VANCOUVER, July 3, 2012 /CNW/ - Victory Resources Corp. (TSXV: VR) (OTCQX: VRCFF) (the "Company") is pleased to announce that it has completed the 2nd and final stage of the drill program at the Altamira tailings pond
located at the Reforma mine.
The drill program was conducted on two tailings ponds known as the
Matanza and the Altamira. The drill program completed on the Matanza
tailings pond consisted of 46 drill holes with depths ranging from 2
meters to 10.9 meters for a total of 291 meters. The drill program
completed on the Altamira tailings pond consisted of 10 drill holes
with depths ranging from 2 meters to 7.5 meters for a total of 38
meters. The company is now preparing a representation bulk sample from
each tailings pond to be submitted for mineralogical studies and
metallurgical tests to determine the viability of re-processing the
Previous production at the Reforma mine involved the recovery mainly by
flotation of chalcopyrite, galena and sphalerite. Significant values of
Silver (AG) ranging from 10 grams to greater than 250 grams were
recovered with the sulphides. Gold was a minor component. Magnetite
which comprised a significant portion of the complex ore was not
"The completion of the drill program at the tailings ponds is an
important milestone in determining the near term economic potential."
stated Wally Boguski, President and CEO. "The scenario of an
immediately viable resource in the tailings pond could represent an
opportunity for the company to access capital for the current
development of the Reforma mine."
Mr. Ruben Verzosa, P. Eng., a Qualified Person (QP) as defined by NI
43-101 has approved the geological content of this Press Release
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 91
mineral claims covering an area of 34,200 hectares. The area covered is
up to 39 kilometres long and up to 21 kilometres wide.
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
SOURCE Victory Resources Corporation
For further information:
For more information contact Corey Safran, Investor Relations, at 609-228-0595, or by email at email@example.com.