Drill Operations Set to Initiate Loner Property in Nevada
Victory Resources Corporation has announced the initiation of a 500m short-hole drill program on its Loner Property in Nevada, expected to start around March 15 and conclude by mid-April, weather permitting. This drilling aims to confirm historical gold-bearing quartz veins and assess broader mineralization. The Loner Property comprises 16 federal lode claims, situated 35 km south of Winnemucca. Additionally, the company has cancelled 492,000 options to align interests of option holders with shareholders.
- Initiation of a 500m drill program on Loner Property, enhancing exploration potential.
- Drill program aims to confirm historical gold-bearing quartz veins.
- Cancellation of 492,000 options may strengthen alignment with shareholders.
- None.
Crew and Equipment Mobilized for 500m Short-Hole Drill Program
VANCOUVER, BC / ACCESSWIRE / March 10, 2021 / Victory Resources Corporation (CSE:VR)(FWB:VR61)(OTC PINK:VRCFF) ("Victory" or the "Company") is pleased to announce that the Company is set to initiate its recently permitted 500m short hole drill program on the Loner Property in Nevada.
Victory Resources is currently mobilizing its crew and equipment to the Loner Property to begin a 500m drill program. The geologist will be on site spotting holes and surveying sections beginning March 10th. It is expected the drill will be readied for drilling on the property the week of March 15th. Barring weather related delays, the drilling should be completed around mid-April.
The first pass drilling program at Loner Property is intended to confirm intersections of gold-bearing quartz vein that correlates with historical underground mining and mapped surficial gold occurrences. It is anticipated the drill program will demonstrate broader mineralization across the width and depth of the occurrence which remains open in all directions.
Mr. David Deering is the Qualified Person for the Company's projects as defined by National Instrument 43-101 and has approved the technical disclosure contained in this news release.
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.
The Company also announced that 492,000 options have been recently cancelled with the consent of the holders, as they were no longer serving their purpose in aligning the interest of the holders with those of shareholders.
For further information, please contact:
David Lane, President
Telephone: +1 (236) 317 2822
E-mail: IR@victoryresourcescorp.com
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 Corporation
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FAQ
What is the purpose of Victory Resources' drill program on the Loner Property?
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