VANCOUVER, British Columbia, Feb. 09, 2023 (GLOBE NEWSWIRE) -- Victory Battery Metals Corp. (CSE:VR) (FWB:VR6) (OTCPink:VRCFF), a junior international mining corporation with several projects in North America, has provided an update on its key lithium properties in Quebec and Nevada. The company’s Stingray properties comprise 67 non-contiguous claims in the highly prospective James Bay Lithium District, adjacent to Patriot Battery Metals flagship Corvette property.
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Patriot Battery, which has identified more than 70 lithium pegmatite outcrops over a trend stretching for more than 20 km, recently reported that a spodumene pegmatite has been traced continuously by drilling over a lateral distance of at least 2.6 km, remaining open along strike at both ends and to depth along most of its length. Patriot reported drill intercepts of 156.9 m at 2.12% Li 2 O, including 25.0 m at 5.04% Li2O or 5.0 m at 6.36% Li2O, 159.7 m at 1.65% Li2O, 131.2 m at 1.96% Li2O, and 52.2 m at 3.34% Li2O, including 15.0 m at 5.10% Li2O.
Management cautions that mineralization found on the Corvette property may not be indicative of mineralization on its Stingray properties.
Victory’s exploration team is in the process of planning an initial program, while simultaneously looking for additional strategically aligned property in the area.
Victory’s Smokey Lithium property is located in Esmeralda County, Nevada, a prolific region for lithium clay deposits, approximately 20 miles north of Clayton Valley, and 20 miles west of American Lithium’s flagship lithium project. The property surrounds the Jindalee property on three sides and has excellent access and relatively flat ground.
In early 2022, Victory executed an initial program of 3 drill holes with the goal of locating lithium bearing clays, similar to what has been discovered at surface by Jindalee. One of the 3 holes, number 09, encountered mineralization, further validating Victory's theory for widespread buried mineralized clays.
Hole 09 ended in mineralization at 417 feet, with the highest single sample interval of 1270 ppm for Phase 1 found between 377 and 381 feet.
Mark Ireton, President and CEO, stated: "Victory's exploration team has advanced the Smokey Lithium property to a high confidence scenario where it sees the potential to drill through mineralized Weepah sediments and down into mineralized Esmeralda Formation sediments. The drill targets discussed in the news release on 14 December 2022 are targeted at that geologic setting with goal of significantly expanding the known lithium mineralization on the property. We are excited to proceed and establish timelines pending the drill permit amendment process underway."
Bob Marvin, P.Geo. added: "Victory has completed an overarching effort to model the geology of the property. The geologic compilation has been multifaceted and has required a significant amount of time and effort. The results have placed VR in position to now advance the initial drill discoveries at the property relying on a robust understanding of geologic setting of the property. Victory's exploration team expects to be successful in extending known mineralization in hole 9 as well as to add additional mineralized intersections with the overlying Weepah detachment claystone units as well as in the underlying folded Esmeralda evaporite rocks. The Esmeralda Formation is the regional host rock that hosts world-class resources in Smokey Valley, Clayton Valley, at Lida Wash and further south at Bonnie Claire in the Sarcobatus Flat. Both Lida Wash and Bonnie Claire are very recent discoveries pointing to the strong potential of the property region for both lithium claystone and lithium brine discoveries.”
The company is currently raising up to $2 million from a combination of regular and flow-through units.
The shares are trading at $0.105. 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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