EXPLORATION & DEVELOPMENT

Victoria lifts Eagle resources 12.4%

Eagle, set to become the Yukon Territory’s largest gold mine when it starts production sometime in the second quarter of 2019, has had a further 450,000 ounces of gold added to its compliant measured and indicated resources.

Staff Reporter
The Eagle gold project is set to become the Yukon Territory’s largest gold mine next year

The Eagle gold project is set to become the Yukon Territory’s largest gold mine next year

The 12.4% increase in measured and indicated resources resulted from further exploration drilling aimed at converting the inferred resource to higher confidence levels, the company said Wednesday, with the results delivering a 2.4% increase in average grade.

The combined resources now total 198.72 million tonnes grading 0.639 grams per tonne (g/t) for 4.08 million ounces of gold. The inferred category still holds 12.78Mt grading 0.498g/t, for 204,631oz.

The Eagle resource update does not include the 2016 Olive-Shamrock resource estimate, which comprises combined measured and indicated resources of 9.5Mt grading 1.08g/t and 2.11g/t for 329,000oz gold and 645,000oz silver, respectively.

Vitoria said it intended to prepare an updated resource for the Olive-Shamrock deposit once all 2018 drill results had been received.

Victoria struck a C$505 million (US$392 million) debt, equity, royalty and equipment deal in March with Orion Mine Finance, Osisko Gold Royalties and a Caterpillar subsidiary, to take the Eagle project to commercial production. The project's revised construction capex has been finalised at $442 million.

The compay's share price is down 17% over the past four quarters and lost a further 2.67% in Toronto on Wednesday to C36.5c, giving the company a market value of $283.95 million.

 

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