leadf
logo-loader
viewVictory Resources Corp
(
CSE:VROTC:VRCFF
)

Victory Resources shores up mining interests in North America, advances Loner Project in Nevada and Canadian assets

Snapshot

Since optioning the Loner property in December last year, the miner has moved quickly to take full advantage of its exploration opportunities with a carefully executed 500-meter short-hole drilling program

Victory Resources Corp - Victory Resources shores up mining interests in North America by advancing Loner Project in Nevada and assets in Canada

Quick facts: Victory Resources Corp

Follow
CSE:VR

Price: 0.065 CAD

Market Cap: $5.85 m
  • Actively investigating multiple gold, silver, and precious metals opportunities
  • Exploration team on the ground in Nevada, having drilled Loner, and preparing Smokey Lithium and Black Diablo 
  • Has applied for permit to carry out IP survey at Mal-Wen project in British Columbia

What Victory Resources does:

Victory Resources Corporation (CSE:VR) (OTCMKTS:VRCFF) (FRA:VR62) is a publicly-traded junior international mining corporation with interests in North America.

The company is currently developing its existing projects including its recently optioned Loner property in Nevada adjacent to Goldbanks, its Smokey Lithium project near American Lithium’s flagship's lithium property and its Black Diablo copper property.

The Vancouver-based corporation's other Canadian project is a copper target called The Mal-Wen, which comprises seven claims spanning an area of 1,205.97 hectares. That lies 30 kilometers south-east of the city of Merritt in the Nicola Valley in south-central British Columbia.

The company is actively investigating multiple gold, silver and precious metals opportunities in regions that are conducive to mining. It is also looking for other copper opportunities as new resources decline, but demand ramps up.

How is it doing:

It has been a busy 2021 so far for Victory Resources. In April, the exploration team began a diamond drilling program at its Loner property in Nevada, and completed the 500 meter program in May

The program included 10 short diamond drill holes in the vicinity of the historical workings, which exploited the Loner vein system. The first pass program was aimed at confirming intersections of gold-bearing quartz vein that correlates with historical underground mining and mapped surficial gold occurrences. It will also demonstrate broader mineralization across the width and depth of the occurrence which remains open in all directions, the company said. The Loner Property in Nevada was optioned from Silver Range Resources in late December 2020. Since optioning the property, Victory Resources has moved quickly to take full advantage of its exploration opportunities.

In March, Victory appointed Mark Ireton as the company’s new president and CEO. As president of Noram Ventures, Ireton oversaw the exploration and advancement of its primary asset, a clay lithium property with similar attributes to Victory's Big Smokey Lithium Project, and in the same vicinity.

In fact, Victory has recently completed initial sampling on its Smokey Lithium property in Nevada. The two-day reconnaissance sampling program, carried out on March 19 and 20, provided a preliminary assessment of the geology of the property. Victory said that mudstones were observed on the property similar to those on the adjacent Jindalee Property, where mudstones have returned assays of up to 930 parts per million (ppm) lithium. Victory said 20 grab and chip samples were collected from two areas underlain by mudstone and have been shipped to ALS Laboratories for analysis.

The Smokey property consists of 350 claims covering 7,000 acres and is surrounded by projects being developed by Noram, Cypress, and American Lithium, to name a few. Victory bought the Smokey property in March by paying $178,500 in cash, and issuing 1.5 million shares of the company. The property is subject to a net smelter royalty equal to a 2% royalty on revenue derived from the sale of lithium and other ores extracted from the project. Victory has the right to buy one-half (1%) of the royalty at any time for $1 million in cash.

Victory has said it recently staked the Black Diablo property in Nevada, which is in proximity to its Loner Property. Black Diablo is thought to host volcanogenic massive sulphide (VMS) copper deposits, as it is in the same belt of rocks as Nevada Sunrise Gold Corp's Coronada VMS Project immediately to the south, according to Victory.

Interestingly, Victory geologists identified the Black Diablo opportunity when they were on the ground in Nevada preparing to drill the Loner property. Moreover, the Black Diablo property is 10 miles south of the Big Mike Copper Mine, which produced about 25 million pounds of copper in 100,000 tons of ore grading 10.5% copper.

Meanwhile, Victory told investors in February that it has applied for a permit to carry out an induced polarization survey at its Mal-Wen project in British Columbia to be followed by a 1,000 metre plus drill program. Depending on when it receives the permit, the company aims to do the survey in late spring and drill the targets which are generated this summer.

The IP study will examine the area between the Mal and the Wen prospects, which the company now believes could be a larger mineralized system. The Mal-Wen project is within the eastern belt of the Nicola Group, in south-central British Columbia, which hosts numerous alkalic porphyry deposits, including the presently producing New Afton Mine and past producers Ajax and Copper Mountain.

In September 2020, Victory acquired the Lac Simard Property in Quebec from Archie Capital for five million shares at a deemed price of $0.115 and $25,000. Victory said the property consists of 46 contiguous mining titles with a total area of 2,560 hectares.

Inflection points:

  • First drilling program on Loner Property in Nevada to build on promising results
  • Full team on the ground in Nevada, preparing Smokey Lithium and Black Diablo for exploration on the heels of the Loner drill program completion in May
  • Receiving permit for IP survey and drilling at Mal Wen project in British Columbia

What the boss says:

In a recent statement, David Deering, Victory Resources director and VP of Exploration said: “Loner is a promising property. Our efforts have been extensive since acquiring the option in December, and our team is in place and prepared to accelerate exploration activities with the launch of our 2021 work program.”

Contact the author Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of named herein, including the promotion by the Company of in any Content on the Site, the Company receives from said issuer annual cash...

FOR OUR FULL DISCLAIMER CLICK HERE

Proactive Analyst Ed Stacey looks at Mydecine Innovations

Insight from Proactive analyst Ed Stacey on Mydecine Innovations Group, a biotech and life sciences company which is developing new therapies derived from psychedelics including psilocybin from mushrooms. Read Ed Stacey's latest update

2 weeks, 5 days ago

5 min read