Victory Files Drill Permit Amendment To Expand Smokey Lithium Drill Program From 4 to 15 Holes

Rhea-AI Summary

Victory Resources Corporation has amended its drill permit for the Smokey Lithium property in Nevada, increasing the planned drilling from 4 to 15 holes. This expansion follows extensive exploration work that identified new drill targets related to a high lithium zone adjacent to the Jindalee property. The exploration team is prepared to start drilling once the permitting process is finalized. Additionally, the company launched an advertising campaign with Investing News Network to boost investor awareness, which costs CAD 22,000.

Positive

• Expansion of drilling plans from 4 to 15 holes indicates strong confidence based on previous exploration results.
• Identified drill targets could potentially increase lithium resources, benefiting future evaluations.

Negative

• Pending permits may delay the commencement of the drilling program.
• The advertising campaign incurs a cost of CAD 22,000, which may affect short-term financials.

• Extensive Exploration and Analysis Leads to Victory Expediting its plans for Smokey Lithium Nevada
• Drill Program will Focus on Relationship to High Li Zone to adjacent Jindalee Property
• Pending Permit, Victory's Exploration Team is equipped and ready to commence the Drill Program

VANCOUVER, BC / ACCESSWIRE / November 24, 2021 / Victory Resources Corporation (CSE:VR) (FWB:VR61) (OTC PINK:VRCFF) ("Victory" or the "Company") is excited to announce that the Company's Exploration Team filed an amendment to its drill permit, expanding its plans for drilling its Smokey Lithium property in Esmeralda County, Nevada from 4 to 15 holes as previously indicated.

As a result of the extensive exploration work and analysis conducted to date, the Company's exploration team has identified drill targets that will determine whether a relationship exists to the high Li zone on the adjacent Jindalee property.

"We are excited to accelerate our efforts and expand the drill program to 15 holes based on the learnings from the extensive exploration work done over the last 6 months, and the knowledge our Exploration Team has of the specific area," said Mr. Mark Ireton, Victory President and CEO. "The team is poised and ready to begin once the permitting process is complete."

About Smokey Lithium, Nevada
Victory's Smokey Lithium project is a clay lithium property that lies approximately 20 miles north of Clayton Valley, and 20 miles west of American Lithium's flagship lithium project. Smokey Lithium is located 25 km northwest of Cypress' Clayton Valley Lithium Project and 35 km 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 Smokey Lithium property is located 35 km west of Tonopah, Nevada within the Walker Lane trans tensional corridor on the western margin of the Basin and Range province. The property's geology consists of Miocene - Pliocene tuff deposits, claystones, and siliciclastic beds (Esmeralda Formation) with overlying younger alluvium deposits and desert pavement formation. The claystone, which can carry high lithium concentrations, is observed as highly weathered light grey to tan mounds of unconsolidated clay from 0.10 - 1.50 meters thick. The flat lying nature of the claystones, together with the frequent occurrence of transported cover requires drilling to fully validate and assess Smokey Lithium's the potential as indicated by surface sampling.

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.

The Company also announces that it has entered into an advertising and investor awareness campaign with Dig Media Inc. dba Investing News Network (INN). INN is a private company headquartered in Vancouver, Canada, dedicated to providing independent news and education to investors since 2007. The Agreement runs through June 2022, during which INN will provide advertising on its website and social media communications to increase awareness of the issuer. INN does not provide Investor Relations or Market Making services. The cost of the campaign is $22,000 CAD. INN has engaged Proactive Investors North America Inc. (" Proactive ") to assist the Company in enhancing its online presence with the global investment community (the " Proactive Services ") subject to the terms of the service agreement (the " Proactive Agreement ") executed between the Company and Proactive. Proactive can be reached at 604-688-8231 or www.investingnews.com, info@investingnews.com.

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/674530/Victory-Files-Drill-Permit-Amendment-To-Expand-Smokey-Lithium-Drill-Program-From-4-to-15-Holes

FAQ

What is the significance of Victory Resources' drill program at Smokey Lithium, Nevada?

The drill program aims to explore new targets that could uncover significant lithium resources.

How has Victory Resources' drill plans changed recently?

Victory Resources expanded its drill plans from 4 to 15 holes, indicating increased confidence in the area's lithium potential.

What is the current status of the drill permit for Victory Resources?

The company has filed an amendment for the drill permit and is awaiting approval to begin drilling.

What is the cost of Victory Resources' advertising campaign with Investing News Network?

The advertising campaign costs CAD 22,000 and aims to enhance investor awareness.