Victory Resources Submits Tailings Samples for Testing; Shares Slump 22% in Early Trade, Nearing Yr Low


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Victory Resources Corp. (VR.V) today reported that a representation bulk sample from the Matanza and the Altamira tailings ponds have been submitted for mineralogical studies and metallurgical tests to determine the viability of re-processing the material.

The drill program was conducted on two tailings ponds known as the Matanza and the Altamira. The drill program completed on the Matanza tailings pond consisted of 46 drill holes with depths ranging from 2 meters to 10.9 meters for a total of 291 meters. The drill program completed on the Altamira tailings pond consisted of 10 drill holes with depths ranging from 2 meters to 7.5 meters for a total of 38 meters.

The tailings pond is a result of the mining operations on the Reforma property between 1968 - 1980 when the mine was operated by Penoles. Previous production at the Reforma mine involved the recovery mainly by flotation of chalcopyrite, galena and sphalerite. Significant values of Silver ( AG ) ranging from 10 grams to greater than 250 grams were recovered with the sulphides. Gold was a minor component. Magnetite which comprised a significant portion of the complex ore was not recovered.

About 36,000 shares have been traded so far.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Commodities

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