VANCOUVER, Aug. 9, 2012 /CNW/ - Victory Resources Corp. (the "Company") is pleased to announce the initial results on their ongoing underground work program conducted on the Company's La Reforma property located north of Choix, Sinaloa State, Mexico.
The results of initial underground sampling at the La Reforma project have been received. The samples were collected from channels cut across vein material in skarn at the 690 level. From 29 samples taken along the drift over a length of 80 metres show weighted average values as follows:
Silver: 231.48 grams per tonne
Copper: 0.84% tonne
Lead: 6.00% tonne
Zinc: 14.12% tonne
Level 690 was also the site of limited stoping. In addition to the samples taken along the drift, samples were also taken from accessible faces in the stopes bringing the total number of samples to 44. The weighted average values of all samples taken from Level 690 to date are as follows:
Silver: 183.00 grams per tonne
Copper: 0.73%/ tonne
Lead: 4.32%/ tonne
Zinc: 10.94%/ tonne
It should be pointed out that samples taken in the stoping area are not regularly spaced due to difficulty of access. Further sampling will require the use of ladders. Level 690 has an estimated back (height) of 20m.
This initial underground sampling is part of a continuing program of the company evaluate the resource potential of the La Reforma property. Additional sampling is planned for the lower levels at Level 680, Level 650 and Level 620 over a cumulative strike length of 350m and average backs (height) of some 60m. These levels are presently accessible through existing portals. This sampling program will be augmented by surface and underground diamond drilling. Underground drilling stations can be constructed at minimum cost.
"We are very encouraged by the consistent results from the underground sampling especially over a significant length of 80 metres," stated Wally Boguski, President and CEO. "The company will continue to advance the planned drilling and sampling work programs. These results have demonstrated the same highly anomalous results for Copper, Silver, Zinc and Lead as previous historic results and bring the company a significant step closer to the goal of determining a resource estimate."
About Victory Resources Corporation
The company's main focus is on the Reforma property located at the common boundary of Sinaloa and Chihuahua States in west central Mexico. The concessions cover a total area of 7,226 hectares. Victory Resources will earn a 70% undivided interest in the Reforma property as part of an option agreement. Formerly owned by Penoles in Mexico, documentation showed that between the years 1968 to 1980, the Reforma mine processed 1.8 million tonnes grading an average of 91.62 grams per tonne Ag, 1.90 per cent Pb, 7.44 per cent Zn and 0.63 per cent Cu.
The recently optioned Boleo property is situated on the western foothills of the Sierra Madre Occidental mountain range, at the common boundary of the northeastern Mexican States of Sinaloa and Chihuahua and expands the resource potential of Victory with 20,460 hectares of contiguous property. This area is characterized by a northerly prolific mineralized belt hosting the multi-million-tonne porphyry copper and gold deposits of Santo Tomas and Bahuerachi.
The Company has also begun exploration work on the Au-Wen property in British Columbia, Canada. The Au-Wen property is 100% owned by Victory Resources and is located 30 kilometers southeast of Merritt and 8 kilometers east of the historic Aspen Grove mining camp in south-central British Columbia, Canada. The property is comprised of 111 contiguous claims (tenures) covering an area of 44,170 hectares. The area covered is up to 39 kilometres long and up to 21 kilometres wide.
Mr. Ruben Verzosa, P. Eng., a Qualified Person (QP) as defined by NI 43-101 has approved the geological content of this Press Release.
On behalf of The Board of Directors of Victory Resources Corporation.
Paul Lee, Director
This news release contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the control of Victory Resources Corp. which may cause actual results, performance or achievements of Victory Resources Corporation to be materially different from the results, performance or expectation implied by these forward looking statements. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.
SOURCE: Victory Resources Corporation
For further information:
Corey Safran, Investor Relations, at 609-228-0595, or by email at [email protected].