Victory Battery Metals Corp. Options Kachiwiss Uranium Project and Other Uranium Anomalies

Rhea-AI Summary

Victory Battery Metals Corp. has entered into an option agreement to acquire 100% interest in four claim groupings in Quebec, including the Kachiwiss Uranium deposit. The company will pay $400,000 in cash and 1,500,000 shares over 3 years, committing to a $3,000,000 work program. The historical resource at Kachiwiss is 16,598,000 tonnes grading 0.016% U3O8 with potential recoveries of up to 92.9%. The option also covers lake bottom sediment sample uranium anomalies. Globex retains a 3% Gross Metal Royalty on all metals, with Victory having the option to purchase 1% GMR for $1,000,000. The project is located in Quebec, known for its mining-friendly environment and infrastructure.

Positive

• Victory Battery Metals Corp. has secured an option agreement to acquire four claim groupings in Quebec, including the Kachiwiss Uranium deposit.
• The company will pay $400,000 in cash and 1,500,000 shares over 3 years, committing to a $3,000,000 work program on the claims.
• The historical resource at Kachiwiss is 16,598,000 tonnes grading 0.016% U3O8 with potential recoveries of up to 92.9%.
• The option also includes lake bottom sediment sample uranium anomalies in addition to the Kachiwiss deposit.
• Globex retains a 3% Gross Metal Royalty on all metals, with Victory having the option to purchase 1% GMR for $1,000,000.
• The project is located in Quebec, known for its mining-friendly environment, infrastructure, and skilled labor force.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / April 18, 2024 / VICTORY BATTERY METALS CORP. (CSE:VR)(OTC PINK:VRCFF)(FWB:VR6) is pleased to announce that it has entered into an option agreement dated April 11, 2024 to acquire 100% interest in four claim groupings in the Sept Iles region of Quebec. These claims are being optioned from GLOBEX MINING ENTERPRISES INC. (GMX - Toronto Stock Exchange, G1MN - Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, LS Exchange, TTMzero, Düsseldorf and Quotrix Düsseldorf Stock Exchangesand GLBXF - OTCQX International in the US). Under terms of the agreement Victory will pay to Globex $400,000 in cash and 1,500,000 Victory shares over 3 years. In addition, Victory commits to execute a work program of a minimum of $3,000,000 on the claims over a 4-year period.

The claims cover the Kachiwiss Uranium deposit with a reported historical, 1978 non-Ni 43-101, compliant, non-classified resource of 16,598,000 tonnes grading 0.016% U₃O₈ within a pegmatic dyke oriented NW45^o. The zone, as currently defined, measures 975 metres long by 610 metres to 760 metres wide and is open. Historical metallurgical test work suggested recoveries of up to 92.9% can be achieved ¹. The same report mentions the presence of thorium in the region, In addition to the Kachiwiss deposit, the option includes a large package of claims covering lake bottom sediment sample uranium anomalies farther to the north. In total, 156 mining claims make up the package with Globex retaining a 10-kilometre area of mutual interest surrounding the current claim blocks.

Under the agreement, Globex also retains a 3% Gross Metal Royalty on all metals, minerals, elements or compounds including but not limited to uranium, thorium or any other marketable product from the claims. Victory may, at anytime, purchase 1% GMR from Globex for a single cash payment of $1,000,000.

Mr. Mark Ireton, Victory President and CEO noted "This is the first meaningful uranium acquisition of such that will position the company in both battery metals and energy metals spaces. We at Victory Battery Metals are excited by the potential this property holds. Uranium is a proven source of clean cheap power and advanced research into thorium is emerging a primary source of power for the future Located in the mining friendly province of Quebec, the project is in a region known for its deep-water port, its excellent infrastructure, and a labor pool strongly rooted in the mining industry."

1. Quebec Government Sigeom - Lac Kachiwiss File CGM 22J/01.001 - Oct 21/2011.

Scientific and technical information contained in this press release was reviewed and approved by Mr. Réjean Girard, Quebec Geologist, P.Geo (OGQ 521) and a "qualified person" under NI 43-101.

About Victory Battery Metals Corp.

VICTORY BATTERY METALS CORP. (CSE: VR) is a publicly traded diversified investment corporation with mineral interests in North America. The company is also actively seeking other exploration opportunities.

For further information, please contact:

Mark Ireton, President
Telephone: +1 (236) 317 2822 or TOLL FREE 1 (855) 665-GOLD (4653)
E-mail: info@victorybatterymetals.com

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 Battery Metals Corp.

View the original press release on accesswire.com

FAQ

What project did Victory Battery Metals Corp. announce involving uranium?

Victory Battery Metals Corp. announced an option agreement to acquire 100% interest in four claim groupings in Quebec, including the Kachiwiss Uranium deposit.

What is the historical resource at the Kachiwiss Uranium deposit?

The historical resource at the Kachiwiss Uranium deposit is 16,598,000 tonnes grading 0.016% U3O8 with potential recoveries of up to 92.9%.

What does the option agreement with Globex include besides the Kachiwiss deposit?

The option agreement includes lake bottom sediment sample uranium anomalies in addition to the Kachiwiss deposit.

What royalty does Globex retain on all metals from the claims?

Globex retains a 3% Gross Metal Royalty on all metals from the claims.

Where is the project located?

The project is located in Quebec, known for its mining-friendly environment, infrastructure, and skilled labor force.