Victoria Gold Corp. (TSXV:VIT) released initial drill results from the 2017 Dublin Gulch exploration program, 22 of the 41 results (3,600m) drilled
to date targeted the Eagle West zone, near its Eagle Gold deposit. The program commenced early April, which followed the Potato Hills Trend mineralization
concept, noting Eagle West showed similar geological features as both Eagle and Olive-Shamrock. Results were highlighted by 2.1 g/t Au over 21.3m from
Hole DG17-805C, 0.88 g/t Au over 21.0m from Hole DG17-783C, and 0.85 g/t Au over 16.2m from Hole DG17-779C. In addition, metallurgical sampling was
completed to determine whether the material is heap leach recoverable, the process to be used at the Eagle Gold Mine. More results are pending from
the program, we expect these along with further regional exploration results to likely to be positive catalysts for the stock and should help demonstrate
the projects exploration upside and growth opportunities to potential acquirers. At 0.73x NAV, Victoria currently trades at a premium to peers at 0.63x
NAV, while trading at a discount on a per ounces basis, or C$41/oz versus peers at C$60/oz. We believe Victoria’s premium valuation versus peers is
warranted given the project’s scale, jurisdiction, permits, advanced project financing and the company’s strong balance sheet.
Derek Macpherson | VP Mining Analysis
Victoria Ellis Hayes | Associate
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Victoria Gold Corp. - TSXV:VIT - 1,2,4
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