Victory Mines Limited (ASX: VIC or the Company) is pleased to announce it has now completed the acquisition of the remaining 90% interest in the Coogee Gold Project, located near Kambalda in Western Australia, from Ramelius Resources Limited.

Ramelius carried out gold mining on the Coogee Mining Lease M16/477 in 2013, when 20,400 ounces were produced at an average head grade of 4.7g/t Au.

Coogee currently contains a JORC 2012 compliant Mineral Resource estimate with 96,000 tonnes @ 3.4g/t for 10,600 oz Au remaining on the Coogee Mining Lease M26/477 which is a priority exploration target for VIC for both the drill program completed in 2020 and the recently commenced follow up RC drill program along with a promising copper/gold exploration target located to the north.

Asrecently announced the Company has commenced a 6,000m RC drilling programme to drill test the following

Down plunge and strike extension of the high grade shoot with grades of 12m @ 12.01 g/t including 3m @ 35.87g/t Au located south of the Coogee pit.

Down dip and along strike extensions of the significant widths of gold mineralisation such as 20m @ 2.22g/t Au that have been intersected 350m north of the Coogee pit.

Down dip extensions of gold mineralisation below the shallow Coogee pit.

CONSIDERATION

321,931,280 fully paid shares have been issued at an issue price based on the 5 day VWAP prior to the completion date for total consideration of $1,000,000. All of the shares have been issued under the Company's capacity under Listing Rule 7.1.

ABOUT THE COOGEE GOLD 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.

ABOUT GOLD MINERALISATION

High grade gold mineralisation has been observed to be associated with coarse grained pyrite (15mm grains). The grains of pyrite generally form in clusters proximal to strong magnetite- chlorite alteration which is the highest grade alteration that is associated with the gold mineralisation. More distal alteration is made up of hematite-chlorite assemblage, with or without sericite, the broader alteration pattern comprises epidote within a medium to coarse grained dacite and finer grained andesite/rhyolite rock types. The style of gold mineralisation is thought to represent a skarn like assemblage.

Gold mineralisation at Coogee occurs within a shear, possibly a thrust, which strikes NNW- SSE and dips to the west at about 25 degrees. High grade gold mineralisation appears to be hosted in shoots on this thrust plane which plunges at what appears to be shallow angles to the south. This recently completed RC drilling programme has enabled Victory to confirm the orientation of these shoots which has assisted in designing the current and subsequent drilling programmes.

Contact:

Matthew Bake

Tel: +61 419 944 396

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