VANCOUVER, British Columbia, March 01, 2023 (GLOBE NEWSWIRE) -- Victory Battery Metals Corp. (CSE:VR) (FWB:VR6) (OTCPink:VRCFF), a diversified investment corporation with mineral interests in North America, has secured the equipment and services to conduct its drilling program at its Smokey Lithium Property in Nevada, upon approval of its amended drill permit application.
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The Smokey Lithium property is located in Esmeralda County, 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, with excellent access and relatively flat ground.
Victory's Exploration team had theorized that based on the nearby Jindalee property; mineralized surface clays could be widespread similar to Clayton Valley. Due to the buried nature of these clays, some field mapping, surface sampling and 3 drill holes were carried out to confirm mineralized clay was in reach on Victory’s Ground. In May, the company reported that one of the 3 holes, number 09, encountered mineralization, further validating Victory's theory for widespread buried mineralized clays. Hole 09 ended in lithium mineralization at 417 feet, with the highest single sample interval of 1270 ppm lithium for Phase 1 found between 377 and 381 feet.
Mark Ireton, President and CEO, stated: "In anticipation of Smokey Lithium's amended drill permit approval, the Company has secured drilling capabilities in what is an extremely competitive market, to ensure the exploration can advance in short order. The permit amendment is designed to place holes on 500-1000 foot grid spacing over the Area of Interest, testing the marginalized depth of Hole 09 at such a distance to grow a resource while managing risk."
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. This new Area of Interest resides within 91 newly staked claims and is contiguous with the southwest part of the original claim block. The amended drill permit includes the new high quality drill targets and seeks to extend strong lithium mineralization intersected in Hole 09. Management considers these targets to be a perfect combination of step out drilling from previous lithium mineralization along with grassroots targets of claystone sediments within the Weepah Detachment fault and underlying claystones of the Esmeralda Formation.
In Quebec, the recent acquisition of 280 new Stingray claims totalling 14,375 hectares was a significant addition to the original 67 claims, which totalled 3,417 hectares, giving the company a large ground position in an underexplored area within an emerging lithium district. The Stingray claim blocks range from adjacent to Patriot Battery Metals’ (TSXV:PMET) Corvette lithium property, to several kilometers away, spanning more than 65 km of east to west strike length.
The shares are trading at $0.075. 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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