Victory Resources Corporation (CSE:VR) (FWB:VR61) (OTC PINK:VRCFF) announced lab results from the first three of a permitted 15-hole drill program at its Smokey Lithium property in Nevada, located in Esmeralda County, a prolific region for lithium clay deposits, approximately 20 miles north of Clayton Valley, and 20 miles west of American Lithium’s flagship lithium project.
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Victory Resources Corporation (CSE:VR) (FWB:VR61) (OTC PINK:VRCFF) announced lab results from the first three of a permitted 15-hole drill program at its Smokey Lithium property in Nevada.
The Smokey Lithium property is located in Esmeralda County, a prolific region for lithium clay deposits, approximately 20 miles north of Clayton Valley, and 20 miles west of American Lithium’s flagship lithium project.
The property, which surrounds the Jindalee property on three sides, consists of 350 claims covering 7000 acres, with excellent access and relatively flat ground.
The claystone, which can carry high lithium concentrations, is observed at surface as highly weathered light grey to tan mounds of unconsolidated clay from 0.10 - 1.50 meters thick.
The objective of Victory’s initial program of three drill holes was aimed at locating lithium-bearing clays, similar to what has been discovered at surface on the Jindalee property, held by Australian listed Jindalee Resources.
A northeast/southwest oriented fault becomes obscure on either end as it trends into Victory's property.
Victory's exploration team theorizes that an extension of the lithium bearing clays, identified by Jindalee, would likely exist under the Victory property.
Hole 05 and 15 missed the target zone, which is now thought to occur at deeper levels due to the down dropping on the mapped normal fault.
Hole 09 ended in mineralization at 417 feet, with the highest single sample interval of 1270 ppm for Phase 1 found at 377-381 feet.
The lithium values for depths 325-417 feet range from 240-1270 ppm, with the average lithium value from this portion showing 640 ppm.
From 373 to 409 feet, the average lithium value is 857 ppm.
This section of core was chosen because it has sampled intervals with lithium values greater than 1000 ppm.
As a result of its analysis the company staked additional ground based on its geologic model of the target lithium deposit.
Mark Ireton, President and CEO, stated: "The Victory exploration team has advanced the Smokey Lithium property substantially through the analysis of lab results, and upon those strong results through the additional staking which was conducted for competitive reasons to protect the Company's interests. The Company's exploration team has advanced this property based on its theory that a significant lithium deposit is buried at depth along the adjacent Jindalee boundary margins nearest to the fault line. We want our shareholders to understand that of the three holes, one had impressive lithium values, and the other two provided important information as to the potential location and boundaries of a Li deposit. In total, the drill results from all three holes guided the additional staking so that the Company can continue to define what it believes is a significant lithium deposit buried at depth."
Victory is actively exploring and investigating multiple lithium, gold, silver and precious metals opportunities.
Its portfolio includes its Mal-Wen property in British Columbia, and its Saguenay Nickel Project in Quebec, Georgia Lake Lithium in Ontario, Black Diablo in Nevada, and Lac Simard in Quebec located within 20 kilometers of 3 operating gold mines including Agnico Eagle’s Goldex, Canadian Malartic mines and Eldorado Gold’s Lamaque mine.
The shares are trading at $0.04.
For more information, please visit the company’s website www.VictoryResourcesCorp.com, contact Mark Ireton, President, at 236-317-2822 or by email at IR@VictoryResourcesCorp.com.
