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.
Total Shares Outstanding: =
Total Reserve: 61,847,132
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, 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. Victory Resources believes there is the possibility that Hammond Reef South could contain extensions of the Hammond Reef zone or similar structures. The company has begun a 2020 exploration program at Hammond Reef South that is expected to include prospecting and mapping of anomalous trends previously identified by Osisko Mining (TSX:OSK). The data from this exploration program is expected to help define further drill targets.
In addition to Victory Resources’ Hammond Reef South project, the company is also working to explore its Mal-Wen project, located in South-central 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.
Victory Resources has targeted projects in both British Columbia and Ontario due to the provinces’ friendly mining policies and the potential to conduct exploration year-round. According to the Fraser Institute’s 2019 Survey of Mining Companies, Ontario ranked as the 16th best jurisdiction in the world when it comes to investment attractiveness, while British Columbia was recognized as the 19th 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.
- 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.
- Wen Prospect vein has returned locally high grades including up to 16.6 g/t gold.
- Both Ontario and British Columbia are safe and stable mining jurisdictions that offer the potential for year-round exploration.
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 2 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.
In August 2020, Victory Resources announced an exploration program to be conducted at Hammond Reef South that will include an extensive soil survey, mapping and magnetometer surveys. The company hopes to put this information towards a drill program in 2020, pending the appropriate permits. Victory Resources has engaged Clark Exploration of Thunder Bay to complete the proposed work program.
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 South-central 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.
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.
Mr. David Lane has over 35 years of experience as a startup specialist with a keen eye for strategic direction and raising capital. Mr. Lane has ample experience in senior management positions across multiple industries including oil and gas, major sports, financial services and health 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. Mr. Lane is currently President and CEO of Victory Resources. Before that, he was President and CEO of Quikflo Health Inc., which eventually became Friday Night Inc. and then 1933 Industries Inc., 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 related to diabetes.
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 SaaS, PaaS, 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 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 at Glenbriar Technologies, Inc., Chief Financial Officer for Codebase Ventures, Inc., and Chief Financial Officer of Victory Resources Corp. Kovaleva previously served as Chief Financial Officer at The Supreme Cannabis Co. Inc., Chief Financial Officer at Callitas Health Inc. and Treasurer for Park Place Energy Corp.
David Deering, B.Sc. Mining Engineering—VP Exploration and Director
Mr. Deering achieved his B.Sc. degree in Mining Engineering – Colorado School of Mines, Golden, Colorado) and has had extensive management experience in the mineral exploration industry strategic planning, budgeting, logistics and technical evaluation. Independent consultant for mine development: property acquisition, geology, evaluation of mineral deposits, mining, metallurgy and environmental assessment.
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