Victory has A$5 million in cash to deploy, and will soon deploy its troops for a minimum 8000m drilling campaign across three of its most advanced prospects over the next six months.

 

The rig is expected to complete 6400m of diamond resource definition drilling at Coodardy and Eaglehawk, along with 1800m of RC examining extensions of the Emily Wells area.

 

Coodardy has an exploration target of between 21,272-51,338 ounces grading 0.7 grams per tonne, while Eaglehawk has a target of 13,301-17,593oz at 1.5gpt.

 

Auger rigs are about start assessing some of the more prospective areas of more than 110 gold and copper occurrences and or historical gold mines that are dotted across Victory's holdings. Most workings are limited to just 30m depth.

 

Almost 830 auger holes are scheduled, starting with the Nemesis prospect, near Odyssey Gold's Tuckanarra project, and the Mafeking project, seeking to identify gold in soil geochemical drill targets.

 

Victory chairman Trevor Matthews believes past exploration within its areas has been fragmented, but it can deliver a well-funded, holistic exploration program across the licences. 

 

He has indicated the company is looking to secure other assets in the Cue area.

 

The company was recapitalised into the shell of failed ASX-listed concern Hughes Drilling. 

  

The IPO was managed by Canaccord Genuity and Foster Stockbroking.

 

Victory completed its raising at 20c, but the stock opened at 25c, before closing at 22c, capitalising it at $10.4 million.