Victory Resources (CSE:VR) (FWB:VR61) (OTC PINK:VRCFF) expands Smokey Lithium area of interest in Nevada and announces non-brokered private placement. 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.
Additional Information:
Video Transcript:
Victory Resources Corporation (CSE:VR) (FWB:VR61) (OTC PINK:VRCFF) has completed its assessment of results from its comprehensive work program on 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, with excellent access and relatively flat ground.
Victory's Exploration team had theorized that based on the nearby Jindalee property; mineralized surface clays could be widespread similar to Clayton Valley.
Due to the buried nature of these clays, some field mapping, surface sampling and 3 drill holes were carried out to confirm mineralized clay was in reach on Victory Ground.
One of the 3 holes, number 09, encountered mineralization, further validating Victory's theory for widespread buried mineralized clays.
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.
Following the drill program, the exploration team carried out additional detailed surface mapping of outcropping beds of lithium mineralized claystone, a detailed analysis of assay results on the various clay beds and finally a Tromino passive seismic survey to understand the faulting that would bound the deposit's edges.
All of this data has been processed and converted to geologic cross sections and sophisticated maps, proprietary to the Company.
Based on results from these overall exploration efforts, the Company has identified what it refers to as a high confidence area of approximately 2-3 square kilometers and staked an additional 91 claims in this new Area of Interest contiguous with the southwest part of the original claim block
Mark Ireton, President and CEO, stated: "The exploration work conducted has been extensive, taking the necessary time to truly understand the resource potential in order to identify the best possible drill target intercepts for us to pursue at Smokey Lithium toward establishing the maiden resource potential of the property.”
On October 11th, the company increased its land claim holdings in the James Bay Lithium District in Quebec, bringing the total claims acquired, staked, and filed to 49.
The company's Stingray Properties are non-contiguous to the south of Patriot Battery Metals’ Corvette lithium property in Quebec.
Its portfolio also 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 company recently announced a non-brokered private placement and is looking to raise up to $2 million from the placement of both flow-through and regular units.
The flow-through units are priced at $0.05 and consist of one share and one warrant, which is exercisable at $0.07 for 24 months.
The regular units are priced at $0.022 and consist of one share and one warrant, which is exercisable at $0.05 for 24 months.
Both warrants are subject to an acceleration clause.
The shares are trading at $0.03.
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.
