InvestmentPitch Media Video Discusses Victory Battery Metals’ Exploration Team Encouraged by Claystone Intercept Appearance and Depth from First Hole of 3-Hole Program at Smokey Lithium Property in Nevada
Victory Battery Metals Corp. has completed the initial drill hole in its second phase of drilling at the Smokey Lithium property in Nevada. This property, located in Esmeralda County, aims to tap into the region's substantial clay lithium deposits. The first hole, VRPDH-1, reached a depth of 540 feet and encountered 259 feet of claystone, with assay results pending. The company continues with its drilling for the second hole, VRPDH-2, while the project is expected to potentially indicate maiden resource viability. The exploration team is optimistic based on the correlation with previous drill results, and they have developed proprietary maps to better understand the area's geology. Currently, shares are trading at $0.065.
- First hole of the second phase drilling program completed successfully, indicating potential for lithium resources.
- Initial findings show 259 feet of uninterrupted claystone, which may enhance resource estimates.
- Exploration team encouraged by positive lithological correlation with previous successful drilling.
- None.
VANCOUVER, British Columbia, April 13, 2023 (GLOBE NEWSWIRE) -- Victory Battery Metals Corp. (CSE:VR) (FSE:VR6) (OTCPink:VRCFF), a diversified investment corporation with mineral interests in North America, has completed the first drill hole of its second phase 3-hole drill program at its Smokey Lithium property in Nevada. The clay lithium Smokey Lithium property is located in Esmeralda County, a prolific region for clay lithium deposits, 20 miles west of American Lithium’s flagship lithium project.
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It is approximately 20 miles north of Clayton Valley, home to the only producing lithium operation in the US at Silver Peak, along with nearby Noram, Spearmint, and Enertopia projects. The property surrounds the Jindalee Clayton North property on three sides, with excellent access and relatively flat ground.
Drill hole locations were selected to extend strong lithium mineralization, intersected in Hole-09 during the company’s initial drill program in 2022. This first hole VRPDH-1, completed to a depth of 540 feet, encountered 259 feet of uninterrupted claystone beginning at 268 feet and extending to 527 feet, is pending assay results. The team is currently in the midst of drilling Hole VRPDH-2 of its high-quality drill targets.
Mark Ireton, President and CEO, stated: “Our team was very encouraged by the positive lithological correlation observed in this new VRPDH-1, which is comparing favourably to Hole-09 from our previous drill program. Prior to lab results, we are seeing indications that instill confidence in this programs goal to correlate the lithology of VRPDH-1 new hole to the previous Hole-09, and, significantly, we have been able to test to the bottom of the claystone, whereas 2022’s Hole-09 ended in significant claystone hosted lithium mineralization at 417 feet.”
The claystones intersected below gravel cover in VRPDH-1 are dominantly grey to dark grey in color and contain abundant fine-grained calcite as noted by using hydrochloric acid during the logging process. Management suspects that the claystone has a high content of weathered volcanic ash and that the firm character of this formation is due to the presence of calcite cement interstitial to the clay size grains.
Combining results from field mapping, surface sampling, drilling and Tromino passive seismic studies, the Company has developed proprietary maps showing highly detailed visual cross sections to understand the faulting that would bound the deposit’s edges. Victory’s 3-hole drill program focuses on a 2 to 3 kilometer square area, with lowered risk, having a high likelihood to intersect lithium rich clays via drilling, and may indicate maiden resource potential.
Benchmark Mineral Intelligence stated that lithium demand will be dominated by the automotive industry, and than more lithium will be need per month in 2032 than was mined between 2015 and 2022.
The shares are trading at
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FAQ
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