.0 | 102.8 | 1.8 | 1.39 | 21.43 |
| NG23-184C | 201.0 | 208.5 | 7.5 | 1.46 | 51.60 |
| and | 297.0 | 298.2 | 1.2 | 2.89 | 7.200 |
| and | 258.0 | 260.0 | 2.0 | 2.88 | 2.65 |
| Including | 259.0 | 260.0 | 1.0 | 5.30 | 2.60 |
| NG23-187C | 124.6 | 125.2 | 0.6 | 2.72 | 102.00 |
| NG23-189C | 10.8 | 12.0 | 1.2 | 3.93 | 1.70 |
| and | 247.5 | 270.5 | 23.0 | 2.31 | 45.56 |
| Including | 257.8 | 265.4 | 7.6 | 4.52 | 80.12 |
| Including | 257.8 | 258.9 | 1.1 | 18.4 | 303.00 |
| NG23-191C | 212.9 | 213.5 | 0.7 | 8.84 | 8.60 |
| and | 249.0 | 291.0 | 42.0 | 0.50 | 17.67 |
| NG23-194C | 271.4 | 272.5 | 1.1 | 1.85 | 264.00 |
| NG23-196C | 121.5 | 293.0 | 171.5 | 0.40 | 2.00 |
| Including | 161.0 | 194.5 | 33.5 | 1.44 | 6.46 |
| Including | 182.9 | 194.5 | 11.7 | 3.48 | 13.13 |
| NG23-197C | 122.8 | 123.4 | 0.7 | 4.03 | 30.10 |
| NG23-198C | 92.3 | 399.2 | 307.0 | 0.30 | 6.47 |
| and including | 214.3 | 214.8 | 0.5 | 24.2 | 40.90 |
| and Including | 343.3 | 398.2 | 54.9 | 0.63 | 6.18 |
| and | 104.0 | 105.0 | 1.0 | 8.82 | 1.70 |
| Including | 145.0 | 145.5 | 0.5 | 14.70 | 2.30 |
| and | 209.7 | 210.3 | 0.5 | 11.90 | 34.30 |
| and | 324.4 | 325.0 | 0.6 | 10.00 | 35.60 |
| NG23-200C | 23.1 | 263.3 | 240.2 | 0.96 | 3.73 |
| Including | 23.1 | 54.5 | 31.4 | 5.83 | 20.74 |
| Including | 44.6 | 54.5 | 9.9 | 15.80 | 51.81 |
| Including | 50.0 | 51.0 | 1.0 | 49.10 | 73.50 |
| NG23-201C | 173.9 | 174.8 | 0.8 | 7.22 | 16.10 |
| and | 298.0 | 299.1 | 1.1 | 7.23 | 5.10 |
| NG23-202C | 115.0 | 218.5 | 103.5 | 0.34 | 2.57 |
| Including | 210.0 | 218.5 | 8.5 | 2.10 | 3.31 |
| Including | 212.0 | 212.7 | 0.7 | 18.3 | 17.20 |
| and | 285.0 | 289.5 | 4.5 | 1.06 | 18.80 |
| and | 159.2 | 220.0 | 60.9 | 0.49 | 6.07 |
| Including | 159.2 | 193.2 | 34.0 | 0.79 | 10.38 |
*True widths are estimated to be approximately 90% of drilled lengths
A set of drill sections and plan map to accompany these Raven drillholes, along with drill collar and survey data, will be made available on the company website (www.vgcx.com).
The 2023 Raven drill program also resulted in several highly anomalous base metal veins intercepts, including:
- 23.46% Pb, 22.32%, Zn, 545.0 g/t Ag with 3.10 g/t Au over 1.2m from 109.73m in NG23-198C
- 11.04% Pb, 7.00 % Zn, 216.08 g/t Ag with 13.68 g/t Au over 3.5m from 182.7m
- 5.90% Pb, 7.33% Zn, 35.08 g/t Ag with 6.26 g/t Au over 1.9m from 172.6m
These high-grade, sulphosalt bearing base metal veins have been identified (and logged distinctly) at Raven since Raven’s discovery in 2018. However, it was not until late 2022 that their potential as consistent veins distinct from the gold-bearing massive sulphide veins was recognized and analytical overlimit procedures for base metals were established on all core samples. These base metals veins have not been assessed in any economic detail to date and part of the 2023 post-field season work will include a review of these veins including independent modelling. Victoria maintains the coarse rejects and pulps from all 2018-2023 Raven drilling campaigns and thereby has the ability to conducted overlimit assays on intervals of note, if required.