Victory Resources Applies for Drill Permit for Mal-Wen BC Property

Rhea-AI Summary

Victory Resources Corporation (CSE:VR)(OTC PINK:VRCFF) announced plans to conduct an IP survey followed by a drilling program at its Mal-Wen property in British Columbia, aimed at exploring an alkalic porphyry deposit. The permit application covers a significant area believed to include a major fault linking the Mal and Wen prospects. The company intends to complete the IP survey in late spring and follow up with drilling during the summer. Mr. Helgi Sigurgeirson, the company geologist, highlighted the area's potential for valuable mineral deposits, referencing nearby projects like Kodiak Copper's.

Positive

• Application for IP survey and drilling program indicates proactive exploration efforts.
• Geologist highlights the area's potential for alkalic porphyry deposits, increasing investor interest.

Negative

• None.

The Company intends to carry out an IP Survey followed by 1000+m drill program

VANCOUVER, BC / ACCESSWIRE / February 17, 2021 / Victory Resources Corporation (CSE:VR)(FWB:VR61)(OTC PINK:VRCFF) ("Victory" or the "Company") is pleased to provide an update on its progress with its Mal-Wen property in British Columbia.

Victory has applied for a permit to carry out an IP survey followed by a 1000+ m drill program. Victory is exploring for an alkalic porphyry deposit on its Mal-Wen property about 30 km southeast of Merritt. The application covers the area of a magnetic domain bounding lineament interpreted by Victory to be a significant fault linking the Mal and Wen Prospects. This area is entirely covered by glaciolacustrine silts and till. Once the IP survey is completed, an inversion will be done on the data and any suitable targets will be drilled. Depending on the permit timing, Victory hopes to carry out the IP survey in late spring and drill the targets generated during summer.

"We are excited to advance the Mal-Wen Property," said Victory Geologist Mr. Helgi Sigurgeirson. "In recent years, the BC Geological Survey has done a considerable amount of work in this district. They consider the eastern belt of the Nicola Group prospective for alkalic porphyry deposits. The Mal-Wen Property is within this belt, as is Kodiak Copper's MPD Copper Gold Porphyry Project about 20 km to the south."

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:

David Lane, President
Telephone: +1 (236) 317 2822
Toll Free (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 Corporation

View source version on accesswire.com:
https://www.accesswire.com/630144/Victory-Resources-Applies-for-Drill-Permit-for-Mal-Wen-BC-Property

FAQ

What is the purpose of the IP survey at Mal-Wen property?

The IP survey aims to identify suitable targets for drilling, exploring for alkalic porphyry deposits.

When does Victory Resources plan to conduct the drilling program?

Victory Resources hopes to start the drilling program in the summer, following the IP survey in late spring.

What is the significance of the Mal-Wen property for Victory Resources?

The Mal-Wen property is significant due to its location within a prospective mineral belt for alkalic porphyry deposits.

What nearby projects are mentioned in the press release?

The press release mentions Kodiak Copper's MPD Copper Gold Porphyry Project, located about 20 km south of Mal-Wen.

What can we infer about the geological prospects in the area?

The area has seen significant geological work, enhancing its potential for mineral discoveries, as noted by the BC Geological Survey.