Ten Holes Totalling 496 Metres Drilled, Core Samples Assembled and Submitted for Analysis towards Confirming Larger Gold Bearing System
Victory Resources Corporation (CSE:VR)(FWB:VR61)(OTC PINK:VRCFF) ("Victory" or the "Company") is pleased to announce that its exploration team has completed its short hole drill program on the Loner Property in Nevada
As previously outlined, the drill program was designed to accomplish two goals. First, it was intended to better characterize the mineralization exposed in the known workings. Second, drilling was intended to evaluate the 200m to 300m wide zone of anomalous soils identified by Silver Range Resources through principal component analysis. Specifically, drilling focused on the area of Au in soil anomalies to the south and east of the main workings, and other areas were evaluated as well.
Loner Drill Program Details and Observations:
- Victory has completed a 10-hole, 496 metre drill program at the Loner Property, core samples have been assembled and submitted to ALS for analysis
- The main purpose of the drilling was to test a gold in soil anomaly east of the southern workings
- Drilling in that area encountered several zones of intensely altered (bleached and limonitic) granite cut by frequent quartz and/or limonite veinlets. Intersections of this style of alteration up to 5.9 m (within a 10.7 metre zone of less intense alteration and veining) were observed in drill core
- The preliminary interpretation is that these are sub horizontal zones of faulting and brecciation that are associated with the steeply dipping gold bearing zones seen in the workings - assays are pending
If the assays indicate that these zones are gold bearing, it supports the hypothesis that the narrow steeply dipping zones described in the literature at the Loner are part of a larger gold bearing system. In this case, an expansion of the soil grid, trenching and more drilling would be recommended.
"From the time we optioned Loner in late December till now, the Victory team has accomplished a tremendous amount of work and we look forward to the assay results from this drill program, which will guide our next steps," said Mr. David Deering, VP Exploration. "Loner is located in an area within Nevada that is in the vicinity of Goldbanks, an area where Barrick, Kinross and Premier have interests, and we have added to our portfolio in the area by staking the Black Diablo property, which we will be advancing in the near future."
Scientific and technical information contained in this press release was reviewed and approved by Mr. Helgi Sigurgeirson, Victory Geologist, and a "qualified person" under NI 43-101.
About the Loner Property:
The Loner Property is located 35 km south of Winnemucca in the southern Sonoma Range and currently consists of 16 Federal Lode Claims covering historic workings and exposed low-sulphidation gold mineralization. Recent exploration in the area includes the Goldbanks Project, an epithermal gold project about 12 miles to the south, and the Coronado VMS Project, which has been exploring for Cu on a property about 6 miles to the southeast of the Loner Property. The area of the Loner Property is prospective for both these styles of mineralization. Victory Resources has optioned the Loner Property from Silver Range Resources (TSX-V: SNG) ("Silver Range") as announced on 23 December 2020.
For further information, please contact:
Mark Ireton, President
Telephone: +1 (236) 317 2822 or TOLL FREE 1 (855) 665-GOLD (4653)
About Victory Resources Corporation
VICTORY RESOURCES CORPORATION (CSE:VR) is a publicly traded diversified investment corporation with mineral interests in North America. The company is also actively seeking other exploration opportunities.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.
SOURCE: Victory Resources Corp.
View source version on accesswire.com: