Victory Metals Releases Initial Phase Ii Iron Point Drill Results, Including 52.4 Meters Grading 0.47% V2O5
VICTORY METALS INC.
VICTORY METALS RELEASES INITIAL PHASE II IRON POINT DRILL RESULTS,
INCLUDING 52.4 METERS GRADING 0.47% V2O5
Vancouver, BC, Canada – February 18, 20 20 – Victory Metals Inc. (“ TSX-V:VMX”) (“ Victory” or the
“Company”) is pleased to announce assay results from the first set of holes completed during the 53 hole
Phase II drilling program at its Iron Point vanadium project, Nevada. Today’s release includes thirteen
reverse circulation and one HQ diamond drill holes that targeted the central portion of the Iron Point
vanadium zone. These holes were recommended by Mine Development Associates (Sparks, NV) to in-fill
gaps in last year’s Phase I drill pattern and test for deeper vanadium mineralization.
The 14 drill holes released below are concentrated within the southern portion of the historically drilled
vanadium mineralized zone (Figure 1) and consist of both vertical and angle holes. Eight of these holes are
shown in two drill sections oriented in a northwest and northeast direction (Figures 2-3, Sections H-H’ and
I-I’) crossing the southern half of the historical vanadium mineralized zone. Similar to the results achieved
during the Phase I program last year, all of these holes demonstrate good lateral continuity and confirm
the near surface, flat -lying nature of vanadium mineralization at the deposit scale . Furthermore, these
Phase II holes extended mineralization to greater depths in areas where shallow Phase I drilling failed to
fully penetrate the entire vanadium horizons.
Highlights
• New high-grade RC drill results include (estimated true thicknesses, see note above Table 1 for
definition of aggregate length):
o 52.4 meters grading 0.47% V2O5 (including 5.8 meters grading 1.2% V2O5) in VM-4c
o 37.4 meters grading 0.40% V2O5 (including 4.7 meters grading 0.8% V2O5) in VM-79
o 9.3 meters grading 0.41% V2O5 in VM-117
As observed in the Phase I drilling 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 extending
from the surface down to a depth of at least 175 meters. Intercepts of this broader , low gr ade
envelope include (estimated true thicknesses, see the note above Table 1 for definition of Overall
Length):
NEWS RELEASE – NR:20-01
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o 156.5 meters grading 0.27% V2O5 in VM-4c
o 150.3 meters grading 0.21% V2O5 in hole VM-95
o 110.9 meters grading 0.21% V2O5 in hole VM-96
• Lateral continuity of mineralization in both the lower grade vanadium envelope and the two high-
grade zones continues to be consistently high.
• Sections H-H’ and I-I’ demonstrate vanadium mineralization remains open to the west and east.
• HQ diamond drill hole VM-4c was positioned within this central group to verify earlier Phase I RC
drill results. Nearby Phase I RC holes VM-33 and VM-34 have a combined overall average of 97
meters grading 0.27% V2O5, while t he overall intercept for VM-4c is 1 57 meters grading 0.27%
V2O5. Based on these results, diamond drilling has confirmed similar V2O5 grades as returned from
historical RC drilling and no appreciable up-grading or down-grading of V2O5 grades is apparent
between the two drilling methods.
Paul Matysek, Executive Chairman of Victory, stated, “Results from these first 14 of 53 infill drill holes
clearly demonstrate the continuity and grade identified in the Phase I drill program . More importantly,
these deeper Phase II holes encountered a greater thickness of mineralization that was not apparent in
the Phase I shallow drill program, thus expanding the potential size of the Vanadium mineralized zone.”
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Figure 1: Victory’s first set of confirmation RC drill holes (Phase II) are shown by red
stars and a square, in relation to the yet to be released drilling (green stars and blue
squares) from the remainder of Phase II, and Phase I drilling (grey stars and squares)
from 2019 program, as well as historical Newmont and Aur Resource (USA) Inc. drill
holes (grey circles and diamonds).
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Figure 2. Cross sec tion H-H’ showing distribution of vanadium mineralization in relation to the current
geologic interpretation.
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Figure 3. Cross section I-I’ showing distribution of vanadium mineralization in relation to the
current geologic interpretation.
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Drill Results
Assay results for intercepts released today are reported in % V 2O5. Intercept lengths have been
reduced to true vertical intercepts and are deemed to be true thickness given the flat nature of
the mineralized zones being tested. Intercept lengths are reported as an Overall Length, which
includes all contiguous assay intervals within the low-grade vanadium blanket zone (at a 0.09%
V2O5 minimum grade), while higher grade individual zone intercepts reported as aggregate
lengths are comprised of samples grading 0.20% V2O5 and greater.
Table 1.
Hole # Zone From (m) To (m) Interval (m) % V2O5 % V
New Holes Located ALONG Section Lines H-H’ & I-I’
VM 79^
Overall* 7.0 60.7 53.7 0.33 0.19
Upper Zone 7.0 60.7 37.4 0.4 0.23
Includes 44.4 49.0 4.7 0.8 0.45
VM 80
Overall* 1.5 94.5 93.0 0.2 0.11
Upper Zone 1.5 68.6 27.4 0.28 0.16
New Zone 79.3 94.5 12.2 0.29 0.16
VM 82^
Overall* 0 103.0 103.0 0.17 0.10
Upper Zone 0 39.6 19.8 0.26 0.15
New Zone 67.3 103.0 10.6 0.36 0.20
VM 90^
Overall* 0 87.4 87.4 0.21 0.12
Upper Zone 0 54.4 24.3 0.23 0.13
New Zone 64.5 87.4 18.6 0.38 0.21
VM 95^
Overall* 0 150.3 150.3 0.21 0.12
Upper Zone 0 22.2 10.5 0.26 0.15
New Zone 62.7 149.0 57.5 0.3 0.17
VM 96^
Overall* 0 110.9 110.9 0.21 0.12
Upper Zone 11.9 84.5 22.4 0.23 0.13
New Zone 89.8 110.9 21.1 0.37 0.21
VM 121
Overall* 30.5 143.3 112.8 0.18 0.10
Upper Zone 35.1 80.8 4.6 0.21 0.12
New Zone 89.9 143.3 35.1 0.3 0.17
VM 4c^
Overall* 22.5 179.1 156.5 0.27 0.15
Upper Zone 22.5 54.7 19.2 0.28 0.16
New Zone 71.9 179.1 52.4 0.47 0.26
Includes 101.0 106.8 5.8 1.2 0.67
New Holes Located OUTSIDE of Section Lines H-H’ & I-I’
VM 91^
Overall* 0 60.7 60.7 0.20 0.11
Upper Zone 0 37.4 22.2 0.33 0.19
New Zone 57.2 58.4 1.2 0.23 0.13
VM 92^
Overall* 6.2 69.9 63.7 0.17 0.10
Upper Zone 6.2 48.7 10.0 0.27 0.15
New Zone 51.2 66.2 15.0 0.29 0.16
VM 94^
Overall* 3.3 128.2 124.9 0.19 0.11
Upper Zone 3.3 42.7 19.7 0.25 0.14
New Zone 63.6 128.2 31.8 0.31 0.17
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VM 98^
Overall* 13.4 126.7 113.3 0.18 0.10
Upper Zone 19.5 78.0 15.8 0.22 0.12
New Zone 81.6 126.7 24.4 0.25 0.14
VM 117^
Overall* 0 107.4 107.4 0.21 0.12
Upper Zone 0 65.4 39.7 0.29 0.16
New Zone 98.1 107.4 9.3 0.41 0.23
VM 118^ Overall* 42.2 77.9 35.6 0.14 0.08
New Zone 43.6 77.9 2.6 0.27 0.15
* Overall values represent contiguous averages that include V2O5 values ranging from 0% to 1.71%
^ Denotes angle hole
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 RC 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. All core sample intervals were marked by Victory personnel in the field, while the intact
core was shipped directly to American Assay Lab in Reno, NV where it was cut and sampled by trained core
technicians under controlled conditions.
Three different vanadium standards (71 ppm V, 320 ppm V, and 5172 ppm V) and co arse 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, maintain ing a 1 -in-20 insertion rate for each of the field blank, standard, and
duplicate samples such that every 7th 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 RC and core 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 Lab oratories is accredited by the Intern ational Accreditation Service, which
conforms with requirements of ISO/IEC 17025:2005.
Victory is currently using SGS Canada Inc. to perform umpire assays on 1 -in-40 drill pulps obtained from
American Assay Laboratories and submitted to SGS Canada in Lakefield, ON. Victory is re-numbering the
pulp samples and inserting the same field standard and blanks 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.
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About Victory Metals
Victory owns a 100% interest in the Iron Point Vanadium Project, located 22 miles east of Winnemucca,
Nevada. The pr oject 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 reso urce estimation and initial feasibility study
work. Victory has a proven capital markets and mining team led by Executive Chairman Paul Matysek.
Major shareholders include Palisades Goldcorp (48%), and management, directors and founders (2 7%).
Approximately 28% of the Company’s issued and outstanding shares are subject to an escrow
release over the next two years.
Please see the Company’s website at www.victorymetals.ca.
For more information, contact Collin Kettell at [email protected] or (301) 744-8744.
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 "fo rward-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 forwa rd-
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.