VANCOUVER, British Columbia, March 07, 2023 (GLOBE NEWSWIRE) -- Victory Battery Metals Corp. (CSE:VR) (FSE:VR6) (OTCPink:VRCFF), a diversified investment corporation with mineral interests in North America, is preparing to start an exploration program for its Georgia Lake Lithium Project in the Thunder Bay District in Ontario. Victory's exploration team has designed a work program to advance the Georgia Lake Lithium property. Currently, the Company is soliciting bids to fly a magnetometer survey over its Georgia Lake Property to determine whether mica granite bodies can be identified within the metasediments.
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Once the magnetometer survey has been completed, a field crew will mobilize onto the property in early June to begin prospecting, rock sampling, reconnaissance mapping, as well as overburden mapping and sampling.
Victory’s Georgia Lake Lithium Project is located 2 km east of Rock Tech Lithium’s advanced lithium project, within the Georgia Lake lithium district. It is easily accessible, ranging anywhere from 1 to 3 km from the Trans-Canada Highway, 14 km south of Beardmore, which is a hub for the mining industry in Northern Ontario. In addition to external access, much of the project area is accessible through a developed network of logging roads, which should lower exploration costs.
Rock Tech filed a Technical Report in 2022 with an Indicated Mineral Resource estimate of 10.60 million tonnes at a grade of 0.88% Li20 and an Inferred Mineral Resource of 4.22 million tonnes at a grade of 1.0% Li20. Rock Tech is building a lithium ore processing facility for custom milling in Thunder Bay, to be online in early 2024, which with Ontario Government support will support mineral processing from other nearby lithium mines.
Georgia Lake pegmatite field consists of multiple spodumene pegmatites, with the first discovery of spodumene, a lithium bearing mineral, made in 1955. In the Georgia Lake Lithium District, spodumene bearing pegmatites occur almost entirely within metasediments, usually spatially associated with mica bearing granitic rocks. Regional mapping in 1965 indicated that Victory’s property is largely underlain by metasediments, with pegmatites and mica granites reported to the south, west and east of the property.
Mark Ireton, President and CEO, stated: "The Georgia Lake Lithium project is a strong lithium play in a proven lithium region, supported through a renewed focus from the Government of Ontario, with their continued development of infrastructure to grow the Thunder Bay District, which increases accessibility and will allow us to realize the full potential of any commercially viable deposits within the project."
According to a report by Benchmark Mineral Intelligence, the current supply gap for lithium is expected to increase further in coming years.
The company is also actively seeking other exploration opportunities to add to its portfolio of lithium, gold, silver and other precious metal properties.
The shares are trading at $0.08. For more information on the company and its other properties, please visit the company’s website www.VictoryBatteryMetals.com, contact Mark Ireton, President and CEO, at 236-317-2822 or by email at info@VictoryBatteryMetals.com.
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