Victory Metals More Than Doubles Its Land Holdings at Iron Point Vanadium Project
Victory Metals More Than Doubles Its Land Holdings at Iron Point
Vanadium Project
VANCOUVER
,
Feb. 20, 2019
/CNW/ - Victory Metals Inc. ("
TSX-V:VMX
") ("
Victory
" or the "
Company
") is pleased to announce that it has
staked 320 lode claims (6,432 acres), contiguous to its 100% owned Iron Point Vanadium Project, more than doubling the overall land
package to a total of 594 lode claims (11,930 acres). This additional staking is summarized in the Company's recently released National
Instrument 43-101 technical report. Additionally, Victory has entered into two option agreements and one outright purchase agreement for
adjoining claims within the Iron Point project area.
Paul Matysek
, Executive Chairman stated: "Vanadium mineralization at Iron Point is associated with black shale horizons within the
Ordovician-age Vinini Formation. The known areal extent of the formation outcrop is approximately 4,500 meters north-south and 700 meters
east-west within the original project claim block. There is potential to significantly expand this target in all directions where it is covered by
surrounding younger basalt and alluvium. I'm very excited with our strategic decision to double the project size thereby capturing all
prospective areas of mineralization on lands around the original Casino Gold holdings."
Silver Coin Claims
On
October 14, 2018
, Victory, through its wholly-owned subsidiary Brownstone Ventures (US) Inc., entered into an option agreement with
Ms.
Patricia Tintle
of
Grass Valley, California
, to acquire her 100% undivided interest in the Silver Coin Claim group which comprises 20.7
acres of unpatented land contiguous to the Company's Iron Point Vanadium Project. Under the terms of the agreement, Victory may exercise
the option by making the following payments – 1)
US$50,000
(already paid) within five days of signing, 2)
US$50,000
on the first anniversary
of signing, 3)
US$50,000
on the second anniversary of signing, and 4)
US$150,000
on the third anniversary of signing. Further, Victory has
agreed to complete the first three payments
(US$150,000)
irrespective of whether the Company elects to complete the option payment (total
of
US$300,000
). Upon making the final payment, Victory will own 100% of the Silver Coin Claim group, with no underlying NSR or outstanding
obligations.
Silver King Patented Claims
On
October 25, 2018
, Victory, through its wholly-owned subsidiary Brownstone Ventures (US) Inc., entered into an option agreement with
Canarc Resource Corp. (TSX:CCM), on its wholly-owned Silver King Patented claim group, also contiguous to the Company's Iron Point
claims. The Silver King property consists of four patented mining claims totalling 83 acres (Silver King, Silver King #1, Silver Queen and Silver
Coin Annex Extension) (the "
Property
"). Under the terms of the ten-year agreement, Canarc will receive annual payments of
US$12,000
(the
first of which was made on signing) plus an option exercise payment of
US$120,000
. Upon exercise of the option, Canarc will retain a 2%
NSR royalty on the Property of which Brownstone Ventures (US) Inc. will have the right to buy back one-half (1%) of the royalty for
US$1,000,000
.
Prince Claims
On
February 5, 2019
, Victory, through its wholly-owned subsidiary Brownstone Ventures (US) Inc., entered into a purchase agreement with
Nevada Pursuit LLC, a wholly-owned subsidiary of Golden Pursuit Resources Ltd. (TSX-V:GDP), to acquire a 100% interest in the Prince
Claims. The Prince Claims consist of six unpatented lode mining claims (Prince 1-6), totalling 124 acres, contiguous to the Company's Iron
Point vanadium project. Under the terms of the agreement, Victory will pay a one-time fee of
US$30,000
to have and to hold all of the seller's
right, title, and interest in the Prince group of claims. No NSR is applicable to these claims.
Qualified Person
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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SOURCE
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For further information:
contact Collin Kettell at [email protected] or (301) 744-8744.
CO: Victory Metals Inc
CNW 09:30e 20-FEB-19