Victory Creek has the potential to host a very large gold resource. In 2006, Gateway entered into a Joint Venture agreement with Placer Dome to farm-in to the project. Placer were targeting a “minimum 5.0 million oz gold resource” (refer Gateway Announcement ‘Placer Dome Joins Gateway at Gidgee’, 20 January, 2006) and noted geochemical, geophysical and geological similarities to the Wallaby Deposit which contained approximately 7.1 million ounces of gold. Soon after entering the Joint Venture, Placer Dome was taken over by Barrick Gold and the Joint Venture was terminated prematurely.
The target has a very strong gold, arsenic and antimony anomaly at surface, which corresponds to a very strong magnetic anomaly at depth. Broad zones of gold mineralisation (between 0.4-0.5g/t Au) have also been intersected near the surface.
Placer farmed into the area after Gateway had completed 3D modeling of gravity and magnetics, along with multi-element analysis to delineate an exploration model that confirmed the potential of the area to host a multi-million ounce gold deposit.