Victory Metals Drilling at Iron Point Expands Vanadium Footprint to Over 700 Meters in Diameter
Victory Metals Drilling at Iron Point Expands Vanadium Footprint to
Over 700 Meters in Diameter
VANCOUVER
,
March 19, 2019
/CNW/ - Victory Metals Inc. ("
TSX-V:VMX
") ("
Victory
" or the "
Company"
) is pleased to announce assay results from an
additional 22 reverse circulation ("
RC
") holes completed at its Iron Point Vanadium Project, located 22 miles east of
Winnemucca, Nevada
. Victory has
now released results for 38 RC holes from a planned program of 69 RC holes and 4 diamond drill holes.
The 22 drill holes reported today include both vertical and angle holes and are focused in the central to northern extent of the historical vanadium
mineralized zone (see Figure 1). The majority of the holes are shown in three east-west cross sections (see Figures 2-4, Sections C-C', D-D', and E-E'),
which continue to demonstrate the excellent continuity and flat lying nature of vanadium mineralization in a large and growing area. Section line C-C'
partially overlays the holes previously released on section line A-A' (see Figure 1), and also bisects the north-south holes on cross section line B-B' (see
Figure 1), the results for which were previously released (see Victory's
February 28, 2019
, and
March 6, 2019
, news releases).
Highlights
New high-grade RC drill results include:
20 meters grading 0.60%
V
2
O
5
in VM-9
26 meters grading 0.59%
V
2
O
5
(including 3 meters grading 0.84%
V
2
O
5
) in VM-67
33 meters grading 0.48%
V
2
O
5
in VM-75
As indicated by the initial sets of holes, 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 mineralization that starts at surface
and extends down to a depth of at least 175 meters. Intercepts of this broader envelope include:
152 meters grading 0.23% V
2
O
5
in hole VM-1
174m
grading 0.23% V
2
O
5
in hole VM-67
162m
grading 0.22% V
2
O
5
in VM-74
Continuity of mineralization in both the lower grade vanadium envelope and the two high-grade zones continues to be apparent. By combining
previously announced section A-A' and section C-C', vanadium mineralization shows an east-west strike of 700 meters. The north-south extension of
mineralization is similarly around 600 meters, with expansion potential to the south and northwest.
Sections C-C', D-D', and E-E' show that vanadium mineralization is open to the west. Hole VM-78 represents the western most permitted hole under
Victory's Notice and importantly shows strong mineralization. An historical hole drilled by Aur in 1997 is located 400 meters further to the west of VM-
78 and returned anomalous vanadium mineralization. Further definition drilling is planned to better understand the extent of mineralization to the west.
Collin Kettell
, CEO of Victory, stated, "Iron Point's vanadium footprint is proving to be large and is poised for further expansion. Victory's drill program was
designed to test the historical drilling by Newmont and Aur, to assess the lateral and vertical extent of the deposit, and to confirm the continuity and grade
of the mineralization. Victory's holes have penetrated deeper than Newmont, intersecting the highest grades to date on the project. Continuity of
mineralization in both the Upper High Grade Zone and New High Grade Zone continues to be excellent. Mineralization appears to be still open to the west
and northwest, as well as to the south and east.
The 38 RC drill results released to date outline a vanadium mineralized zone that is approximately 700 meters in diameter. We eagerly await further
assays from the remaining 35 holes."
Figure 1: Victory’s third set of confirmation RC drill holes shown by green stars, in relation to first release drilling (dark blue stars) and second release
drilling (light blue stars), as well as historical Newmont and Aur Resource (USA) Inc. drill holes. (CNW Group/Victory Metals Inc)
Figure 2.
Cross section C-C’ showing distribution of vanadium mineralization in relation to the current geologic interpretation. (CNW Group/Victory Metals
Inc)
Figure 3. Cross section D-D’ showing distribution of vanadium mineralization in relation to the current geologic interpretation. (CNW Group/Victory Metals
Inc)
Figure 4.
Cross section E-E' 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
Figures 2, 3, and 4.
Table 1
Hole #
Zone
From
(m)
To (m)
Interval
(m)
From
(ft)
To (ft)
Interval
(ft)
%
V2O5
% V
VM 78
Overall*
15
140
125
50
460
410
0.17
0.1
Upper Zone
24
84
8
80
275
25
0.35
0.19
New Zone
98
140
20
320
460
65
0.33
0.19
VM 01
Overall*
6
184
178
20
605
585
0.21
0.12
Upper Zone
30
104
33
100
340
107
0.3
0.17
New Zone
119
183
24
390
600
80
0.47
0.27
Includes
174
177
3
570
580
10
0.71
0.40
VM 03
Overall*
0
168
168
0
550
550
0.18
0.1
Upper Zone
0
91
17
0
300
57
0.29
0.16
New Zone
110
166
12
360
545
40
0.47
0.26
VM 07
+
Overall*
0
139
139
0
455
455
0.28
0.16
Upper Zone
5
55
24
15
180
78
0.44
0.25
New Zone
110
137
27
360
450
90
0.56
0.31
VM 10
+
Overall*
0
114
114
0
375
375
0.19
0.11
Upper Zone
23
44
8
75
145
25
0.4
0.22
New Zone
98
114
14
320
375
45
0.37
0.21
VM 51
+
Overall*
0
76
76
0
250
250
0.27
0.15
Upper Zone
Includes
30
67
24
100
220
80
0.51
0.29
61
66
5
200
215
15
0.82
0.46
VM 16
+
Overall*
0
94
94
0
310
310
0.24
0.13
Upper Zone
3
58
27
10
190
90
0.39
0.22
Includes
20
26
6
65
85
20
0.54
0.3
New Zone
90
93
3
295
305
10
0.36
0.2
VM 18
+
Overall*
0
88
88
0
290
290
0.28
0.16
Upper Zone
3
84
50
10
275
165
0.37
0.21
VM 24
Overall*
52
79
27
170
260
90
0.21
0.12
Upper Zone
52
79
8
170
260
25
0.33
0.18
VM 24j^
Overall*
69
90
15
225
295
50
0.48
0.27
Upper Zone
69
88
11
225
290
35
0.59
0.33
VM 02
+
Overall*
0
175
175
0
575
575
0.25
0.14
Upper Zone
8
102
23
25
335
74
0.41
0.23
New Zone
113
171
31
370
560
103
0.48
0.27
Includes
157
161
5
515
530
15
0.71
0.40
VM 04
+
Overall*
17
168
151
55
550
495
0.22
0.12
Upper Zone
46
82
16
150
270
54
0.44
0.25
New Zone
96
168
24
315
550
78
0.38
0.21
VM 06
+
Overall*
0
143
143
0
470
470
0.21
0.12
Upper Zone
15
67
10
50
220
34
0.42
0.24
New Zone
99
143
24
325
470
79
0.51
0.28
VM 09
Overall*
18
145
126
60
475
415
0.25
0.14
Upper Zone
26
70
9
85
230
29
0.48
0.27
New Zone
117
142
20
385
465
64
0.6
0.34
VM 73
Overall*
0
152
152
0
500
500
0.22
0.12
Upper Zone
0
123
34
0
405
110
0.41
0.23
New Zone
128
151
8
420
495
25
0.56
0.31
Includes
136
137
1
445
450
5
1.01
0.57
VM 74
Overall*
0
162
162
0
530
530
0.22
0.12
Upper Zone
6
96
19
20
315
63
0.42
0.23
New Zone
122
160
24
400
525
80
0.45
0.25
VM 76*
Overall*
0
154
154
0
505
505
0.21
0.12
Upper Zone
0
90
18
0
295
60
0.53
0.3
Includes
76
78
2
250
255
5
1.14
0.64
New Zone
125
146
15
410
480
50
0.45
0.25
VM 05
Overall*
0
139
139
0
455
455
0.19
0.11
Upper Zone
5
64
10
15
210
34
0.49
0.27
Includes
61
64
3
200
210
10
0.86
0.48
New Zone
79
139
9
260
455
29
0.32
0.18
VM 08
Overall*
9
123
114
30
405
375
0.17
0.1
Upper Zone
9
52
6
30
170
20
0.33
0.18
New Zone
84
123
5
275
405
15
0.42
0.23
VM 13
Overall*
27
119
91
90
390
300
0.2
0.11
Upper Zone
27
69
8
90
225
25
0.3
0.17
New Zone
96
117
14
315
385
47
0.44
0.25
VM 13j^
Overall*
50
140
63
165
460
208
0.24
0.13
Upper Zone
52
85
10
170
280
32
0.44
0.25
New Zone
120
137
9
395
450
28
0.46
0.26
VM 13k^
Overall*
47
148
82
155
485
270
0.14
0.08
Upper Zone
53
79
4
175
260
12
0.38
0.21
New Zone
120
148
4
395
485
12
0.31
0.17
VM 67
Overall*
0
174
174
0
570
570
0.23
0.13
Upper Zone
2
116
23
5
380
77
0.46
0.26
Includes
107
114
7
350
375
23
0.76
0.43
New Zone
130
155
26
425
510
85
0.59
0.33
Includes
137
140
3
450
460
10
0.84
0.47
VM 77
Overall*
5
44
40
15
145
130
0.23
0.13
Upper Zone
6
24
6
20
80
20
0.45
0.25
VM 75
Overall*
14
84
70
45
275
230
0.32
0.18
Upper Zone
14
82
33
45
270
107
0.48
0.27
VM 70
Overall*
3
8
5
10
25
15
0.19
0.1
Upper Zone
3
5
2
10
15
5
0.28
0.16
VM 72
Overall*
5
91
87
15
300
285
0.22
0.12
Upper Zone
5
88
35
15
290
116
0.31
0.17
VM 71
Overall*
6
78
72
20
255
235
0.07
0.04
Upper Zone
11
76
3
35
250
10
0.28
0.16
* Overall values represent contiguous averages that include V2O5 values ranging from 0% to 1.14%
+
Hole reported in previous release
^ Denotes angle hole
Drill holes VM-13i, VM-24i, VM-66, and VM-68, were assayed but did not return any significant vanadium mineralization. VM-13i and VM-24i were both
eastward-directed angle holes that appear to have drilled into an old alluvial channel that eroded part of the Vinini Formation, possibly during development
of the ancestral Humboldt River drainage. VM-66 drilled barren intrusive rock, while VM-68 cut a monotonous, strongly metamorphosed pelitic phyllite that
might not be part of the Vinini Formation.
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 sample 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 ISO/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 the town of
Winnemucca
in
Humboldt County, 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 boundary of the property. 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%). Further, over 51% of the issued and outstanding shares of the Company (43,471,014 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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For further information:
Collin Kettell at [email protected] or (301) 744-8744.
CO: Victory Metals Inc
CNW 08:30e 19-MAR-19