Victory Metals Drills 37 Meters Of 0.55% V2O5 and Expands Vanadium Footprint to the South
Victory Metals Drills 37 Meters Of 0.55% V2O5 and Expands
Vanadium Footprint to the South
VANCOUVER
,
March 28, 2019
/CNW/ - Victory Metals Inc. ("
TSX-V:VMX
") ("
Victory
" or the "
Company"
) is pleased to announce assay results from
an additional 14 reverse circulation ("
RC
") holes completed at its Iron Point Vanadium Project, located 22 miles east of
Winnemucca, Nevada
. Victory
has now released results for 52 RC holes from a planned program of 69 RC holes and 4 diamond drill holes.
The 14 drill holes reported today include both vertical and angle holes and are focused in the central to southern extent of the historical vanadium
mineralized zone (see Figure 1). Several of the holes are shown in a north-south cross section (see Figure 2, Section F-F'), which continues to
demonstrate the strong continuity and the flat lying nature of shallow vanadium mineralization over a large and expanding area. Section line F-F'
partially overlays the holes previously released on Section line B-B' (see Figure 1), and also bisects the east-south holes on cross Section lines C-C'
and D-D' (see Figure 1), the results for which were previously released (see Victory's
February 28, 2019
,
March 6, 2019
, and
March 19, 2019
, news
releases).
Highlights
New, true thickness high-grade RC drill results include:
37 meters grading 0.55%
V
2
O
5
(including 5 meters grading 0.80%
V
2
O
5
) in VM-26i
14 meters grading 0.63%
V
2
O
5
(including 4 meters grading 1.00%
V
2
O
5
) in VM-26j
26 meters grading 0.42%
V
2
O
5
in VM-33
24 meters grading 0.48%
V
2
O
5
in VM-34
26 meters grading 0.46%
V
2
O
5
(including 3 meters grading 0.83%
V
2
O
5
) in VM-48
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. True thickness intercepts of this broader envelope include:
91 meters grading 0.36%
V
2
O
5
in hole VM-26i
110 meters grading 0.27%
V
2
O
5
in hole VM-33
125m
grading 0.22%
V
2
O
5
in VM-34
Continuity of mineralization in both the lower grade vanadium envelope and the two high-grade zones continues to be apparent as drilling extends
to the southern portion of the historical vanadium mineralized zone. By combining previously announced Sections A-A', B-B', C-C', with newly
announced Section F-F', vanadium mineralization shows an east-west width of 760 meters. The north-south extension of mineralization now
exceeds 740 meters, with expansion potential to the south and northwest.
Section F-F' indicates that vanadium mineralization is open to the south with some of the highest-grade vanadium intervals returned to date.
Collin Kettell
, CEO of Victory, stated, "Victory's maiden drilling campaign has continued to intersect strong lateral continuity of thickness and grade.
Hole VM-26i hit a lengthy intercept of strong mineralization, demonstrating the extension of the high-grade zones, within the overall lower grade
envelope. Today's drill release was focused on the southern portion of the historical mineralized zone, and confirms that the mineralization is open for
further expansion to the south and the east.
We eagerly await the final assays from the remaining 17 RC holes, which were positioned to test southern and eastern extensions, mainly outside of
the historically mineralized zone."
Figure 1: Victory’s fourth set of confirmation RC drill holes shown by purple stars, in relation to first release drilling (dark blue stars), second release
drilling (light blue stars), third release drilling (green stars) as well as historical Newmont and Aur Resource (USA) Inc. drill holes. (CNW Group/Victory
Metals Inc)
Figure 2. Cross section F-F’ 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 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 defined by the strike and
dip of mineralized horizons currently interpreted from cross-sectional analyses.
Table 1
Hole #
Zone
From
(m)
To
(m)
Interval
(m)
From
(ft)
To
(ft)
Interval
(ft)
% V2O5
% V
VM 34
Overall*
0
125
125
0
410
410
0.22
0.12
Upper Zone
30
34
3
100
110
10
0.31
0.17
New Zone
84
116
24
275
380
80
0.48
0.27
VM 36
Overall*
3
38
35
10
125
115
0.2
0.11
Upper Zone
21
27
3
70
90
10
0.27
0.15
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 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 23
+
Overall*
0
85
85
0
280
280
0.32
0.18
Upper Zone
0
6
6
0
20
20
0.54
0.30
New Zone
56
85
23
185
280
75
0.63
0.35
Including
58
64
6
190
210
20
0.88
0.49
VM 23i^
Overall*
6
107
70
20
350
230
0.24
0.14
Upper Zone
6
37
9
20
120
28
0.38
0.22
New Zone
82
107
15
270
350
49
0.45
0.25
VM 26
+
Overall*
0
82
82
0
270
270
0.31
0.17
Upper Zone
3
5
2
10
15
5
0.59
0.33
Upper Zone
11
18
8
35
60
25
0.51
0.29
New Zone
61
81
20
200
265
65
0.53
0.30
Including
64
73
9
210
240
30
0.68
0.38
VM 26i^
Overall*
5
131
91
15
430
300
0.36
0.2
Upper Zone
5
70
37
15
230
120
0.55
0.31
Including
32
41
5
105
135
15
0.8
0.45
New Zone
98
105
5
320
345
15
0.27
0.15
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 26j^
Overall*
3
125
81
10
410
266
0.24
0.13
Upper Zone
3
29
14
10
95
45
0.63
0.35
Including
5
11
4
15
35
14
1.00
0.58
New Zone
110
117
2
360
385
7
0.52
0.29
VM 48
Overall*
5
79
71
15
260
233
0.3
0.17
Upper Zone
5
21
12
15
70
40
0.33
0.18
New Zone
43
79
26
140
260
85
0.46
0.26
Including
59
63
3
195
205
9
0.83
0.46
VM 49
Overall*
0
95
88
0
310
290
0.22
0.13
Upper Zone
0
34
7
0
110
24
0.32
0.18
New Zone
64
95
19
210
310*
63
0.43
0.24
VM 27
Overall*
5
38
27
15
125
90
0.17
0.1
Upper Zone
34
35
2
110
115
5
0.31
0.17
VM 27i^
Overall*
5
116
79
15
380
258
0.18
0.1
Upper Zone
5
58
10
15
190
32
0.28
0.16
New Zone
104
113
5
340
370
17
0.41
0.23
VM 28
Overall*
5
8
3
15
25
10
0.23
0.13
Upper Zone
5
6
2
15
20
5
0.32
0.18
VM 28i^
Overall*
3
18
11
10
60
35
0.17
0.1
Upper Zone
5
6
1
15
20
4
0.31
0.18
VM 30
Overall
32
73
40
105
240
130
0.18
0.1
New Zone
58
70
6
190
230
20
0.29
0.16
* 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 letter (i) or (j), as they are drilled from the same platform as the complimentary vertical hole.
Drill hole VM-29 was assayed but did not return any significant vanadium mineralization.
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 28-MAR-19