Welcome!

News Feed Item

Victory Ventures Acquires PDL Property, Keremeos, BC

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/06/14 -- Victory Ventures Inc. (TSX VENTURE:VVN)(FRANKFURT:VV0) (the "Company") is pleased to report the recent acquisition of the PDL mineral property, located in the Keremeos-Olalla region of southern British Columbia. Under the terms of the Agreement and subject to regulatory approval, the Company has agreed to pay to the Vendor $2,500 cash and issue 300,000 common shares. The Vendor shall retain a 2% net smelter return ("NSR") of which each one-half percent of the NSR may be purchasable by the Company at its discretion for a payment of $500,000.

The PDL property has a recent 43-101 Technical Report, which will be filed with the TSX Venture Exchange and posted on SEDAR upon receipt of regulatory approval to the acquisition.

The Company intends to investigate the epithermal-style gold-silver potential of the Astro zone located on the east side of the PDL property, last explored by QPX Minerals Inc. in 1989. In 2003, A. Travis staked the Astro 1-6 claims to cover the Astro 34 claim area and completed prospecting with minor rock and soil sampling.

The PDL property has not seen any recent exploration and early exploration was mainly carried out on the western side of the current property area by Placer Dome Development Ltd. in 1984-85 and by QPX Minerals Inc. in 1987-89. The earlier exploration work on the west side of the PDL property was carried out in the vicinity of an old (1930's?) short adit (about 10 m long), which cross-cuts a small massive sulphide lens, carrying anomalous gold and copper values. Narrow pyrite-arsenopyrite stringers containing locally high grade gold values are known on the west side of the PDL property, but do not present a viable exploration target. From this area, grab sample PDL-556 in 1987, yielded 30.3 grams per tonne gold, 22.5 grams per tonne silver, 0.25 per cent copper, 0.14 per cent lead, 0.57 per cent zinc and 3.74 per cent arsenic (Assessment Report 16674).

Following the discovery of a new argillic +/-silica alteration zone in 1988, QPX Minerals Inc. conducted a preliminary exploration program on the previous Astro 34 claim, located on the eastern portion of the current PDL claim.

At the Astro zone, magnetometer and VLF-EM surveys were carried out on 25-50 metre-spaced east-west lines over an area of 400 metres by 400 metres. Three very well defined conductive north-south lineaments with corresponding magnetic lows were identified, which were later tested by a limited program of trenching and reverse-circulation drilling over a small (50 metres by 100 metres) portion of the westernmost of the three linear anomalies.

Five reverse-circulation drillholes totalling approximately 250 metres and five trenches totalling 150 metres were completed on the Astro 34 claim. Trenching in 1988 was successful in exposing a zone of silicified and argillically altered volcanics up to 20 metres in width over a strike length of 140 metres, which remains open. Anomalous gold values were returned from this work and recommendations included the future use of a larger backhoe to carry out further trenching.

Anomalous gold (up to 0.705 gram per tonne), silver (up to 14.8 grams per tonne) and molybdenum (up to 0.15 per cent) were returned over 3 metre sections from reverse-circulation drillhole PDL-89-RC-2. These anomalous values were found associated with chalcedonic veinlets in argillically altered Kitley Member volcanics of the Marron Formation. Reverse circulation drilling demonstrated that the alteration extended to a depth of 47 metres below surface at which point there was no evidence of a decrease in the strength or size of the alteration system.

This previous work has now laid the groundwork to quickly and efficiently build upon the work of 25 years ago, that has never been followed up. Exploration successes at the nearby Dusty Mac and Vault Projects, located to the east of the PDL property, bode well for renewed exploration of the PDL-Astro mineral zone. A model for the epithermal style of mineralization found on the PDL property can also be found in several of the gold deposits found within the Republic District of northeastern Washington State. These deposits include the Republic Mine and the Kettle River Project (operated by Kinross Gold), which includes the Kettle, K-2, Lamefoot and Overlook mines.

The Republic District has accounted for roughly five million ounces of gold production over the last century and contains some of the highest-grade, bulk-tonnage gold deposits in the United States. In geology, a graben is a depressed block of land bordered by parallel fault structures. Epithermal gold deposits are found in and around these fault structures, which are believed to extend northward into British Columbia, including the area of the PDL property.

It is the intention of Victory Ventures to more fully evaluate the mineral potential of the Astro mineral/alteration zone through immediate further geological mapping, prospecting and sampling in areas of promising rock alteration or geophysical anomalies. It is anticipated that further exploration will lead to testing of the depth potential of the Astro zone through IP surveys and with encouragement, a follow-up diamond drill program.

Director Howard Milne stated, "The Company is excited to begin exploration work on this prospective mineral target that has seen very limited exploration in the past and looks forward to a possible new mineral discovery."

Qualified Person

Mr. Greg Thomson, P.Geo., is the Qualified Person as defined by National Instrument 43-101. Mr. Thomson is a director for the Company and has reviewed and approved the technical information contained in this news release.

On behalf of the Board of Directors:

Howard Milne, Director

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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
WebRTC is great technology to build your own communication tools. It will be even more exciting experience it with advanced devices, such as a 360 Camera, 360 microphone, and a depth sensor camera. In his session at @ThingsExpo, Masashi Ganeko, a manager at INFOCOM Corporation, will introduce two experimental projects from his team and what they learned from them. "Shotoku Tamago" uses the robot audition software HARK to track speakers in 360 video of a remote party. "Virtual Teleport" uses a...
yperConvergence came to market with the objective of being simple, flexible and to help drive down operating expenses. It reduced the footprint by bundling the compute/storage/network into one box. This brought a new set of challenges as the HyperConverged vendors are very focused on their own proprietary building blocks. If you want to scale in a certain way, let’s say you identified a need for more storage and want to add a device that is not sold by the HyperConverged vendor, forget about it....
SYS-CON Events announced today that Calligo has been named “Bronze Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Calligo is an innovative cloud service provider offering mid-sized companies the highest levels of data privacy. Calligo offers unparalleled application performance guarantees, commercial flexibility and a personalized support service from its globally located cloud platform...
SYS-CON Events announced today that Elastifile will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Elastifile Cloud File System (ECFS) is software-defined data infrastructure designed for seamless and efficient management of dynamic workloads across heterogeneous environments. Elastifile provides the architecture needed to optimize your hybrid cloud environment, by facilitating efficient...
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory?
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Launched in 2016, Cloudistics helps anyone bring the power of the cloud to the data center in an easy-to-use, on- premises cloud platform that automatically provides high performance resources for all types of applications: Docke...
With Cloud Foundry you can easily deploy and use apps utilizing websocket technology, but not everybody realizes that scaling them out is not that trivial. In his session at 21st Cloud Expo, Roman Swoszowski, CTO and VP, Cloud Foundry Services, at Grape Up, will show you an example of how to deal with this issue. He will demonstrate a cloud-native Spring Boot app running in Cloud Foundry and communicating with clients over websocket protocol that can be easily scaled horizontally and coordinate...
@DevOpsSummit at Cloud Expo taking place Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center, Santa Clara, CA, is co-located with the 21st International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is ...
SYS-CON Events announced today that Golden Gate University will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Since 1901, non-profit Golden Gate University (GGU) has been helping adults achieve their professional goals by providing high quality, practice-based undergraduate and graduate educational programs in law, taxation, business and related professions. Many of its courses are taug...
SYS-CON Events announced today that Golden Gate University will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Since 1901, non-profit Golden Gate University (GGU) has been helping adults achieve their professional goals by providing high quality, practice-based undergraduate and graduate educational programs in law, taxation, business and related professions. Many of its courses are taug...
DevOps at Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to w...
SYS-CON Events announced today that Secure Channels, a cybersecurity firm, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Secure Channels, Inc. offers several products and solutions to its many clients, helping them protect critical data from being compromised and access to computer networks from the unauthorized. The company develops comprehensive data encryption security strategie...
Vulnerability management is vital for large companies that need to secure containers across thousands of hosts, but many struggle to understand how exposed they are when they discover a new high security vulnerability. In his session at 21st Cloud Expo, John Morello, CTO of Twistlock, will address this pressing concern by introducing the concept of the “Vulnerability Risk Tree API,” which brings all the data together in a simple REST endpoint, allowing companies to easily grasp the severity of t...
Recently, WebRTC has a lot of eyes from market. The use cases of WebRTC are expanding - video chat, online education, online health care etc. Not only for human-to-human communication, but also IoT use cases such as machine to human use cases can be seen recently. One of the typical use-case is remote camera monitoring. With WebRTC, people can have interoperability and flexibility for deploying monitoring service. However, the benefit of WebRTC for IoT is not only its convenience and interopera...
SYS-CON Events announced today that SkyScale will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. SkyScale is a world-class provider of cloud-based, ultra-fast multi-GPU hardware platforms for lease to customers desiring the fastest performance available as a service anywhere in the world. SkyScale builds, configures, and manages dedicated systems strategically located in maximum-security...