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Home Oil & Gas Electricity Metals Treasuries Stocks My Portfolios Forex
News - Full Story
 Related Quotes
 Victory Metals Inc  0.61   0.02  3.17%
 Enter Symbols: 
Victory Metals Drilling at Iron Point Expands Vanadium Footprint to Over 700 Meters in Diameter

VANCOUVER, March 19, 2019 /CNW/ - Victory Metals Inc. ("TSX-V:VMX") ("Victory" or the "Company") is pleased to announce assay results from an additional 22 reverse circulation ("RC") holes completed at its Iron Point Vanadium Project, located 22 miles east of Winnemucca, Nevada. Victory has now released results for 38 RC holes from a planned program of 69 RC holes and 4 diamond drill holes. 

The 22 drill holes reported today include both vertical and angle holes and are focused in the central to northern extent of the historical vanadium mineralized zone (see Figure 1). The majority of the holes are shown in three east-west cross sections (see Figures 2-4, Sections C-C', D-D', and E-E'), which continue to demonstrate the excellent continuity and flat lying nature of vanadium mineralization in a large and growing area. Section line C-C' partially overlays the holes previously released on section line A-A' (see Figure 1), and also bisects the north-south holes on cross section line B-B' (see Figure 1), the results for which were previously released (see Victory's February 28, 2019, and March 6, 2019, news releases).

Highlights

  • New high-grade RC drill results include:

    • 20 meters grading 0.60% V2O5 in VM-9
    • 26 meters grading 0.59% V2O5 (including 3 meters grading 0.84% V2O5) in VM-67
    • 33 meters grading 0.48% V2O5 in VM-75

As indicated by the initial sets of holes, these latest intercepts are consistent with two flat-lying higher grade vanadiferous horizons, referred to as the Upper High Grade and New High Grade Zones, which occur within a broader and extensive envelope of lower grade mineralization that starts at surface and extends down to a depth of at least 175 meters. Intercepts of this broader envelope include:

    • 152 meters grading 0.23% V2O5 in hole VM-1
    • 174m grading 0.23% V2O5 in hole VM-67
    • 162m grading 0.22% V2O5 in VM-74

  • Continuity of mineralization in both the lower grade vanadium envelope and the two high-grade zones continues to be apparent. By combining previously announced section A-A' and section C-C', vanadium mineralization shows an east-west strike of 700 meters. The north-south extension of mineralization is similarly around 600 meters, with expansion potential to the south and northwest.

  • Sections C-C', D-D', and E-E' show that vanadium mineralization is open to the west. Hole VM-78 represents the western most permitted hole under Victory's Notice and importantly shows strong mineralization. An historical hole drilled by Aur in 1997 is located 400 meters further to the west of VM-78 and returned anomalous vanadium mineralization. Further definition drilling is planned to better understand the extent of mineralization to the west.

Collin Kettell, CEO of Victory, stated, "Iron Point's vanadium footprint is proving to be large and is poised for further expansion. Victory's drill program was designed to test the historical drilling by Newmont and Aur, to assess the lateral and vertical extent of the deposit, and to confirm the continuity and grade of the mineralization. Victory's holes have penetrated deeper than Newmont, intersecting the highest grades to date on the project. Continuity of mineralization in both the Upper High Grade Zone and New High Grade Zone continues to be excellent. Mineralization appears to be still open to the west and northwest, as well as to the south and east.

The 38 RC drill results released to date outline a vanadium mineralized zone that is approximately 700 meters in diameter. We eagerly await further assays from the remaining 35 holes."

Figure 1: Victory’s third set of confirmation RC drill holes shown by green stars, in relation to first release drilling (dark blue stars) and second release drilling (light blue stars), as well as historical Newmont and Aur Resource (USA) Inc. drill holes. (CNW Group/Victory Metals Inc)

Figure 2.  Cross section C-C’ showing distribution of vanadium mineralization in relation to the current geologic interpretation. (CNW Group/Victory Metals Inc)

Figure 3. Cross section D-D’ showing distribution of vanadium mineralization in relation to the current geologic interpretation. (CNW Group/Victory Metals Inc)

Figure 4.  Cross section E-E' showing distribution of vanadium mineralization in relation to the current geologic interpretation. (CNW Group/Victory Metals Inc)

Drill Results

Assay results for intercepts released today are reported in % V2O5. Intercept lengths are deemed to be true thickness given the flat nature of the mineralized zones being tested by vertical holes. Intercept lengths are reported as an Overall Length, which includes all assay intervals within the vanadium blanket zone (at a 0.09% V2O5 minimum grade), and also as individual zone intercepts reported as aggregate lengths comprised of samples grading 0.25% V2O5 and greater. All intercept lengths have been reduced to true thickness lengths as currently defined by the dip of mineralized horizons shown in Figures 2, 3, and 4.

Table 1

Hole #

Zone


From
(m)

To (m) 

Interval
(m)

From
(ft)

To (ft) 

Interval
(ft)

%
V2O5

 % V

VM 78

Overall*


15

140

125

50

460

410

0.17

0.1

Upper Zone


24

84

8

80

275

25

0.35

0.19

New Zone


98

140

20

320

460

65

0.33

0.19

VM 01

Overall*


6

184

178

20

605

585

0.21

0.12

Upper Zone


30

104

33

100

340

107

0.3

0.17

New Zone


119

183

24

390

600

80

0.47

0.27

Includes

174

177

3

570

580

10

0.71

0.40

VM 03

Overall*


0

168

168

0

550

550

0.18

0.1

Upper Zone


0

91

17

0

300

57

0.29

0.16

New Zone


110

166

12

360

545

40

0.47

0.26

VM 07+

Overall*


0

139

139

0

455

455

0.28

0.16

Upper Zone


5

55

24

15

180

78

0.44

0.25

New Zone


110

137

27

360

450

90

0.56

0.31

VM 10+

Overall*


0

114

114

0

375

375

0.19

0.11

Upper Zone


23

44

8

75

145

25

0.4

0.22

New Zone


98

114

14

320

375

45

0.37

0.21

VM 51+

Overall*


0

76

76

0

250

250

0.27

0.15

Upper Zone

 

Includes

30

67

24

100

220

80

0.51

0.29


61

66

5

200

215

15

0.82

0.46

VM 16+

Overall*


0

94

94

0

310

310

0.24

0.13

Upper Zone


3

58

27

10

190

90

0.39

0.22

Includes

20

26

6

65

85

20

0.54

0.3

New Zone


90

93

3

295

305

10

0.36

0.2

VM 18+

Overall*


0

88

88

0

290

290

0.28

0.16

Upper Zone


3

84

50

10

275

165

0.37

0.21

VM 24

Overall*


52

79

27

170

260

90

0.21

0.12

Upper Zone


52

79

8

170

260

25

0.33

0.18

VM 24j^

Overall*


69

90

15

225

295

50

0.48

0.27

Upper Zone


69

88

11

225

290

35

0.59

0.33

VM 02+

Overall*


0

175

175

0

575

575

0.25

0.14

Upper Zone


8

102

23

25

335

74

0.41

0.23

New Zone


113

171

31

370

560

103

0.48

0.27

Includes

157

161

5

515

530

15

0.71

0.40

VM 04+

Overall*


17

168

151

55

550

495

0.22

0.12

Upper Zone


46

82

16

150

270

54

0.44

0.25

New Zone


96

168

24

315

550

78

0.38

0.21

VM 06+

Overall*


0

143

143

0

470

470

0.21

0.12


Upper Zone


15

67

10

50

220

34

0.42

0.24


New Zone


99

143

24

325

470

79

0.51

0.28

VM 09

Overall*


18

145

126

60

475

415

0.25

0.14


Upper Zone


26

70

9

85

230

29

0.48

0.27


New Zone


117

142

20

385

465

64

0.6

0.34

VM 73

Overall*


0

152

152

0

500

500

0.22

0.12


Upper Zone


0

123

34

0

405

110

0.41

0.23


New Zone


128

151

8

420

495

25

0.56

0.31



Includes

136

137

1

445

450

5

1.01

0.57

VM 74

Overall*


0

162

162

0

530

530

0.22

0.12

Upper Zone


6

96

19

20

315

63

0.42

0.23

New Zone


122

160

24

400

525

80

0.45

0.25

VM 76*

Overall*


0

154

154

0

505

505

0.21

0.12


Upper Zone


0

90

18

0

295

60

0.53

0.3



Includes

76

78

2

250

255

5

1.14

0.64


New Zone


125

146

15

410

480

50

0.45

0.25

VM 05

Overall*


0

139

139

0

455

455

0.19

0.11

Upper Zone


5

64

10

15

210

34

0.49

0.27

Includes

61

64

3

200

210

10

0.86

0.48

New Zone


79

139

9

260

455

29

0.32

0.18

VM 08

Overall*


9

123

114

30

405

375

0.17

0.1

Upper Zone


9

52

6

30

170

20

0.33

0.18

New Zone


84

123

5

275

405

15

0.42

0.23

VM 13

Overall*


27

119

91

90

390

300

0.2

0.11

Upper Zone


27

69

8

90

225

25

0.3

0.17

New Zone


96

117

14

315

385

47

0.44

0.25

VM 13j^

Overall*


50

140

63

165

460

208

0.24

0.13

Upper Zone


52

85

10

170

280

32

0.44

0.25

New Zone


120

137

9

395

450

28

0.46

0.26

VM 13k^

Overall*


47

148

82

155

485

270

0.14

0.08

Upper Zone


53

79

4

175

260

12

0.38

0.21

New Zone


120

148

4

395

485

12

0.31

0.17

VM 67

Overall*


0

174

174

0

570

570

0.23

0.13

Upper Zone


2

116

23

5

380

77

0.46

0.26

Includes

107

114

7

350

375

23

0.76

0.43

New Zone


130

155

26

425

510

85

0.59

0.33

Includes

137

140

3

450

460

10

0.84

0.47

VM 77

Overall*


5

44

40

15

145

130

0.23

0.13

Upper Zone


6

24

6

20

80

20

0.45

0.25

VM 75

Overall*


14

84

70

45

275

230

0.32

0.18

Upper Zone


14

82

33

45

270

107

0.48

0.27

VM 70

Overall*


3

8

5

10

25

15

0.19

0.1

Upper Zone


3

5

2

10

15

5

0.28

0.16

VM 72

Overall*


5

91

87

15

300

285

0.22

0.12

Upper Zone


5

88

35

15

290

116

0.31

0.17

VM 71

Overall*


6

78

72

20

255

235

0.07

0.04

Upper Zone


11

76

3

35

250

10

0.28

0.16

* Overall values represent contiguous averages that include V2O5 values ranging from 0% to 1.14%

+ Hole reported in previous release

^ Denotes angle hole

 

Drill holes VM-13i, VM-24i, VM-66, and VM-68, were assayed but did not return any significant vanadium mineralization. VM-13i and VM-24i were both eastward-directed angle holes that appear to have drilled into an old alluvial channel that eroded part of the Vinini Formation, possibly during development of the ancestral Humboldt River drainage. VM-66 drilled barren intrusive rock, while VM-68 cut a monotonous, strongly metamorphosed pelitic phyllite that might not be part of the Vinini Formation.

QA/QC and Qualified Person

The Victory drilling program was directly supervised in the field by the QP and other site geologists working for Victory. All samples were split at the drill site using a Gilson bar splitter and Jones riffle splitter, with two samples per 5-foot (1.52m) sample interval collected and placed into heavy plastic bags together with sequentially numbered sample tags. A 2kg sample was collected for assay, while a 4kg reference sample was kept on-site. Three different vanadium standards (71 ppm V, 320 ppm V, and 5172 ppm V) and coarse blank samples were purchased from Minerals Exploration and Environmental Geochemistry (MEG) Inc. of Reno, NV. Victory site geologists inserted field blank, standard, and duplicate samples into the drill sample stream per NI 43-101 guidelines, maintaining a 1-in-20 insertion rate for each of the field blank, standard, and duplicate samples such that every 7th sample is a control sample. Field duplicate samples were split from the 4kg reference samples using a Jones riffle splitter. 

Drill samples were transported by Victory personnel to locked storage sheds rented by Victory and located in Golconda, NV, about 14km west of the project area. Samples were picked up in Golconda by American Assay Laboratories utilizing its own truck and driver and transported directly to American Assay's facility in Reno, NV. At American Assay Laboratories, the samples were crushed to 70% passing 2mm, and then a 0.3km split was ground to 85% passing 75 micron. A 0.5gm split was digested in a 5 acid process (ICP-5A035 method uses HNO3, HF, HClO4, HCl, H3BO3) and analyzed via ICP-OES. The detection limit for vanadium is 1ppm, the upper limit is 10,000ppm, and sample results are reported in PPM V. As a separate QAQC check, American Assay inserted laboratory standards, blanks, and duplicates into the sample stream. American Assay Laboratories is accredited by the International Accreditation Service, which conforms with requirements of ISO/IEC 17025:2005.  

Victory is currently using ALS Chemex in British Columbia to perform umpire assays on 1-in-20 drill pulps obtained from American Assay Laboratories and submitted to the ALS Chemex facility in Reno, NV. ALS Chemex employs a four-acid digestion process (ME-ICP61m method), so Victory is re-numbering the pulp samples and inserting the same field standard samples into the sample stream in order to better compare results between the two labs.

The scientific and technical information in this news release has been reviewed and approved by Calvin R. Herron, P.Geo., who is a Qualified Person as defined by National Instrument 43-101.

About Victory Metals

Victory owns a 100% interest in the Iron Point Vanadium Project, located 22 miles east of the town of Winnemucca in Humboldt County, Nevada. The project is located within a few miles of Interstate 80, has high voltage electric power lines running through the project area, and a railroad line passing across the northern boundary of the property. The Company is well financed to advance the project through resource estimation and initial feasibility study work. Victory has a proven capital markets and mining team led by Executive Chairman Paul Matysek. Major shareholders include Casino Gold (50%), and management, directors and founders (25%). Further, over 51% of the issued and outstanding shares of the Company (43,471,014 shares) are subject to an escrow release over three years.

Please see the Company's website at www.victorymetals.ca.

On Behalf of the Board of Directors of
VICTORY METALS INC.

Paul Matysek
Executive Chairman and Director

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information

This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects", "believes", "aims to", "plans to" or "intends to" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed by such forward-looking statements or forward-looking information, including the business of the Company, the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks, and delay, inability to complete a financing or failure to receive regulatory approvals. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.

Victory Metals Inc. (CNW Group/Victory Metals Inc)

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/victory-metals-drilling-at-iron-point-expands-vanadium-footprint-to-over-700-meters-in-diameter-300814436.html

SOURCE Victory Metals Inc

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/March2019/19/c9902.html

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