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As no drilling has taken place prior to this program on Smokey Lithium, it is important to sample each hole thoroughly until baseline geochemical data has been acquired.

Drilling Program Approach and Initial Highlights

Overview:

Victory executed an initial 3-hole drill program in an effort to locate lithium-bearing clays similar to what was discovered on surface by Jindalee, the neighboring property.

A northeast/southwest trending fault becomes obscured at either end as it heads towards Victory’s property. Victory’s exploration team hypothesizes that an extension of the lithium-bearing clays identified by Jindalee likely exists beneath the Victory property. However, pending laboratory results, the depths required to intercept this possible lithium-enriched clay unit are unknown.

The drill target is the regionally mineralized Esmeralda Formation sediments that underlie the property. These sediments are composed of a complex suite of lithologies ranging from sandstones, conglomerates, clays and units rich in volcanic ash. Faults occurred displacing these sedimentary units and later variably filled with Quaternary alluvial materials, namely sands and gravels. The contact between the silty and sandy gravel units that are overburden and those belonging to the underlying Esmeralda formation is not readily visible in the core, more detailed logging is planned once assays for lithium have been received.

The results given in the initial 3-hole program gave varying results and are summarized below:

  • SL-21-09 – Southwest near projected fault strike intercepted 257 feet of alluvial material followed by Esmeralda Formation sediments for 417 feet. Although the Esmeralda formation was encountered. It consisted of a suite of varved siltstones with minimal clay.
  • SL-21-15 – The northeast portion of the property intercepted a total of 311 feet of complex alluvial material. The position of this complex section of conglomerates, silty sandstones and local clay-matrix sedimentary breccias in the basin stratigraphy is examined in detail.
  • SL-21-05 – This hole, approx. 700 meters northwest of hole SL-21-09; Encountered Esmeralda Clay lithologies within 35 feet of surface. This hole demonstrated numerous lithologies favorable for lithium hosting in most of the hole. This hole ended at 520 feet.

Summary:

The objective was to identify Esmeralda clays containing lithium in a surface covered with dark alluvium. Additionally, adding to the complexity of the task is an unknown displacement fault. The first 3 holes essentially provide the team with a glimpse of the basement. It was learned that overburden is a relatively shallow cover but of variable thickness.

Beneath the recent age overburden, thick sections of the Esmeralda Formation have been intercepted. Esmeralda stratigraphy recorded from drill core shows sedimentary units including well-developed clays, mudstones, and clay, silt, and sand matrix conglomerates.

Further drilling will be required to properly map the subterranean geology of the Esmeralda Formation lithologic package. In particular, Victory is focusing on mapping the near-surface distribution of well-mineralized Esmeralda clays previously identified on the nearby Jindalee property.

The Company’s exploration team is very optimistic, mainly given the recorded geological results from hole SL-21-05. It demonstrated a thick clay/siltstone sequence with minimal overburden. More data is needed to answer questions arising from the drilling and observations of the exploration team. Issues include defining the strike and dip strike of the target, regional lithium mineralized Esmeralda age section that underlies the property. This will allow the construction of an early-stage geological model and help guide targets for additional drilling programs.

Following the receipt of the results of the first phase of drilling, the Company remains positioned to carry out additional drilling if the laboratory data justify it.

A total of 151 samples were submitted to ALS for analytical work. 4 foot sampling intervals were used in the Esmeralda intersections. Additionally, QA/QC protocols were implemented while standards and blanks were randomly inserted into the sample chain, 1 for 10 samples. Results from the ALS lab are expected to be received within the next few weeks.

About Smokey Lithium, Nevada

Victory’s Smokey Lithium Project is a clay lithium property located approximately 20 miles north of Clayton Valley, west of American Lithium’s flagship lithium project. Smokey Lithium is located northwest of Cypress’ Clayton Valley Lithium Project and southwest of American Lithium Corporation’s Tonopah Lithium Claims property in southwestern Nevada. Esmeralda County in Nevada is a prolific region for lithium clay deposits (Noram, Cypress, American Lithium, Spearmint, Enertopia and Jindalee).

The technical information contained in this press release has been reviewed and approved by Bob Marvin (PGeo), who is a Qualified Person as defined by National Instrument 43-101.

For more information, please contact:

Mark Ireton, President
Telephone: +1 (236) 317 2822 or TOLL FREE 1 (855) 665-GOLD (4653)
Email: IR@victoryresourcescorp.com

About Victory Resources Corporation

Victory Resources Corporation (CSE: VR) is a publicly traded, diversified investment company with mining interests in North America. The Company is also actively pursuing other exploration opportunities.

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements

Certain information contained in this press release may contain forward-looking statements that involve important known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, but not limited to, statements regarding future financial condition, business strategy, product use, corporate vision, proposed acquisitions, partnerships, joint ventures and strategic alliances and cooperations, budgets, costs and plans and objectives of or involving the Company. This forward-looking information reflects management’s current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is planned”, “budget”, “expected”, “estimates”, “forecasts”. “, “predicts”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations) of these words and phrases or may be identified by statements that certain actions “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be performed. A number of known and unknown risks, uncertainties and other factors could cause actual results or performance to differ materially from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company’s control, including, but not limited to, the impact of general economic conditions, industry conditions and dependence on regulatory approvals. Readers are cautioned that the assumptions used in the preparation of this information, while believed to be reasonable at the time of preparation, may prove to be imprecise and, accordingly, undue reliance should not be placed on any forward-looking statements. The Company undertakes no obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities laws.

THE SOURCE: Victory Resources Corp.

See the source version on accesswire.com:
https://www.accesswire.com/695381/Victory-Completes-Smokey-Lithium-Drilling-Program-Phase-One

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