Emily Wells

Victory Metals’ Emily Wells prospect area offers drill targets exhibiting excellent potential to add to Victory’s historical resource base. There are three historical mines at Emily Wells and all three occur along the north-south Emily Wells shear, a regionally long continuous structure that is clearly evident in the Oxonia Pit. A priority for Victory will be the continued exploration of this regional shear zone within the tenements, as it is a mineralized and under explored shear system.

Auger soil geochemistry conducted by Victory in 2020 suggests the mineralisation in the Oxonia Pit continues northwards for another 600 m.

Mineralisation at Victory’s Emily Mine at Emily Wells is likely to be of a similar character as the Oxonia Pit. Emily Mine has a previous production record of 883t at 37.6 g/t Au.

There are numerous high-grade drill intercepts within Victory’s M20/129 prospect. From 1994 to 1995 Mt Grace Gold Mining Ltd drilled four reverse circulation holes in the Oxonia Pit. Best results were 4m @ 4.6 g/t Au and 7m @ 3.1 g/t Au. In 2016, ARD Pty Ltd drilled angled and vertical aircore holes in the pit. Better intersections were 6m @ 17 g/t Au and 3m @ 28.3 g/t Au. The mineralisation is open in all directions and has only been tested by shallow drilling programs and, as such, reverse circulation drilling to test lateral and depth extensions is a high priority.

A drilling plan and budget has been developed and a programme of work approved by the Department of Mines, Industry Regulation and Safety. The drill programme consists of 16 reverse circulation drill holes totalling 1,800 m and six diamond drill holes totalling 900 m.