Victory Advances Smokey Lithium Exploration with Completed Ground Sample Program

Overview

Victory Resources (CSE:VR) is an international mining company working to grow a portfolio of gold, silver, and precious metals opportunities. The company is currently developing a pair of projects located in safe and stable mining jurisdictions in Canada, including its flagship Hammond Reef South project, located in Ontario. As part of its acquisition strategy, Victory Resources is focused on identifying and acquiring projects that are conducive to mining and benefit from both existing infrastructure and government support. Both the company’s flagship Hammond Reef South project and its Mal-Wen gold project also offer the potential for year-round exploration and development.

The Hammond Reef South project adjoins Agnico Eagle Mines’ (TSX:AEM,NYSE:AEM) Hammond Reef property and is located only three kilometers south of the Hammond Reef Deposit. This deposit represents a large and low-grade gold deposit that hosts open-pit measured and indicated mineral resources estimated at 208 million tonnes grading 0.67 g/t gold.

In addition to Victory Resources’ Hammond Reef South project, the company is also working to explore its Mal-Wen project, located centrally in Southern British Columbia. The Mal-Wen project comprises six land claims, totaling 1,143.58 hectares, that have shown various types of mineralization, including copper-gold veins, copper skarn, stockwork mineralization, and hydrothermal breccias.

In April 2022, Victory Resources acquired 100 percent interest in the Saguenay Nickel Project in Quebec, a project located approximately 10 kilometers south of the town of Saguenay. It comprises 286.32 hectares, where historic grab samples showed 3.41 percent nickel, 1.14 percent copper, 1.2 ppm of silver, and 0.13 percent of cobalt.

Victory Resources recently acquired 100 percent interest in the Georgia Lake Lithium Project, located in Ontario. The area has a proven track record of economic lithium deposits dating back to the mid 1950s. Rock Tech is building a lithium ore processing facility for custom milling in Thunder Bay, to be online in early 2024, which with Ontario Government support will support mineral processing.

Victory Resources has targeted projects in British Columbia, Ontario, and Quebec, due to the provinces’ friendly mining policies and the potential to conduct exploration year-round. According to the Fraser Institute’s 2021 Survey of Mining Companies, Ontario ranked as the 12th best jurisdiction in the world when it comes to investment attractiveness, while British Columbia was recognized as the 16th most favorable jurisdiction. Moving forward, Victory Resources intends to pursue strategic acquisitions that fit this profile, specifically those that allow for year-round exploration and development.

Company Highlights

• Flagship Hammond Reef South property located in Ontario has returned anomalous grab samples between 0.18 and 4.75 g/t gold.
• Hammond Reef South is three kilometers south of the Hammond Reef Deposit, home to a measured and indicated resource of 208 million tonnes at .67 g/t gold.
• Mal-Wen property comprises six land claims totaling 1,143.58 hectares that are 100 percent owned by Victory Resources.
• Exploration at Mal-Wen has shown mineralization that includes copper-gold veins, copper skarn, stockwork mineralization, and hydrothermal breccias.
• Mal-Wen prospect vein has returned locally high grades including up to 16.6 g/t gold.
• Victory Resources acquired 100 percent interest in the Saguenay Nickel Project in Quebec, a project located approximately 10 kilometers south of the town of Saguenay.
• The Saguenay project comprises 286.32 hectares, where historic grab samples showed 3.41 percent nickel, 1.14 percent copper, 1.2 ppm of silver, and 0.13 percent of cobalt.
• Victory Resources recently acquired 100 percent interest in the Georgia Lake Lithium Project, located in Ontario. The area has a proven track record of economic lithium deposits dating back to the mid 1950s. R
• Ontario, British Columbia, and Quebec are safe and stable mining jurisdictions that offer the potential for year-round exploration.
• Victory Resources acquired Stingray II properties in Quebec composed of 40 claims totalling 2,041 hectares

Key Projects

Victory Resources’ Hammond Reef South

Victory Resources acquired the Hammond Reef South property in August 2020 via an option agreement, giving the company complete control of the project. Under the terms of the agreement, Abitibi Royalties has retained a two percent net smelter royalty on the project, with the expectation that Victory Resources makes cash payments totaling C$275,000 and spends C$550,000 in exploration during the first three years of ownership.

The Hammond Reef South property is located in Northwestern Ontario and adjoins Agnico Eagle’s Hammond Reef project, which contains an open-pit measured and indicated mineral resource of 208 million tonnes grading 0.67 g/t gold, with an open-pit inferred mineral resource of 0.5 million tonnes grading 0.74 g/t gold. Hammond Reef South is situated in the Wabigoon subprovince of the Superior province of the Canadian Shield.

Exploration

Victory Resources began the first phase of exploration at Hammond Reef South in September 2020. The company intends to continue prospecting and mapping along anomalous trends that have previously been identified by Osisko Mining. Moving forward, Victory Resources and its exploration team are focused on defining a gold trend at Hammond Reef South similar to Agnico Eagle’s Hammond Reef project, which adjoins Hammond Reef South.

Victory Resources’ Mal-Wen Property

Victory Resources’ flagship Mal-Wen property comprises six land claims that are wholly owned by Victory Resources. The land claims cover approximately 1,143.58 hectares in the central region of Southern British Columbia, located approximately 30 kilometers southeast of Merritt. The property can be accessed via road by taking Highway 97C southeast to the Loon Lake Road Exit, which connects to the logging road network and the property.

Exploration

Victory Resources has established an exploration target at Mal-Wen that is an alkalic porphyry with similar age and mineralization as the Afton and Copper Mountain deposits, which are located nearby. Like Afton and Copper Mountain, Mal-Wen occurs within the Nicole Group of rocks and is found along the same trend.

Victory Resources believes alkalic porphyry deposits such as that found at Mal-Wen have significant potential for a number of reasons, including their ability to form larger copper deposits compatible with open-pit mining. These deposits have also been found to be rich in gold relative to calc-alkalic porphyry deposits and are often lower in sulfides.

Copper mineralization has been found across the Mal-Wen property, including the HN-Wen, Mal, Malachite7, and Echo showings. Various types of mineralization have been identified on the Mal-Wen property including copper-gold veins, copper skarn, stockwork mineralization, hydrothermal breccias, and possible propylitic and localized potassium alternations. A total of six drill programs and a number of geochemical and geophysical surveys have been conducted at Mal-Wen, targeting the various styles of copper-gold mineralization. The Wen Prospect vein, a chalcopyrite-bearing quartz vein with erratic, locally high gold values, returned up to 16.6 g/t gold.

Moving forward, Victory Resources is focused on the under-explored areas between the Mal and Wen deposits while also working to assess the possibility of extending the northern boundary of the Wen Zone.

Victory Resources Saguenay Nickel Project

In April 2022, Victory Resources acquired 100 percent interest in the Saguenay Nickel Project in Quebec, a project located approximately 10 kilometers south of the town of Saguenay. It comprises 286.32 hectares, where historic grab samples showed 3.41 percent nickel, 1.14 percent copper, 1.2 ppm of silver, and 0.13 percent of cobalt.

The Saguenay Gneiss Complex has abundant mafic and ultramafic rocks and anorthosites, which are commonly associated with nickel-copper-platinum group elements, and sulfide deposits. The presence of ore grade nickel-copper 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.

Victory Resources Georgia Lake Lithium Project

Victory acquired this Ontario property in May, 2022. The property is easily accessible, ranging anywhere from one to three kilometers from the Trans-Canada Highway. Victory’s Georgia Lake property is two kilometers east of Rock Tech Resources advanced lithium project within the Georgia Lake lithium district.

Historical mapping has noted abundant S-type granites which are known to host spodumene lithium-cesium-tantalum (LCT) pegmatites on nearby Rock Tech lithium deposit. Prior to commencing exploration of the property, the company plans to initiate discussions with local First Nations, setting out a collaborative framework to maximize efficiency and results.

An application for a work permit will be submitted to the Ministry of Northern Development and Mines (MNDM), which will include detailed geological mapping and sampling, with emphasis on late pegmatite dikes and apophyses known on the property.

A pending drill program is envisioned, pending results of the 2022 mapping and sampling program. Drilling is possible 12 months of the year due to the excellent road infrastructure and relatively flat terrain on the property.

Management Team

David Lane - President

David Lane has over 35 years of experience as a startup specialist with a keen eye for strategic direction and raising capital. Lane has ample experience in senior management positions across multiple industries including oil and gas, major sports, financial services, health, and pharmaceutical. His roles have included, but were not limited to, management, ownership, operations, marketing, and corporate finance positions within both the public and private sectors. Lane is currently president and CEO of Victory Resources. Before this, he was president and CEO of Quikflo Health, which eventually became Friday Night, and then 1933 Industries, in the medicinal marijuana sector. Prior to Quikflo, Mr. Lane was President and CEO of M-Pharmaceutical, which focused on a biomedical device for the self-monitoring of glucose levels as it relates to diabetes.

Glen Harder - Director

Glen Harder is the principal of Harder & Company, a Vancouver-based, boutique venture capital, corporate finance, and securities law firm. He advises local and international clients on information technology, biotechnology, mining, the emerging cannabis industry, virtual currency, public and private capital raising, and other matters. He advises clients on software as a service (SaaS), platform as a service (PaaS), infrastructure as a service (IaaS) contracts and applications, assists with the formation and evaluation of cloud service agreement models, and assists clients in minimizing related contractual disputes. He also acts as a director, officer, and special committee member of assorted publicly traded and private companies.

Allan Levien - Director

Allan Levien has been the owner and operator of full-service hotels since 1980. From 2006 to 2015 he served as the president, CFO and director of Supreme Resources. Levien currently operates as a director at Victory Resources.

Tatiana Kovaleva - Chief Financial Officer

Presently, Tatiana Kovaleva is chief financial officer for Glenbriar Technologies, Codebase Ventures, and Victory Resources. Kovaleva previously served as chief financial officer at The Supreme Cannabis Co. and at Callitas Health, also serving as the treasurer for Park Place Energy.

David Deering - Vice President of Exploration and Director

David Deering achieved his bachelor’s of science degree in mining engineering from the Colorado School of Mines in Golden, Colorado. Deering had extensive management experience in the mineral exploration industry, including strategic planning, budgeting, logistics, and technical evaluations. He has served as an independent consultant for mine development, assisting with property acquisition, geology, evaluation of mineral deposits, mining, metallurgy, and environmental assessments.