|By Marketwired .||
|September 27, 2013 06:00 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 09/27/13 -- Victory Ventures Inc. (TSX VENTURE:VVN)(FRANKFURT:VV0) (the "Company") wishes to provide an update on the current exploration status of the Company's three mineral properties, all located within British Columbia. Victory Ventures currently holds an option on the Copau mineral property, in the Iskut area of northwestern B.C. as well as full ownership of the recently staked Victory claims in the Telegraph Creek area of northwestern B.C. The company also has 100% ownership of the Fortuna property, located 60 kilometres north of Kamloops, BC.
The Copau property, located in the Iskut area of northwest B.C. has been the Company's main exploration project this year. A single drill hole totalling 472 metres was drilled on the western side of the Copau property in early June of this year and was reported on in the Company news release of July 4th, 2013. As reported, the drill hole did not intersect any mineralization of significance, but did explain the cause of a widespread chargeability anomaly on the western side of the property. In the lower half of the drill hole, a thick interval of dark carbonaceous mudstones was encountered, which is believed to be the cause of the chargeability anomaly.
It has also been emphasized that a pronounced northwest trending magnetic anomaly, extending for at least 800 metres long by 200 metres to 300 metres wide is present in the western part of the Copau property. This anomaly has yet to be tested by drilling and now is the primary target for future drilling exploration on the property. It is believed that the magnetic anomaly is associated with an intrusive body of magnetite-bearing syenite and that magnetite mineralization may be associated with a copper-gold porphyry alteration zone on this portion of the Property.
Drill testing of the magnetic anomaly on the Copau property will be a priority for future exploration by the Company. The Company is fully permitted and funded to carry out the planned drilling on the Copau property, with drilling now scheduled for the spring of 2014.
The Company has yet to carry out any exploration on its two recently acquired Victory claims located 55 kilometres northwest of Telegraph Creek. The Victory claims adjoin the northwest boundary of the Grizzly property held by Garibaldi Resources Corp. The Grizzly and nearby Kid showings (Minfile 104J016) are early stage alkalic copper/gold porphyry prospects lying within the Stikine Arch, which hosts multiple bulk tonnage porphyry copper/gold deposits, such as Red Chris and Schaft Creek. To the east of the Victory claims, Prosper Gold have recently carried out exploration work on their Sheslay (Copper Creek) copper-gold porphyry property, consisting of diamond drilling as well as ground IP surveys and airborne magnetic and radiometric surveys. The Prosper Gold drill program has focussed on the Star zone where drilling work is testing the zone to greater depths than previous drill programs by Firesteel Resources.
An initial exploration of the Victory claims would likely involve an airborne geophysical survey of the property area, hopefully as part as a regional scale airborne exploration program, in concert with other claim owners in the area.
The Fortuna property, located approximately 60 kilometres north of Kamloops, BC was acquired by Victory Ventures in July, 2013. A description of the Property was presented in company news release of July 2, 2013. The property is classed as a volcanogenic massive sulphide (copper-lead-zinc) type of mineralization. The property was worked on in the early 1900's with several reported ore shipments, but has seen little modern exploration work. The main area of mineralization lies within three zones of prominent rock alteration with locally intense silicification and sericitization of the host rocks. The primary sulphide mineralization is pyrite with local concentrations of galena and chalcopyrite. The mineral zones are hosted in northwest trending and northeast dipping chloritized schists and metasediments belonging to the Devonian to Mississippian age Eagle Bay assemblage.
The Company plans to carry out an immediate initial field examination of the Fortuna property in preparation for a more extensive exploration program on the property. The Fortuna property benefits from easy year-round road access.
On behalf of the Board of Directors:
Howard Milne, Chairman
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.