Victoria Gold: Commercial Production Achieved

Mining operation in full commercial production

Victoria Gold’s 100%-owned Dublin Gulch gold property sits in central Yukon Territory, Canada. It’s approximately 375 kilometers north of the capital city of Whitehorse, and approximately 85 kilometers from the town of Mayo. Moreover, the Property is accessible by road year round, and is located within Yukon Energy’s electrical grid.

Victoria Gold achieved Commercial Production at the Eagle Gold Mine on July 1, 2020. Further, the Company expects gold production to continue to ramp-up to full capacity over the 3rd and 4th quarters of 2020. They also expect unit costs to decrease in line with increasing gold production. Therefore, it’s anticipated that AISC will be closer to the top end of the guidance range in the 3rd quarter before falling toward the lower end of guidance in the 4th quarter, with further improvements expected in 2021.

More on the Dublin Gulch Gold Property

The Property covers an area of approximately 555 square kilometers. It’s also the site of the Company’s Eagle and Olive Gold Deposits. The Eagle Gold Mine is Yukon’s newest operating gold mine. The Eagle and Olive deposits include Proven and Probable Reserves of 3.3 million ounces of gold from 155 million tonnes of ore with a grade of 0.65 grams of gold per tonne. The Mineral Resource under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) for the Eagle and Olive deposits has been estimated to host 227 million tonnes averaging 0.67 grams of gold per tonne, containing 4.7 million ounces of gold in the “Measured and Indicated” category, inclusive of Proven and Probable Reserves, and a further 28 million tonnes averaging 0.65 grams of gold per tonne, containing 0.6 million ounces of gold in the “Inferred” category.

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