Victory Resources Options Nevada Loner Property from Silver Range Resources
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Suite #1780, 355 Burrard St., Vancouver, BC, Canada, V6C 2G8
For Immediate Release
VICTORY RESOURCES OPTIONS NEVADA LONER PROPERTY FROM SILVER
RANGE RESOURCES
LONER PROPERTY PROVIDES VICTORY WITH YEAR-ROUND EXPLORATION TARGET IN
VISCINITY TO GOLDBANKS
VANCOUVER, BC, CANADA ( December 2 3, 2020 ) – Victory Resources Corporation (CSE: VR)
(FWB: VR61) (OTC: VRCFF) (“Victory” or the “Company”) is pleased to announce that it has optioned
the Loner Property in Nevada, USA, from Silver Range Resources (TSX-V: SNG) (“Silver Range”).
The Loner Property is located 35 km south of Winnemucca in the southern Sonoma Range and currently
consists of 16 Federal Lode Claims coveri ng historic workings and exposed low -sulphidation gold
mineralization. Bedrock grab sampling to date has returned up to 16.6 g.t Au and chip sampling in old
workings has returned up to 25.7 g/t Au over 1.83 m . (Silver Range news release dated October 30,
2018) Prospecting during 2020 identified additional workings on the expanded claim block, returning
grab samples up to 10.6 g/t Au. Strong gold and arsenic soil geochemical anomalies are coincident with
the exposed mineralization and historic workings. The full extent of these anomalies has not yet been
defined. (Silver Range news release dated November 17, 2020).
Victory Resources intends to carry out a work program on the Loner Property beginning in January of
2021. The initial focus of the work program by Victory Resources will be to:
• Expand the soil sampling grid to search for geochemical indicators of along strike extensions to
the known veins or parallel structures.
• Carry out prospecting and mapping surveys of the surrounding area to search for additional
mineralization and clarify the structural regime.
• Better define the known vein system with a 500 m diamond drill program (to begin upon receipt of
permits).
Recent exploration in the area includes the Goldbanks Project, an epithermal gold project about 12 miles
to the south, and the Coronado VMS Project, which has been exploring for Cu on a property about 6
miles to the southeast of the Loner Property. The area of the Loner Property is prospective for both these
styles of mineralization.
“Loner is a promising property. Building from the high -quality samples generated to date with Silver
Range, our team is preparing to accelerate exploration activities wit h the launch of our 2021 work
program” said Mr. David Deering, VP Exploration. “Loner gives Victory year -round exploration access in a
zone within Nevada that is in the vicinity of Goldbanks, an area where Barrick, Kinross and Premier have
interests.”
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Suite #1780, 355 Burrard St., Vancouver, BC, Canada, V6C 2G8
Transaction terms
Victory Resources can acquire an 80% interest in the Loner Property over a four-year period by making
cash payments of U$140,000 and payments in cash or shares of U$260,000. An initial payment of
U$20,000 was paid upon signing. Victory Res ources must also complete 1200 metres of diamond or
reverse circulation drilling on the property to exercise the option. Upon vesting, Victory Resources and
Silver Range will form a joint venture subject to standard industry terms. Should either party’s interest be
reduced to less than 10%, it would be extinguished. Silver Range will retain a 2% net smelter return, half
of which may be purchased by Victory Resources for U$1,000,000 prior to production. Annual advance
royalty payments of up to U$20,000, commencing on the 6th anniversary would be due until the earlier of
the 15th anniversary or the commencement of production. In addition, Silver Range would be entitled to
a milestone payment of U$4 per ounce on Measured and Indicated Reserves, defined in a Feasibility
Study and payable three months after declaration of the reserves.
Scientific and technical information contained in this press release was reviewed and approved by Mr.
Helgi Sigurgeirson, Victory Geologist, and a "qualified person" under NI 43-101.
For further information, please contact:
David Lane, President
Telephone: +1 (236) 317 2822
E-mail: [email protected]
About Victory Resources Corporation
VICTORY RESOURCES CORPORATION (CSE: VR) is a publicly traded diversified investment
corporation with mineral interests in North America. The company is also actively seeking other
exploration opportunities.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Forward Looking Statements
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substantial known and unknown risks and uncertainties. All statements other than statements of historical
fact are forward -looking statements, including, without limitation, statements regarding future financial
position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint -
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impact of general economic c onditions, industry conditions and dependence upon regulatory approvals.
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considered reasonable at the time of preparation, may prove to be imprecise and, as su ch, undue
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