Victoria Gold Corp VITFF

Today's Cannacord Morning Coffee

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Victoria Resources (VIT : TSX-V : $1.48), Net Change: 0.00, % Change: 0.00%, Volume: HALTED 25.9 metres of 10.4 g/t Au. On Wednesday, Victoria reported that deep drilling on a new target area, RJR Zone, located about 820 metres southeast of the Open Cut target, had returned up to 25.9 metres of 10.4 g/t Au. This hole, designated OC-36, has intersected a large decalcified and intensely altered horizon that at surface has dimensions of about 360 by 600 metres. Drilling intersected this horizon at about 265 metres vertical - assays are received to 677 metres in depth. The hole is still in progress though no current depth was reported. We assume that the favourable host horizon is still evident in the core. A step-out drill program is planned for this area. In addition to the results, Victoria also announced that the back-in option for Newmont (NEM) has been amended. Under the new terms, the total exploration expenditure requirement for Victoria has been increased to $5 million. At that point, Newmont has a one-time back-in option to earn a 50% interest by funding all expenditures equal to 250% of the total expended by Victoria. If this election is made and completed the project would be held under a 50/50 joint venture.