Victoria Gold Corp (TO:VIT) has appointed consultants and project engineers to update its 2012 Eagle feasibility study (FS). The results are due to be included in a new FS, expected during Q316. The update will also include new drilling results being completed over the potential satellite ore feed deposits of Shamrock and Olive, both situated within 5km of the future Eagle plant. This 8,000m drill programme will run to mid-/end-June. Both the FS update and drill programmes are fully funded.
Move to update FS driven by market conditions
Victoria Gold’s Eagle Gold project is fully permitted and, effectively, ready for development. However, as with many other mining companies, rather than attempting project financing in the current market, Victoria Gold has decided to manage its cash resources and bolster project economics through adding higher-grade satellite ore deposits situated within 5km of the planned Eagle mine site – close enough to easily truck ore to heap leach pads.
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