Click here to close now.

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
"We have seen the evolution of WebRTC right from the starting point to what it has become today, that people are using in real applications," noted Dr. Natasha Tamaskar, Vice President and Head of Cloud and Mobile Strategy and Ecosystem at GENBAND, in this SYS-CON.tv interview at WebRTC Summit, held June 9-11, 2015, at the Javits Center in New York City.
The 3rd International WebRTC Summit, to be held Nov. 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 15th International Cloud Expo, 6th International Big Data Expo, 3rd International DevOps Summit and 2nd Internet of @ThingsExpo. WebRTC (Web-based Real-Time Com...
SYS-CON Events announced today that Harbinger Systems will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Harbinger Systems is a global company providing software technology services. Since 1990, Harbinger has developed a strong customer base worldwide. Its customers include software product companies ranging from hi-tech start-ups in Silicon Valley to leading product companies in the US a...
SYS-CON Events announced today that ProfitBricks, the provider of painless cloud infrastructure, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. ProfitBricks is the IaaS provider that offers a painless cloud experience for all IT users, with no learning curve. ProfitBricks boasts flexible cloud servers and networking, an integrated Data Center Designer tool for visual control over the...
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than
The time is ripe for high speed resilient software defined storage solutions with unlimited scalability. ISS has been working with the leading open source projects and developed a commercial high performance solution that is able to grow forever without performance limitations. In his session at Cloud Expo, Alex Gorbachev, President of Intelligent Systems Services Inc., shared foundation principles of Ceph architecture, as well as the design to deliver this storage to traditional SAN storage co...
"We got started as search consultants. On the services side of the business we have help organizations save time and save money when they hit issues that everyone more or less hits when their data grows," noted Otis Gospodnetić, Founder of Sematext, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
Enterprises are turning to the hybrid cloud to drive greater scalability and cost-effectiveness. But enterprises should beware as the definition of “policy” varies wildly. Some say it’s the ability to control the resources apps’ use or where the apps run. Others view policy as governing the permissions and delivering security. Policy is all of that and more. In his session at 16th Cloud Expo, Derek Collison, founder and CEO of Apcera, explained what policy is, he showed how policy should be arch...
"CenturyLink brings a full suite of services to the table and that enables us to be an IT service provider," explained Jeff Katzen, Director of the Cloud Practice at CenturyLink, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises ar...
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, it is now feasible to create a rich desktop and tuned mobile experience with a single codebase, without compromising performance or usability.
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.
"In the IoT space we are helping customers, mostly enterprises and industry verticals where time-to-value is critical, and we help them with the ability to do faster insights and actions using our platform so they can transform their business operations," explained Venkat Eswara, VP of Marketing at Vitria, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
In the midst of the widespread popularity and adoption of cloud computing, it seems like everything is being offered “as a Service” these days: Infrastructure? Check. Platform? You bet. Software? Absolutely. Toaster? It’s only a matter of time. With service providers positioning vastly differing offerings under a generic “cloud” umbrella, it’s all too easy to get confused about what’s actually being offered. In his session at 16th Cloud Expo, Kevin Hazard, Director of Digital Content for SoftL...
Discussions about cloud computing are evolving into discussions about enterprise IT in general. As enterprises increasingly migrate toward their own unique clouds, new issues such as the use of containers and microservices emerge to keep things interesting. In this Power Panel at 16th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the state of cloud computing today, and what enterprise IT professionals need to know about how the latest topics and trends affect t...