- Property consists of 5 claims totalling 286.32 ha, approximately 10 km south of Saguenay, Quebec
- Presence of ore grade Nickel - Copper samples at surface and in drill core
- Historic grab sample returned up to 3.41% Ni, 1.14% Cu, 1.2 ppm Ag and 0.13% Co
Victory Resources Corporation (CSE:VR) (FWB:VR61) (OTC PINK:VRCFF) ("Victory" or the "Company") is pleased to announce that the Company's has acquired 100% interest in the Saguenay Nickel Project in Quebec, a property with historic Nickel and Copper grab sample and drilling results
"We are excited to add this property to the Victory portfolio, noting that our team has analyzed the historical grab sample and drill results, along with the overall Saguenay Gneiss Complex, and are very encouraged about the prospects for this acquisition," said Mr. Mark Ireton, Victory Resources President and CEO.
The claims are located approximately 10 km to the south of the town of Saguenay. The property is made up of 5 claims totalling 286.32 ha. It is underlain by mafic to ultramafic rocks enclosed in the Saguenay gneissic complex. A historic grab sample returned up to 3.41% Ni, 1.14% Cu, 1.2 ppm Ag and 0.13% Co. In 1959, 4 out of 7 holes drilled, on Victory Resources ground intersected gabbroic and peridotite rocks, hole number 4 returned 4 feet of 1.06% Nickel, and 0.21% copper, hole # 3intersected 10 feet averaging 0.49% Nickel and 0.03% copper, hole # 2 intersected 13 feet averaging 0.22% Nickel and 0.04% copper, and a fourth hole, the number 1 intersected 12 feet averaging 0.23% nickel and 0.06% copper and 3 feet averaging 0.38% nickel and 0.11% copper.
The four holes were drilled northwards to the outcrop area, with hole 4 intersecting zone as mapped in the historical report GM 08808.
The Saguenay Gneiss Complex has abundant mafic and ultramafic rocks and anorthosites, which are commonly associated with Ni-Cu-PGE sulfide deposits (e.g., Voisey's Bay, Labrador; Thompson, Manitoba). The presence of ore grade Ni-Cu samples at surface and in drill core on this property, and the absence of modern exploration is highly encouraging. A work plan for the 2022 field season will focus on detailed geological mapping, bedrock and till sampling across the property, to determine the scope of advanced exploration, and a potential drill program.
Terms of the Agreement for 100% are $10,000 and 2.5 million common shares payable on Regulatory and Exchange approval.
Donald Théberge, P.Eng., M.B.A., an independent qualified person as defined in National Instrument 43-101, has reviewed, and approved the technical contents of this news release on behalf of the Company.
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.
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.
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