RC Drilling Programme at Clara Hills Completed
VIC - Victory Mines Completes RC Drilling Program at Clara Hills
Victory Mines advised that it has completed a small drilling program which was designed to test the targets generated from two phases of geophysics, the first being a helicopter borne VTEM survey which was then followed by a ground based FLTEM survey. The results of both surveys defined five targets which the company believed warranted drilling. The drilling was designed to test each of the five targets. Target CH_VA3 was not drilled as the terrain was too steep to gain reasonable access. As a result the program consisted of four holes totalling 672m. Under the terms of the JV between the company and the other parties, the company has to pay an additional $250,000 for the option agreement to be extended for another three years. The company believes that the drilling results downgrade the project significantly and as such will not be exercising the 51% option over Clara Hills.