Victoria Signs Final Lease Agreements for Hilltop-Slaven and Preble-Pinson Gold Exploration Properties in Nevada, U.S.A.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--Sept. 15, 2003 Victoria Resource Corporation ("Victoria" or the "Company") is pleased to announce the conclusion of the final lease agreements with Newmont Mining Newmont Mining Corporation NYSE: NEM, based in Denver, Colorado, USA, is one of the world's largest producers of gold, with active mines in, Nevada, Indonesia, Australia/New Zealand, Ghana, and Peru. Some smaller operations include Bolivia, Mexico, and Canada. Corporation ("Newmont") on the Hilltop-Slaven and Preble-Pinson projects in north-central Nevada. The Hilltop-Slaven property consists of 32 complete and 18 partial sections, plus 19 unpatented mining claims, which constitutes a large portion (approximately 45 square miles or 11,600 hectares) of Newmont's "checkerboard checkerboard the pattern of a chess or draft board; used in many circumstances to display the results of mixing a specific number of variables. The variables are listed in columns designated along the horizontal border and the same or different variables in lines along the vertical " private landholdings. "Checkerboard" refers to every odd-numbered section for 20 miles on either side of the original Central Pacific Railroad Central Pacific Railroad U.S. railroad company founded in 1861 by a group of California merchants including Mark Hopkins and Leland Stanford. It was built with land grants and subsidies from the Pacific Railway Act (1862); thousands of Chinese labourers were hired to build route, which traverses the state of Nevada generally east to west. These sections cover much of the NW trend of the Battle Mountain Gold Belt where it crosses the Northern Shoshone Northern Shoshone n. See Shoshone. Range. Several sections of the Hilltop-Slaven property are adjacent to and partially surround the Hilltop Mine property of Placer Dome, which has a gold resource of almost 2 million ounces at approximately 0.028 ounces of gold per ton. The Battle Mountain Gold Belt is made up of a myriad of historic mines, which cover every section of the area. During 2003, Victoria will focus on structural mapping and mapping of the Eocene dikes that are abundant as N-S N-S North-South N-S Nassi-Shneidermann (diagram) N-S Special Assignment, NACO staff , WNW WNW abbr. west-northwest Noun 1. WNW - the compass point midway between west and northwest west northwest , and NW swarms within the Battle Mountain Gold Belt. These dike Dike, in Greek religion and mythology Dike: see Horae. dike, in technology dike, in technology: see levee. dike Bank, usually of earth, constructed to control or confine water. swarms are spatially, if not genetically, associated with gold concentrations at Hilltop, Cortez, Gold Acres, and other mines within the gold belt. The Preble-Pinson property is made up of 17 complete and 8 partial sections (approximately 20 square miles or 5,300 hectares) of the "checkerboard," covering much of the projected intersection zone where the Battle Mountain Gold Belt crosses the Getchell Gold Belt in portions of the Edna Mountain and Osgood Mountains areas. Portions of the property occur about 1 mile south of the Pinson Mine and about 1.3 miles NNE NNE abbr. north-northeast Noun 1. NNE - the compass point that is midway between north and northeast nor'-nor'-east, north northeast of the Preble mine. These two mines occur along the NNE trend of the Getchell Gold Belt. The southeast corner of the property is approximately 6 miles NW of the Lone Tree Mine, which occurs within the Battle Mountain Gold Belt. Preliminary work indicates that the main intersection zone is buried under basalt basalt (bəsôlt`, băs`ôlt), fine-grained rock of volcanic origin, dark gray, dark green, brown, reddish, or black in color. Basalt is an igneous rock, i.e., one that has congealed from a molten state. . Therefore some initial work closer to existing or abandoned mines will be undertaken such that the structural geometries within the Battle Mountain Gold Belt will provide convergence zones extrapolated below the basalts for future drilling. Mill Canyon Update Victoria is currently conducting mapping and sampling activities on the Mill Canyon property in Nevada in anticipation of drilling in early fall, depending on reclamation bonding and permitting. In early May, the Company commenced activities and has since completed the first phase of structural mapping and geochemical sampling of the major internal structural systems across the Battle Mountain Gold Belt, which dominates most of the Mill Canyon Property. To date, mapping has delineated four major, northwesterly north·west·er·ly adj. 1. Situated toward the northwest. 2. Coming or being from the northwest. north·west striking, gold-bearing structural systems, which occur in the NW, N-S, WNW and NNE structural systems. Several major intersecting zones, which are currently the focus of the second phase sampling, occur within the belt. These intersection zones carry the higher grades of up to 104 g/T gold in Victoria's geochemical sampling. Some of the existing targets, inherited from previous holders of the property are located within these intersection zones as well. The intersection zones mapped to date plunge southeasterly south·east·er·ly adj. 1. Situated toward the southeast. 2. Coming or being from the southeast. south·east in areas not yet evaluated by previous drilling. Victoria plans to establish the geometry of these intersection zones to test some of the older, yet viable targets such as Open Cut with surface channel sampling of 83.20 metres at a grade of 8.9 g/T. The Company will also assess the volume potential before drilling. Located approximately 3 km northwest of Open Cut, step-out drilling from previous mining company intercepts of 1.52 metres at 97.98 g/T, and 7.62 metres at 6.47 g/T in skarn skarn In geology, a metamorphic zone developed in the contact area around igneous rock intrusions when carbonate sedimentary rocks are invaded by and replaced with chemical elements that originate from the igneous rock mass nearby. zones that were cut by two drill holes 200 metres apart, will also be a focus for future drilling. Activity on the adjacent Cortez Hills and Cortez Mine deposits continue outside of the Mill Canyon property. Victoria's work indicates that the Cortez ore bodies were down-dropped steeply to the west from the Mill Canyon property. The Company is currently working on restoring their original, pre, post-mineral fault positions with respect to the Mill Canyon structural systems and this will serve to enhance our prioritization of structural targets in the near future. Victoria is 30% owned and managed by Bema Gold Corporation. On Behalf of VICTORIA RESOURCE CORPORATION Roger T. Richer, President Victoria Resource Corporation trades on the TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. under the symbol VIT VIT Vitro VIT Vitality (Final Fantasy) VIT Vitreous VIT Victorian Institute of Teaching (Australia) VIT Vellore Institute of Technology (Tamil Nadu, India) . Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements. The TSX Venture Exchange neither approves nor disapproves the information contained in this News Release. |
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