Victory Completes Site Preparations for Drilling the Loner, Nevada Property

Rhea-AI Summary

Victory Resources Corporation has completed site preparations for drilling on the Loner Property in Nevada, having optioned it from Silver Range Resources. A 7-10 short-hole diamond drill program will commence early this month, aiming to confirm gold-bearing quartz vein intersections correlating with historical mining. The site is now fully ready for drilling, following minor road repairs and mobilization of the drill rig. The program is expected to provide insights into the area’s mineralization and assess the extent of gold anomalies.

Positive

• Completion of site preparations for drilling on the Loner Property.
• Mobilization of diamond drill rig indicates readiness to commence drilling.
• First pass drilling program aims to confirm gold-bearing quartz vein intersections.

Negative

• None.

Access, Drill Sites, Equipment and Team in Place to Commence Drilling

VANCOUVER, BC / ACCESSWIRE / April 5, 2021 / Victory Resources Corporation (CSE:VR)(FWB:VR61)(OTC PINK:VRCFF) ("Victory" or the "Company") is pleased to announce that its exploration team, led by David Deering, VP of Exploration, have completed site preparations for the Company's short hole drill program on the Loner Property in Nevada, which the Company optioned from Silver Range Resources in December 2020.

Minor road repairs and diamond drill site preparations have been completed at the Loner Property. The site is ready to start a 7-10 short-hole diamond drill program to test the historically mined vein area and investigate wall rock mineralization.

Highlights

• Victory exploration team has completed site preparations for Loner Drilling Program
• The diamond drill rig is mobilized and drilling will commence, subject to weather conditions, on the Loner Property early this month
• Short hole 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

"We are excited to advance the short hole drill program on the Loner Property," said Mr. Deering. "The weather trend is improving and work on access to the site is now complete allowing our team to ready all other aspects of the drilling program which we developed and advanced sequentially over the last three months."

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.

As previously reported, the strong gold and arsenic geochemical anomalies are coincident with the exposed mineralization and historic workings. It is anticipated that the drill program may define the anomalies more extensively through-out the target area. This first pass drilling work will evaluate the best and most productive way to advance the project in the most targeted fashion.

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.

Scientific and technical information contained in this press release was reviewed and approved by Mr. Helgi Sigurgeirson, Victory Geologist, and a "qualified person" under NI 43-101.

For further information, please contact:

Mark Ireton, President
Telephone: +1 (236) 317-2822 or TOLL FREE 1 (855) 665-GOLD (4653)
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 Corp.

View source version on accesswire.com:
https://www.accesswire.com/638897/Victory-Completes-Site-Preparations-for-Drilling-the-Loner-Nevada-Property

FAQ

What drilling program is Victory Resources Corporation commencing on the Loner Property?

Victory Resources Corporation is starting a 7-10 short-hole diamond drill program on the Loner Property in Nevada.

When will drilling begin on the Loner Property?

Drilling is expected to commence early in the month of April 2021.

What are the objectives of the drilling program at the Loner Property?

The drilling program aims to confirm intersections of gold-bearing quartz vein and assess mineralization in the area.

Where is the Loner Property located?

The Loner Property is situated 35 km south of Winnemucca in the southern Sonoma Range.

How did Victory Resources acquire the Loner Property?

Victory Resources optioned the Loner Property from Silver Range Resources in December 2020.