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Victory Ventures to Drill the Copau Property, Iskut District, BC
By: Marketwired .
Feb. 7, 2013 03:01 AM
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/07/13 -- Victory Ventures Inc. (the "Company) (TSX VENTURE:VVN)(FRANKFURT:VV0) is pleased to report that it has received final government permits for its planned diamond drilling program on the Copau property, located in the Iskut District of northern British Columbia. The Company is exploring for copper-gold porphyry mineralization, similar to that found at Imperial Metals Corporation - Red Chris copper-gold porphyry deposit, currently moving towards mineral production by 2014. Victory Ventures' Copau property is located approximately 11.5 kilometers northeast of the Red Chris deposit.
The drill program on the Copau property is to be carried out by mid-2013, to test a prospective IP chargeability anomaly, as discovered by survey work carried out on the property by Frontier Geosciences Inc. in 2012. A chargeability anomaly, increasing in strength with depth, was detected at 155 m to 455 m depth against a background of overall lower resistivities. Between 205 metres to 455 metres chargeabilty measurements varied from 20-40 ms (milliseconds) at 205 metres depth to 70 to 100 ms at 455 metres depth.
The newly defined deep IP chargeability anomaly forms a pattern similar to the chargeability anomalies identified at Red Chris, 11.5 kilometers to the southwest, where the bulk of the mineralization is hosted in the deeper, stronger southern chargeability anomaly.
On the Copau Property, the main zone of anomalous chargeability is of indeterminate size as it lies open to the south and west of the currently surveyed grid area. The presently known anomaly covers an area of at least 600 m long on a north-south axis and approximately 200 metres to 400 metres wide in an east-west direction. Furthermore, the increased chargeability likely results from increasing sulphide content within the interpreted southwest dipping syenite body, possibly accompanied by higher sulphide content resulting from hydrothermal activity.
Although there is little rock outcrop present on the Copau property, several occurrences of sulphide mineralization have been located on the property, including pyrite, chalcopyrite as well as magnetite hosted in a syenite host rock, which is known to underlie the central part of the property. Mineralization was first discovered on the property area in 1994 during a regional mapping program by the BC Geological Survey. The showing was designated B-31, with one sample assaying 0.34% copper.
The Copau property is located in the northern end of the prolific "Golden Triangle", an area well known for its potential to host world-class copper-gold porphyry deposits. The main driver for exploration in this region is the Red Chris development project, which lies 11.5 kilometres southwest of the Copau property.
The Red Chris Mine, with planned production of 30,000 tonnes per day, will be in production by 2014 in conjunction with the completion of the Northwest Transmission Line. Red Chris currently has proven plus probable reserves of 301.55 Mt with an average grade of 0.359% copper and 0.274 g/t gold.
Other companies carrying out active porphyry deposit exploration in the immediate area include West Cirque Resources on the Castle Property, located 25 km northwest of the Red Chris deposit. Also active in the area is Teck Resources Ltd., carrying out an extensive exploration program on their GJ (Kiniskan) property located 20 kilometers west of Red Chris.
Colorado Resources Ltd. is working on its Eldorado property, located 7 kilometers north of Red Chris, where plans are in place to drill test newly discovered deep IP chargeability anomalies.
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.
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