VANCOUVER, British Columbia, Aug. 04, 2023 (GLOBE NEWSWIRE) -- Victory Battery Metals Corp. (CSE:VR) (FSE:VR6) (OTCPink:VRCFF), a diversified investment corporation with mineral interests in North America, prepares to start Phase 1 work program at its Stingray Property in Quebec. Covering approximately 18,000 hectares in Quebec’s Eeyou Istchee James Bay region, the company’s 6 individual properties lie in the middle of a major emerging lithium district, between Patriot Battery Metals and two of Azimut’s properties that were recently optioned to Rio Tinto Exploration Canada.
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Rio Tinto Exploration Canada, a Canadian subsidiary of Rio Tinto Group, a leading global mining group, recently signed two option to joint venture agreements with Azimut Exploration for its wholly-owned Corvet and Kaanaayaa lithium properties, which are directly to the east and south of Victory’s Lac Block and Riviere Block. The agreements contemplate an aggregate value of up to CDN$115.7 million in expenditures and cash payments.
On July 30th, Patriot Battery Metals reported a maiden resource estimate at its Corvette Property, based only on its CV5 Spodumene Pegmatite, of 109.2 million tonnes at 1.42% lithium oxide in the inferred category. This resource was based on 163 core holes totalling 56,385 metres which outlined significant potential for growth at CV5, as it remains open at both ends along strike, and to depth along a significant portion of its length. On July 31st, Patriot entered into a subscription agreement for a private placement of approximately C$109 million from Albemarle Corporation.
Patriot Battery Metals’ CV5 Spodumene Pegmatite is considered the largest lithium pegmatite mineral resource in the Americas and the 8th largest globally.
Victory plans to focus on its Lac and Riviere Blocks with a team of up to 4 geologists and 4 technicians. In deploying a large team, the program can be conducted with the most efficient and cost-effective use of helicopter support, while it should be noted that timing is dependent on the resolution of extensive forest fires in the area.
The 4,730-hectare Lac Block borders Azimut’s Kaanaayaa property to the east and is approximately 5 km south of Patriot’s Corvette Lithium Property. It covers multiple extensions of a prospective metavolcanic unit which parallels the metavolcanic unit hosting Patriot’s pegmatites, while also surrounding and covering an unexplored extension of Infinity Stone’s Hellcat Project, where Infinity has identified 5 pegmatites within greenstones.
The 2,159-hectare Riviere Block is directly north of Azimut’s Corvet Property and is approximately 8 km southwest of Patriot’s Corvette Lithium Property.
Mark Ireton, President and CEO, recently stated: “We are highly encouraged by Patriot Battery Metals announcement of the largest Lithium Pegmatite Resource in the Americas on 30 July 2023 for its Corvette Property, directly to the north of Victory’s Stingray array of properties - and pleased that Canada, in particular Quebec, is being recognized globally as a major player in the EV revolution, specifically in this prolific area in which we have substantial and well-placed ground.”
The shares are trading at $0.045. 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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