Victory Expands Its Smokey Lithium Drilling Program Building on Encouraging In-Field Assessment

Rhea-AI Summary

Victory Battery Metals has completed drilling on three holes at its Smokey Lithium property in Nevada and has expanded the program to a fourth hole based on positive in-field analysis. The current drill program, focusing on a 2-3 km² area, aims to assess lithium-rich clays with a lowered risk of intersecting valuable deposits. The decision to add a fourth hole was based on favorable correlations observed between previously drilled holes. Core samples are being processed for assay to evaluate lithium mineralization strength. The Smokey Lithium project is situated in a region known for prolific lithium clay deposits, enhancing its potential for maiden resource determination.

Positive

• Expansion of drilling program from 3 to 4 holes indicates positive in-field findings.
• Current drilling program targets a 2-3 km² area with a high likelihood of intersecting lithium-rich clays.
• Positive correlations observed between preliminary drill holes suggest favorable conditions for lithium extraction.

Negative

• None.

• Victory's Smokey Lithium drilling program has completed drilling on three holes and based on in-field findings has expanded the program to a fourth hole in an effort to determine the depth and breadth of its potential lithium deposit
• Based on its assessment of core from the first three holes, the Company determined it was favorable to drill a fourth hole in this program, taking full advantage of the team and equipment on site
• Expanding from 3-holes to 4, the current drill program focuses on a 2-3 km sq. area with lowered risk, having a high likelihood to intersect lithium rich clays via drilling, and may indicate maiden resource potential

VANCOUVER, BC / ACCESSWIRE / April 25, 2023 / Victory Battery Metals (CSE:VR) (FWB:VR61) (OTC PINK:VRCFF) ("Victory" or the "Company") is excited to announce that the Company's exploration team has completed three holes of drilling on its Smokey Lithium Nevada property, and based on positive in-field analysis, has extended the program to include a fourth hole.

"In what was originally planned as a 3-hole program, our team has assessed the core and made significant correlations between holes 22-09 and holes 23-01/23-03, determining that that information to be gained by drilling a 4^th hole with our assets on site now is the most prudent move," said Mr. Mark Ireton, Victory President, and CEO. "Our team has observed clays on each of the first three holes drilled, varying from grey, to green to very dark, containing abundant fine-grained calcite as noted by using hydrochloric acid during the logging process."

Drill hole locations have been selected to extend strong lithium mineralization, intersected on initial drill program in 2022 in Hole-09 within the area of interest. The fourth hole on this program has been selected specifically in an effort to determine the strength of lithological correlation between holes 22-09. 23-01, 23-02 and 23-03. Victory's Exploration team determined that the most compelling hole location to drill would be hole 23-05, 1km to the west southwest of hole 23-03.

Core material from the completed holes are being processed and shipped to ALS Reno for assay on a continuing basis in order of hole completion, with the core from hole 23-01 having been shipped as previously announced.

About Smokey Lithium, Nevada

Victory's Smokey Lithium project is a clay lithium property that lies approximately 20 miles north of Clayton Valley, to the west of American Lithium's flagship lithium project. Smokey Lithium is located northwest of Cypress' Clayton Valley Lithium Project and to the southwest of American Lithium Corporation's Tonopah Lithium Claims Property in southwest Nevada. Esmeralda County Nevada is a prolific region for lithium clay deposits, (Noram, Cypress, American Lithium, Spearmint, Enertopia, and Jindalee).

The technical information contained in this news release has been reviewed and approved by Bob Marvin (PGeo), who is a Qualified Person as defined under National Instrument 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: Info@VictoryBatteryMetals.com

About Victory Battery Metals

VICTORY BATTERY METALS (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 Battery Metals Corp.

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FAQ

What is the significance of Victory Battery Metals completing drilling at Smokey Lithium?

The completion of drilling at Smokey Lithium and the decision to expand the drilling program suggests positive in-field findings that could indicate promising lithium deposits.

How many holes were drilled in the Smokey Lithium drilling program?

Victory Battery Metals initially planned to drill three holes but expanded the program to include a fourth hole based on favorable assessments.

Why did Victory Battery Metals add a fourth hole to its drilling program?

The addition of a fourth hole was based on significant correlations found between the results of the first three holes, indicating further exploration could yield valuable insights.

What is the area of focus for the current Smokey Lithium drilling program?

The current drilling program focuses on a 2-3 km² area known for its potential lithium-rich clays.

Where is the Smokey Lithium project located?

The Smokey Lithium project is located in Esmeralda County, Nevada, approximately 20 miles north of Clayton Valley.