Victory Metals Drill Program Expands Vanadium Footprint to Over 1,200 M By 700 M and Expands Property Package to 13,300 Acres
Victory Metals Drill Program Expands Vanadium Footprint to Over 1,200 M
By 700 M and Expands Property Package to 13,300 Acres
VANCOUVER
,
April 10, 2019
/CNW/ - Victory Metals Inc. ("
TSX-V:VMX
") ("
Victory
" or the "
Company"
) is pleased to announce final assay results from an
additional 17 reverse circulation ("
RC
") holes completed at its Iron Point Vanadium Project, located 22 miles east of
Winnemucca, Nevada
. Victory has now
released results for all 69 RC holes from a planned program of 69 RC holes and 4 diamond drill holes.
The 17 RC drill holes reported today include both vertical and angle holes that were drilled in the southern extent of the historically identified, vanadium mineralized
zone (see Figure 1). In addition, several step-out holes, which are step-outs to the south of the historic zone, encountered vanadium mineralization that
significantly expands the mineralized system in this direction. As per earlier released results, this drilling continues to demonstrate strong vanadium mineralization
grades and continuity. Based upon the continuing footprint expansion of vanadium mineralization, Victory has added 96 claims or 1,800 acres to the Iron Point
project. The extent of the property area now totals 690 claims or 13,300 acres.
Vanadium results from a number of the currently released drill holes are plotted on a north-south section (see Figure 2, Section G-G') and continue to
demonstrate the strong continuity of mineralization in flat lying zones that extend over a large area.
Highlights
New RC drill results include:
21 meters grading 0.43%
V
2
O
5
(including 4 meters grading 0.60%
V
2
O
5
) in VM-25i
26 meters grading 0.35%
V
2
O
5
(including 3 meters grading 0.61%
V
2
O
5
) in VM-41
18 meters grading 0.39%
V
2
O
5
in VM-58
27 meters grading 0.46%
V
2
O
5
in VM-60
As demonstrated by the previously released drill data, these latest intercepts are consistent with two flat-lying higher grade vanadiferous horizons, referred to as
the Upper High Grade and New High Grade Zones, which occur within a broader and extensive envelope of lower grade vanadium mineralization that starts at
surface and extends down to a depth of at least 175 meters. Intercepts of this broader envelope include:
81 meters grading 0.25%
V
2
O
5
in hole VM-25i
99 meters grading 0.22%
V
2
O
5
in hole VM-58
110 meters grading 0.25%
V
2
O
5
in hole VM-60
Continuity of mineralization in both the lower grade vanadium envelope and the two high-grade zones continues to be strong as drilling extends throughout the
southern portion of the historical vanadium mineralized zone, and steps outside of that zone to the south. As indicated in the five sections released to date
(Sections A-A', B-B', C-C', F-F' and G-G'), the Upper High Grade and New High Grade Zones as well as the broader envelope of vanadium mineralization has
now been drill defined over an area exceeding 1,200 meters north-south and approximately 700 meters east-west.
Collin Kettell
, CEO of Victory, stated, "Today's drill holes mark the completion of the reverse circulation holes from Victory's maiden drilling campaign and results
have exceeded our highest expectations. Our initial concept around confirming historical drilling has been greatly enhanced in terms of size of footprint, which now
exceeds 1,200 meters north-south, and in terms of the distribution and continuity of vanadium grades".
Figure 1: Victory’s fifth set of confirmation RC drill holes shown by purple stars extending beyond the historically mineralized zone, in relation to first release drilling
(dark blue stars), second release drilling (light blue stars), third release drilling (green stars), fourth release drilling (lighter purple stars), as well as historical
Newmont and Aur Resource (USA) Inc. drill holes. (CNW Group/Victory Metals Inc)
Figure 2.
Cross section G-G’ showing distribution of vanadium mineralization in relation to the current geologic interpretation. (CNW Group/Victory Metals Inc)
Drill Results
Assay results for intercepts released today are reported in % V
2
O
5
. Intercept lengths are deemed to be true thickness given the flat nature of the mineralized
zones being tested by vertical holes. Intercept lengths are reported as an Overall Length, which includes all assay intervals within the vanadium blanket zone (at a
0.09% V
2
O
5
minimum grade), and also as individual zone intercepts reported as aggregate lengths comprised of samples grading 0.25% V
2
O
5
and greater. All
intercept lengths have been reduced to true thickness lengths as currently defined by the dip of mineralized horizons shown in Figure 2.
Table 1
Hole #
Zone
From
(m)
To
(m)
Interval
(m)
From
(ft)
To
(ft)
Interval
(ft)
% V2O5
% V
VM 33
+
Overall*
40
152
110
130
500
360
0.27
0.15
Upper Zone
41
78
23
135
255
75
0.34
0.19
New Zone
81
128
26
265
420
85
0.42
0.23
VM 36
+
Overall*
3
38
35
10
125
115
0.20
0.11
Upper Zone
21
27
3
70
90
10
0.27
0.15
VM 31
Overall*
5
43
38
15
140
125
0.13
0.07
New Zone
67
69
2
220
225
5
0.29
0.16
VM 38
Overall*
0
181
181
0
595
595
0.14
0.08
Upper Zone
0
34
18
0
110
60
0.35
0.20
New Zone
168
175
6
550
575
20
0.39
0.22
VM 39
Overall*
0
37
37
0
120
120
0.15
0.08
VM 40a^
Overall*
32
122
90
105
400
295
0.15
0.08
VM 41
Overall*
72
177
105
235
580
345
0.19
0.10
New Zone
108
177
26
355
580
85
0.35
0.19
Including
174
177
3
570
580
10
0.61
0.34
VM 47
Overall*
79
102
23
260
335
75
0.16
0.09
VM 53
Overall*
30
53
23
100
175
75
0.19
0.11
Upper Zone
35
50
8
115
165
25
0.28
0.16
VM 54
Overall*
93
107
14
305
350
45
0.25
0.14
VM 56
Overall*
0
64
64
0
210
210
0.14
0.08
VM 57
Overall*
73
159
85
240
520
280
0.17
0.10
Upper Zone
91
93
2
300
305
5
0.27
0.15
New Zone
105
159
17
345
520
55
0.27
0.15
VM 58
Overall*
0
99
99
0
325
325
0.22
0.12
Upper Zone
44
50
6
145
165
20
0.33
0.18
New Zone
61
99
18
200
325
60
0.39
0.22
VM 60
Overall*
24
134
110
80
440
360
0.25
0.14
Upper Zone
32
59
6
105
195
20
0.28
0.16
New Zone
73
134
27
240
440
90
0.46
0.26
VM 61
Overall*
70
140
70
230
460
230
0.14
0.08
VM 25i^
Overall*
0
114
81
0
375
265
0.25
0.14
Upper Zone
0
47
10
0
155
32
0.42
0.24
New Zone
78
113
21
255
370
71
0.43
0.24
Including
95
99
4
310
325
11
0.60
0.34
* Overall values represent contiguous averages that include V2O5 values ranging from detection limit to 1.14%
+
Hole reported in previous release
^ Denotes angle hole. Angle holes are labeled with the letters (a) or (j), as they are drilled from the same platform as the complimentary vertical hole
Drill hole VM-22 returned no significant values. Drill hole VM-40 was lost at shallow depth and replaced by VM-40a. Drill hole VM-25a was a shallow twin of the
upper part of VM-25, testing center return sample results against standard hammer. Drill hole VM-41 bottomed in 0.64% V205.
QA/QC and Qualified Person
The Victory drilling program was directly supervised in the field by the QP and other site geologists working for Victory. All samples were split at the drill site using
a Gilson bar splitter and Jones riffle splitter, with two samples per 5-foot (
1.52m
) sample interval collected and placed into heavy plastic bags together with
sequentially numbered sample tags. A 2kg sample was collected for assay, while a 4kg reference sample was kept on-site. Three different vanadium standards
(71 ppm V, 320 ppm V, and 5172 ppm V) and coarse blank samples were purchased from Minerals Exploration and Environmental Geochemistry (MEG) Inc. of
Reno, NV.
Victory site geologists inserted field blank, standard, and duplicate samples into the drill sample stream per NI 43-101 guidelines, maintaining a 1-in-20
insertion rate for each of the field blank, standard, and duplicate samples such that every 7
th
sample is a control sample. Field duplicate samples were split from
the 4kg reference samples using a Jones riffle splitter.
Drill samples were transported by Victory personnel to locked storage sheds rented by Victory and located in
Golconda, NV
, about 14km west of the project
area. Samples were picked up in
Golconda
by American Assay Laboratories utilizing its own truck and driver and transported directly to American Assay's facility
in
Reno, NV.
At American Assay Laboratories, the samples were crushed to 70% passing 2mm, and then a 0.3km split was ground to 85% passing 75 micron. A
0.5gm split was digested in a 5 acid process (ICP-5A035 method uses
HNO3, HF, HClO4, HCl, H3BO3
) and analyzed via ICP-OES.
The detection limit for
vanadium is 1ppm, the upper limit is 10,000ppm, and sa
mple results are reported in PPM V. As a separate QAQC check, American Assay inserted laboratory
standards, blanks, and duplicates into the sample stream. American Assay Laboratories is
accredited by the International Accreditation Service, which conforms
with requirements of I
SO/IEC 17025:2005.
Victory is currently using ALS Chemex in
British Columbia
to perform umpire assays on 1-in-20 drill pulps obtained from American Assay Laboratories and
submitted to the ALS Chemex facility in
Reno, NV.
ALS Chemex employs a four-acid digestion process (ME-ICP61m method), so Victory is re-numbering the pulp
samples and inserting the same field standard samples into the sample stream in order to better compare results between the two labs.
The scientific and technical information in this news release has been reviewed and approved by
Calvin R. Herron
, P.Geo., who is a Qualified Person as defined
by National Instrument 43-101.
About Victory Metals
Victory owns a 100% interest in the Iron Point Vanadium Project, located 22 miles east of
Winnemucca, Nevada
. The project is located within a few miles of
Interstate 80, has high voltage electric power lines running through the project area, and a railroad line passing across the northern property boundary. The
Company is well financed to advance the project through resource estimation and initial feasibility study work. Victory has a proven capital markets and mining
team led by Executive Chairman
Paul Matysek
. Major shareholders include Casino Gold (50%), and management, directors and founders (25%). Approximately
51% of the Company's issued and outstanding shares are subject to an escrow release over three years.
Please see the Company's website at
www.victorymetals.ca
.
On Behalf of the Board of Directors of
VICTORY METALS INC.
Paul Matysek
Executive Chairman and Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Forward-Looking Information
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation
(collectively "forward-looking statements"). Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation.
Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects", "believes", "aims to", "plans to" or
"intends to" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on
the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other
factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed by
such forward-looking statements or forward-looking information, including the business of the Company, the
speculative nature of mineral exploration and
development, fluctuating commodity prices, competitive risks, and
delay, inability to complete a financing or failure to receive regulatory approvals. Although
management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-
looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be
no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not
undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable
securities laws.
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%SEDAR: 00015775E
For further information:
contact Collin Kettell at [email protected] or (301) 744-8744.
CO: Victory Metals Inc
CNW 08:30e 10-APR-19