Dublin Gulch Property

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The Dublin Gulch Property comprises a block of 1,1914 quartz claims, 10 quartz leases, one federal crown grant, and covers an area of approximately 35,000 hectares. The leases are owned by StrataGold Corporation which is a 100% wholly owned subsidiary of Victoria Gold. The key features of the property are the Eagle and Olive deposits, both of which will be mine using open pit methods. Eagle deposit falls within claims that are subject to a historic royalty known as the Mar Gold Zone Royalty. It requires minimum annual payments of $20,000 or a production royalty of 2% of the gross returns received from the sale of all metals produced to a maximum of $1,000,000, after which the royalty reverts to 1% with no end price. Some of the Olive deposit is within a claim subject to the Queenstake Mar Tungsten Royalty. It is a 1% net smelter return royalty which is payable at start of production.

The Mar Claims in the Ray Gulch area were originally staked in 1977 by Queenstake Resources Ltd to cover tungsten bearing skarn which was discovered. The property was then optioned to CanTung which conducted exploration in the period 1977-1986 for tungsten and gold. This led to the discovery of the Eagle deposit. The property was then acquired by Ivanhoe Goldfieds in 1991. Ivanhoe was then acquired by First Dynasty Mines Ltd then a new company was formed by New Dynasty to which the property was transferred to. First Dynasty changed its name to Sterlite Gold Limited in 2002. StrataGold then purchased the Dublin Gulch and another property called Clear Creek from New Dynasty in 2009. StrataGold was then acquired by Victoria Gold which led to the 100% Victoria Gold ownership.

Regionally the property is located in the north-central part of the Selwyn Basin which is a fault controlled epicratonic basin. Stratigraphy is divided into four predominantly clastic lithological units that from youngest to oldest include; the Lower Schist, Keno Hill Quartzite, Upper Schist, and the Hyland Group which was formerly called the Grit Unit. From an age perspective the Lower Schist is Mesozoic and the Upper Schist and Keno Hill Quartzite are Paleozoic. The Hyland group is Proterozoic to Lower Cambrian age. The units are juxtaposed by laterally extensive, northward directed thrusting that occurred in the early Cretaceous period.

Locally the property is located on the northern limb of the McQuesten Antiform and is underlain by Proterozoic to Lower Cambrian age Hyland Group metasediments and the Dublin Gulch intrusion which is a granodioritic stock. The stock is dated at approximately 93 Ma and is assigned to the Tombstone Plutonic Suite. Generally the stock is elongate and approximately 5 km in length with a maximum width of 2 km, trending 70 degrees. The long axis of the stock is coincident with the axis of the interpreted Dublin Gulch anticline. Sheet like sills of granodiorite extend from the stock and cut the metasedimentary strata at low angles.

The Eagle Zone is localized at the narrowest exposed portion of the stock near its western limit. The intrusive metasediment contact is sharp but irregular and varies between steep attitudes that crosscut metasedimentary foliation, to shallow southwest dips parallel to foliation. The zone is comprised of sub-parallel extensional quartz veins that are best developed within the granodiorite proximal to both the hanging wall and footwall instrusive-metasediment contacts. Typically veins are composed of white or grey quartz with subordinate potassium feldspar. They strike at angles of 60 to 85 degrees and dip 60 degrees south to vertical, and range in width from 1 mm to more than 10 cm.

The Olive Zone is localized at the contact zone on the northwest flank of the granodiorite intrusive. The instruive-metasediment contact is sharp and steep to nearly vertical and has a general northeast trend. It is typically defined by sulphide and quartz-sulphide carbonate veining at varying orientations to the general northest mineralized trend. Over 97% of the gold mineralization is hosted in granodiorite just south of the stock-metasedimentary rock contact, with very minor metasediment-hosted mineralization.