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Victory Mines commences drilling at Kenko tail deposits

Published 18-OCT-2017 09:00 A.M.


3 minute read

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This product is classified as ‘very high risk’ in nature due to its location and geopolitical situation of the region. FinFeed advises that extra caution should be taken when deciding whether to engage in this product, however if you are not sure whether it is suitable for you we suggest you seek independent financial advice.

Victory Mines Limited (ASX:VIC) has commenced drilling at the Kenko tails deposit, located close to the towns of Catavi and Llallagua in the Potosi region of Bolivia.

Along with the Bolivian Mining Research Institute of the Mining, Oil and Geotechnics
Engineering team of the Oruro Technical University (UTO), VIC has established itself in the town of Llallagua and are working together at the Kenko mine site which is 3900 metres above sea level.

VIC is drilling through the entire depth of the holes that are spaced between 50 metres and 150 metres apart. The planned drilling program will enable management to quantify the grade and tonnage at each deposit and accurately predict metallurgical performance.

As it is early days here, investors should seek professional financial advice if considering this stock for their portfolio.

Approximately 70 drill cores have been extracted so far from the Kenko 1 and Kenko 2 drill holes, the locations of which are shown below.

Victory mines

Two additional drill holes for Kenko 1 and one more for Kenko 2 have recently been added to the program after taking into account the irregular shape of the deposit. Furthermore, the new tailings deposit that was identified recently has also been included in the drilling program under the name of Kenko 3.

At this stage, in-situ concentration tests show the presence of pyrite with traces of fine grain cassiterite being present in approximately half of the drill core samples to date.

The first batch of samples has already been sent to a certified chemical laboratory in Oruro, SpectroLab, for the analysis of tin with blanks and duplicate samples used for QC/QA.

Victory decides against drilling tail deposits at Huanuni

Management is pleased with the group’s progress in the current drilling campaign and it is confident that the results will provide the company with sufficient information for resource estimates to be undertaken for all drilled tails deposits. This paves the way for future development and the commencement of production for tin and silver, as well as other valuable metals in the near future.

VIC also announced that it had taken the decision not to drill the tails deposits of Huanuni (composed of Arenas Huanuni, River Huanuni Basin & Machacamarca) and Colas Japo. These sites are located further away from the company’s main prospective site and future location for its processing plant.

Putting this development into perspective, management said, “It is important to note that these sites only form a very small portion of the whole exploration target potential of the overall tin tails project and we believe our focus should really be on continued drilling and sampling at our prime deposits of Kenko, Arenas Catavi, Sink and Float and Rio Andavillque as these constitute approximately 90 per cent of the total exploration target.”

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S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (CAR No. 433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.

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