Victory Metals Significantly Expands Vanadium Footprint at Iron Point and Confirms North-South Continuity of Mineralization
Victory Metals Significantly Expands Vanadium Footprint at Iron Point and
Confirms North-South Continuity of Mineralization
VANCOUVER
,
March 6, 2019
/CNW/ - Victory Metals Inc. ("
TSX-V:VMX
") ("
Victory
" or the "
Company"
) is pleased to announce an additional seven reverse
circulation ("
RC
") holes completed at its Iron Point Vanadium Project, located 22 miles east of
Winnemucca, Nevada
. Including these seven holes, Victory has now
released results for 15 RC holes from a planned program of 69 RC holes and four diamond drill holes.
The seven holes reported today were drilled vertically along a north-south trending long section line (see Figure 1, B-B') that bisects the east-west trending cross
section line A-A' (see Figure 1), the results for which were previously released (see Victory's
February 28, 2019
, news release).
Highlights
RC drill results from the north-south long section B-B' (see Figure 2) include:
21 meters grading 0.54%
V
2
O
5
(including 6 meters grading 0.67%
V
2
O
5
) in VM-6
27 meters grading 0.56%
V
2
O
5
in VM-7
(previously reported)
23 meters grading 0.63%
V
2
O
5
(including 6 meters grading 0.88%
V
2
O
5
) in VM-23
20 meters grading 0.54%
V
2
O
5
(including 9 meters grading 0.68%
V
2
O
5
) in VM-26
18 meters grading 0.53%
V
2
O
5
(including 2 meters grading 1.14%
V
2
O
5
) in VM-76
As with the initial holes, these latest intercepts are contained in two flat-lying higher grade vanadiferous horizons, referred to as the Upper 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. New intercepts of this broader envelope include:
168 meters grading 0.21%
V
2
O
5
in hole VM-4 (from surface)
104 meters grading 0.24%
V
2
O
5
in hole VM-25 (from surface)
151 meters grading 0.21%
V
2
O
5
in hole VM-76 (from surface)
A review of these new drill results indicates that the flat lying Upper and New High Grade zones previously interpreted on an east-west cross section are also
continuous in a north-south direction over a significant strike distance (580 meters N-S, and open). Note that hole VM-07 is common to both section A-A' and
section B-B' and is helpful in tying these two sections together. The two completed and released drill sections (utilizing 15 RC drill holes) confirm the lateral
and depth continuity of vanadium mineralization in the Upper and New High Grade Zones, as well as the extent of the lower grade vanadium mineralization
envelope.
Collin Kettell
, CEO of Victory, stated, "The first drill holes from our maiden drill program demonstrated continuity on an east-west trending section, over a distance
of at least 525 meters. These new results have demonstrated that these interpreted higher-grade zones also continue for at least 580 meters along a north-south
trend. This provides Victory with a well-defined, cohesive "core" zone of mineralization from which to expand outward with additional drilling. These results provide
Victory with a strong platform from which to further expand mineralization."
Figure 1: Victory’s second stage confirmation RC drill holes shown by light blue stars, in relation to first release drilling (dark blue stars) and historical Newmont
and Aur Resource (USA) Inc. drill holes. (CNW Group/Victory Metals Inc)
Figure 2. Cross section B-B’ along Victory’s drill pattern showing grade and distribution of vanadium mineralization in relation to the basic geologic framework.
(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.
Table 1
Drill
hole ID
Vanadium
Zone
From
(m)
To (m)
Aggregate
Length (m)
From
(ft)
To (ft)
Aggregate
Length (ft)
% V205
% V
VM-69
Overall*
6
29
23
20
95
75
0.21
0.12
Upper
8
29
9
25
95
30
0.32
0.18
VM-76
Overall*
3
154
151
10
505
495
0.21
0.12
Upper
3
90
18
10
295
60
0.53
0.30
Includes
76
78
2
250
255
5
1.14
0.64
New
125
146
15
410
480
50
0.45
0.25
Includes
133
137
5
435
450
15
0.66
0.37
VM-4
Overall*
0
168
168
0
550
550
0.21
0.12
Upper
46
59
9
150
195
30
0.34
0.19
75
82
8
245
270
25
0.56
0.31
New
137
159
15
450
520
50
0.45
0.25
VM-6
Overall*
0
143
143
0
470
470
0.21
0.12
Upper
15
37
8
50
120
25
0.32
0.18
64
67
3
210
220
10
0.69
0.39
New
117
143
21
385
470
70
0.54
0.30
134
140
6
440
460
20
0.67
0.38
VM-7
+
Overall*
0
139
139
0
455
455
0.28
0.16
Upper
5
55
24
15
180
80
0.44
0.25
New
110
137
27
360
450
90
0.56
0.31
VM-23
Overall*
0
85
85
0
280
280
0.32
0.18
Upper
0
6
6
0
20
20
0.54
0.30
New
56
85
23
185
280
75
0.63**
0.35**
Includes
58
64
6
190
210
20
0.88
0.49
VM-25
Overall*
0
104
104
0
340
340
0.24
0.13
Upper
0
23
8
0
75
25
0.35
0.20
New
63
104
27
205
340
90
0.42**
0.24**
VM-26
Overall*
0
82
82
0
270
270
0.31
0.17
Upper
3
18
11
10
60
35
0.49
0.27
New
61
82
20
200
270
65
0.54
0.30
Includes
64
73
9
210
240
30
0.68
0.38
* Overall values represent contiguous averages that include V2O5 values ranging from 0% to 1.14%
** Hole bottomed in >0.25% V2O5 mineralization
+
Hole already reported in previous release
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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%SEDAR: 00015775E
For further information:
Collin Kettell at [email protected] or (301) 744-8744.
CO: Victory Metals Inc
CNW 05:30e 06-MAR-19