Q1 2024 Eagle Gold Mine Operational Successes

WHITEHORSE, Yukon, April 10, 2024 (GLOBE NEWSWIRE) — Victoria Gold Corp. (TSX-VGCX) (“Victoria” or the “Company”) produced 29,580 ounces of gold during the first quarter of 2024.

Mr. John McConnell, President and CEO commented, “For the second consecutive year, we have stacked ore on the heap leach pad through the winter. While quarterly gold production is down year over year, the summer and fall seasons are our strongest operating periods and we expect to achieve 2024 gold production guidance of 165,000 to 185,000 ozs and cost guidance of US$1,450 to US$1,650 per oz of gold sold.”

Eagle Gold Mine Q1 2024 Operational Highlights:

Q1 statistics may be subject to immaterial reconciliation and rounding variances.

Tonnes of ore mined and stacked on the heap leach pad in Q1 2024 is in line with ore mined and stacked in Q1 2023. Gold production in Q1 2024 was lower year-over-year due to lower grades related to mine sequencing of the Eagle orebody, the timing of placing stacked tonnes under leach, and lower than planned stacking rates in Q4 2023. Both gold grade and metallurgical recovery continue to reconcile well against the Eagle reserve model.

Additional Insight: Mining Challenges and Solutions
One of the key challenges faced by mining companies like Victoria Gold Corp is optimizing ore grades and recovery rates. Through advanced mine planning and operational strategies, companies can mitigate the impact of variations in ore quality. Mining operational efficiency is crucial in achieving production goals within cost guidance, as seen in Victoria Gold Corp’s approach to addressing lower grades through improved mining techniques and processing methodologies.

Qualified Person
The technical content of this news release has been reviewed and approved by Paul D. Gray, P.Geo., as the “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

About the Dublin Gulch Property
Victoria Gold’s 100%-owned Dublin Gulch gold property (the “Property”) is situated in central Yukon Territory, Canada, approximately 375 kilometers north of the capital city of Whitehorse, and approximately 85 kilometers from the town of Mayo. The Property is accessible by road year round, and is located within Yukon Energy’s electrical grid.

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The Property covers an area of approximately 555 square kilometers, and is the site of the Company’s Eagle and Olive Gold Deposits. As at December 31, 2023, and adjusting for mining depletion through this date, the Eagle and Olive Deposits include Proven and Probable Reserves of 2.3 million ounces of gold from 114 million tonnes of ore with a grade of 0.63 grams of gold per tonne. As at December 31, 2023, and adjusting for mining depletion through this date, the Mineral Resource for the Eagle and Olive Gold Deposits are estimated to host 234 million tonnes averaging 0.59 grams of gold per tonne, containing 4.4 million ounces of gold in the “Measured and Indicated” category, inclusive of Proven and Probable Reserves, and a further 36 million tonnes averaging 0.63 grams of gold per tonne, containing 0.7 million ounces of gold in the “Inferred” category.

Cautionary Language and Forward-Looking Statements
This press release includes certain statements that may be deemed “forward-looking statements”. Except for statements of historical fact relating to Victoria, information contained herein constitutes forward-looking information, including any information related to the intended use of proceeds from the Term Facility and the Revolving Credit Facility, the amended terms and conditions of the Loan Facility, and Victoria’s strategy, plans or future financial or operating performance. Forward-looking information is characterized by words such as “plan”, “expect”, “budget”, “target”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may”, “will”, “could” or “should” occur, and includes any guidance and forecasts set out herein (including, but not limited to, production and operational guidance of the Corporation). In order to give such forward-looking information, the Corporation has made certain assumptions about its business, operations, the economy and the mineral exploration industry in general, in particular in light of the impact of the novel coronavirus and the COVID-19 disease (“COVID-19”) on each of the foregoing. In this respect, the Corporation has assumed that production levels will remain consistent with management’s expectations, contracted parties provide goods and services on agreed timeframes, equipment works as anticipated, required regulatory approvals are received, no unusual geological or technical problems occur, no material adverse change in the price of gold occurs and no significant events occur outside of the Corporation’s normal course of business. Forward-looking information is based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those described in, or implied by, the forward-looking information. These factors include the impact of general business