InvestmentPitch Media Video Discusses Victory Battery Metals and its Receipt of Drilling Permit Approval for its Smokey Lithium Property in Nevada
Victory Battery Metals Corp. (CSE:VR) has received drilling permit approval for its Smokey Lithium Property in Nevada, a key area for lithium clay deposits. The property is located near significant lithium operations, including Silver Peak, the only current lithium producer in the U.S. Following additional exploration efforts, the company identified a 2.5 sq km high-priority zone within newly staked claims. Management considers these areas highly prospective, especially after promising results from previous drilling. Currently, shares are trading at $0.085.
- Drilling permit approval for Smokey Lithium Property enhances exploration potential.
- Identification of a 2.5 sq km high-priority area for further exploration.
- Location near existing lithium operations suggests strategic advantages.
- None.
VANCOUVER, British Columbia, March 09, 2023 (GLOBE NEWSWIRE) -- Victory Battery Metals Corp. (CSE:VR) (FSE:VR6) (OTCPink:VRCFF), a diversified investment corporation with mineral interests in North America, has received drilling permit approval for its Smokey Lithium Property in Nevada. The Smokey Lithium property is located in Esmeralda County, a prolific region for lithium clay deposits, approximately 20 miles north of Clayton Valley, home to the only producing lithium operation in the US at Silver Peak, and 20 miles west of American Lithium’s flagship lithium project.
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The property surrounds the Jindalee Clayton North property on three sides, with excellent access and relatively flat ground. Interesting to note that Jindalee Resources just reported an updated resource for its McDermitt Project, located to the north on the Nevada-Oregon border, which is now estimated to hold combined indicated and inferred mineral resources of 3 billion tonnes grading 1,340 parts per million, making it the largest lithium deposit in the U.S. by contained lithium.
Mark Ireton, President and CEO, stated: "We are thrilled to receive approval for our advanced drill program on our Smokey Lithium property. As announced last week, in anticipation of approval for drilling newly identified hole locations in the area of interest contiguous with the southwest part of the original claim block, we have secured all the resources required to launch our drilling program in the near future, weather depending."
Following the initial drill program, the exploration team carried out additional detailed surface mapping of outcropping beds of lithium mineralized claystone, a detailed analysis of assay results on the various clay beds and finally, a Tromino passive seismic survey to understand the faulting that would bound the deposits edges. All of this data has been processed and converted to geologic cross sections and sophisticated maps, proprietary to the company.
Upon completion of the map work, an approximate 2.5 sq km area was identified as high priority for further exploration. This new Area of Interest resides within 91 newly staked claims and is contiguous with the southwest part of the original claim block. The amended drill permit includes the new high quality drill targets and seeks to extend strong lithium mineralization intersected in Hole 09, which ended in strong, claystone hosted, lithium mineralization at 417 feet. Management considers the new drill targets to be a perfect combination of step out drilling on a previous mineralized intersection along with grassroots targets of claystone sediments within the Weepah Detachment fault and underlying claystones of the Esmeralda Formation.
The project area and surrounding lands show strong lithium mineralization with the Esmeralda Formation at surface. When combined with the highly encouraging results from Victory's first round drilling, completed in 2022, management considers the project area to be highly prospective.
In Quebec, the recent acquisition of 280 new Stingray claims totalling 14,375 hectares was a significant addition to the original 67 claims, which totalled 3,417 hectares, giving the company a large ground position in an underexplored area within an emerging lithium district. The Stingray claim blocks range from adjacent to Patriot Battery Metals’ Corvette lithium property, to several kilometers away, spanning more than 65 km of east to west strike length.
Benchmark Minerals Intelligence estimates that approximately 59 new lithium mines need to come online by 2035.
The shares are trading at
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FAQ
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