VANCOUVER, British Columbia, March 22, 2023 (GLOBE NEWSWIRE) -- Victory Battery Metals Corp. (CSE:VR) (FSE:VR6) (OTCPink:VRCFF), a diversified investment corporation with mineral interests in North America, has started its second phase drilling program on its Smokey Lithium Property in Nevada. The Smokey Lithium property is located in Esmeralda County, a prolific region for lithium clay deposits, approximately 20 miles north of Clayton Valley, home to the only producing lithium operation in the US at Silver Peak, and 20 miles west of American Lithium’s flagship lithium project. The property surrounds the Jindalee Clayton North property on three sides, with excellent access and relatively flat ground.
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Victory’s second phase 3-hole drill program, which is expected to be completed within a 2 to 3-week period, weather permitting, includes high quality drill targets which have been selected to extend strong lithium mineralization intersected during the initial drill program in 2022. In October 2022, the company reported that Hole 09 ended in significant, claystone hosted, lithium mineralization at 417 feet.
Following the initial drill program, the exploration team carried out additional detailed surface mapping of outcropping beds of lithium mineralized claystone, a detailed analysis of assay results on the various clay beds and finally, a Tromino passive seismic survey to understand the faulting that would bound the deposits edges. All of this data has been processed and converted to geologic cross sections and sophisticated maps, proprietary to the company.
Upon completion of the map work, an approximate 2.5 sq km area was identified as high priority for further exploration. Management believes the new drill targets, being drilled 500 to 1,000 feet away from Hole 9 in order to potentially grow a resource as well as manage risk, are a perfect combination of step out drilling on a previous mineralized intersection along with grassroots targets of the claystone sediments within the Weepah Detachment fault and underlying claystones of the Esmeralda Formation.
Additional exploration goals of the drill program include drilling through the locally mineralized sediments above the Weepah Detachment Fault, potentially into mineralized Esmeralda Formation sediments. This is important to grow Victory's understanding of a significant area of known lithium mineralisation including potentially important claystone hosted lithium discoveries made in 2017 by Jindalee Resources to the immediate south of the property. Outcropping clay on Jindalee’s property demonstrated lithium grades as high as 930 ppm which appeared to trend northwest perhaps onto Victory’s Smokey Lithium Property.
Mark Ireton, President and CEO, stated: “Building on our extensive exploration on Smokey Lithium, our team has a high level of confidence in our understanding of the resource potential, which has informed the locations of the drill target intercepts now underway and, which are aimed at establishing the maiden resource potential of the property.”
The shares are trading at $0.065. 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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