Source: Streetwise Reports 12/11/2018
The mine remains on schedule for first gold delivery in the second half of 2019.
Victoria Gold Corp. (VIT:TSX.V) has recently provided two updates on its Canadian property: one on the Eagle mineral resource and another on construction work at the project.
According to a news release, the updated mineral resource at Eagle encompasses results from 58 drill holes and core holes, all done after the 2016 feasibility study (FS). “The additional drilling at Eagle has converted Inferred ounces to Indicated ounces, increased overall Measured and Indicated (M&I) ounces and maintained grade,” President and CEO John McConnell said.
Specifically, the new Eagle estimate reflects 450,000, or 12.4%, more M&I gold ounces than specified in the FS. Also, the M&I resource grade is 2.4% higher, consistent with the grade in the prior FS. Resources in the Inferred category grew by 204,631 ounces.
As for construction progress at the Eagle mine, it is 60% complete, Victoria Gold reported in a different news release. The target for first gold pour remains H2/19.
Regarding individual components of the overall project, earthwork is mostly done. Concrete work, about 93% finished, should be finished by year-end. Structural steel work is 32% complete and moving at a solid pace. “Mechanical contractors have mobilized to site, and equipment is currently being installed in the gold recovery plant and the secondary and tertiary crushing facility,” noted the release. Those facilities are the focus of the current work.
“The progress to date is impressive, and we have the construction and operations teams in place to deliver Canada’s next gold mine,” McConnell added.
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