TSX-V:VR
OTCQX:VRCFF
VANCOUVER,
Aug. 20, 2012 /PRNewswire/ -
Victory Resources Corp. (the "Company")
is pleased to announce that a representation bulk sample from the
Matanza and the Altamira tailings ponds have been submitted for
mineralogical studies and metallurgical tests to determine the
viability of re-processing the material.
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 tailings pond is a result of the mining
operations on the Reforma property
between 1968 - 1980 when the mine was operated by Penoles. 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 recovered.
"We look forward to reporting the results from
the tailings samples and to determine 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."
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 by
management.
SOURCE Victory Resources Corporation
