Victory Receives Drill Permit Approval for Its Smokey Lithium, Nevada Property

Rhea-AI Summary

Victory Battery Metals has received approval for an amended drill permit for its Smokey Lithium Property in Nevada, enabling the advancement of its drilling program. New drill holes are strategically placed to extend previously identified lithium mineralization from hole 09, where lithium-rich claystone was discovered at 417 feet. The focus is on a promising 2-3 km² area identified through various studies, indicating potential for maiden resource development. The property lies within Nevada's prolific lithium clay region, adjacent to established lithium projects.

Positive

• Drill permit approval enhances operational capability.
• Strategically selected new drill locations aim to extend lithium mineralization.
• Potential for maiden resource development based on comprehensive geological studies.

Negative

• None.

• Victory's amended drill permit for its Smokey Lithium, Nevada Property has been approved, allowing the Company to advance its drilling program
• New drill hole locations have been selected to extend strong lithium mineralization intersected previously on the property in hole 09 within the area of interest outlined in detail in the Company's press release dated 20 October 2022
• Combining results from field mapping, surface sampling, drilling and Tromino passive seismic studies, Victory's focus is on a 2-3km 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 / March 8, 2023 / Victory Battery Metals (CSE:VR)(FWB:VR61)(OTC PINK:VRCFF) ("Victory" or the "Company") is pleased to announce that the Company has received drilling permit approval for its Smokey Lithium Property in Nevada.

"We are thrilled to receive approval for our advanced drill program on our Smokey Lithium property," said Victory President and CEO, Mr. Mark Ireton. "As announced last week, in anticipation of approval for drilling newly identified hole locations in the area of interest contiguous with the southwest part of the original claim block, we have secured all the resources required to launch our drilling program in the near future, weather depending."

Victory's amended drill permit application includes the new high quality drill targets. The program seeks to extend strong lithium mineralization intersected previously on the property's hole 09, which ended in strong, claystone hosted, lithium mineralization at 417 feet.

The new drill targets are a perfect combination of step out drilling on previous a mineralized intersection along with grassroots targets of claystone sediments within the Weepah Detachment fault and underlying claystones of the Esmeralda Formation. The project area and surrounding lands show strong lithium mineralization with the Esmeralda Formation at surface. When combined with the highly encouraging results from Victory's first round drilling (completed in 2022) the project area is highly prospective.

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 does the approved drill permit for VRCFF's Smokey Lithium property mean?

The approved drill permit allows VRCFF to advance its drilling program, targeting previously identified lithium mineralization.

What new drill locations have been selected by Victory Battery Metals?

New drill holes have been selected to extend strong lithium mineralization previously intersected in hole 09.

What is the significance of the 2-3 km² area mentioned by Victory?

The 2-3 km² area shows a high likelihood of intersecting lithium-rich clays, suggesting potential resource development.

When can we expect drilling to commence at the Smokey Lithium Property?

Drilling is expected to commence in the near future, contingent upon weather conditions.