Victory Mines Limited ('Victory') is pleased to announce that following the receipt of additional copper results and previously reported significant gold and copper intersections (refer ASX Announcement 11 May 2021), a new 6,000 metre RC drilling programme has commenced at its Coogee Project ('Coogee') near Kalgoorlie in Western Australia.

NEW COPPER RESULTS

The impetus for the current RC drill programme has been bolstered by drill hole CORC064 located at the northern edge of the 'Eastern Trend' returning a significant copper intersection coincident with high grade gold assays comprising 17m @ 1.00% Cu, 1.98 g/t Au from 77m including 10m @ 1.28% Cu, 1.91 g/t Au from 80m. The significant copper gold intersection features a high grade assay of 1m @ 5.64% Cu and 4.74g/t Au

NEW DRILL PROGRAMME

Utilising two RC drilling rigs, the 6,000 metre programme is expected to delineate the northern extension of the two gold copper trends north of the Coogee Pit, as well as develop more understanding of the previously identified copper gold porphyry target located immediately to the north east which was diamond drilled in late 2019. The drill programme is expected to be completed over a period of approximately 2 months. Victory expects to provide regular news flow as the drilling programme progresses, with results to be released when they become available.

COMMENTARY ON COPPER ASSAY RESULTS

Copper grades returned are coincident with high grade gold assays. The copper and gold intersections occur within a variable mineral assemblage comprising hematite epidote magnetite siderite pyrite chalcopyrite bornite altered porphyry intrusive and mafic host rocks. From the copper results received in drill holes CORC064 and CORC089, it appears that the copper footprint at the Coogee Project may be much larger when combined with the Coogee North prospect immediately to the northeast, and is potentially part of the same mineralised system which is displaying a transition from gold to copper gold moving to the north, within a broader Cu Au system.

Executive Director Matthew Blake commented that 'The new drilling programme offers significant potential to expand the footprint of the previously identified copper gold porphyry target in addition to developing the groundwork for a potential understanding of the two new gold copper trends located immediately north of the Coogee open pit. We look forward to the results of the drilling programme now underway.'

ABOUT THE COOGEE PROJECT

Coogee is located approximately 55km southeast of Kalgoorlie on the north eastern shore of Lake Lefroy and comprises four tenements (Mining Lease M26/477, Exploration Lease E26/177 and Miscellaneous Licences L26/264 and L26/265) that cover an area of approximately 17km2. The project's location near the major mining centre of Kalgoorlie in Western Australia provides ready access to both significant exploration and mining support services and a skilled workforce.

Contact:

Matthew Blake

Tel: +61 419 944 396

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