Victory's Exploration Team Advances Smokey Lithium Drill Permit Process on Basis of High Lithium Values

Rhea-AI Summary

Victory Resources Corporation is expediting a drill permit application for its Smokey Lithium project in Nevada, based on recent geological sampling showing lithium concentrations up to 1500 ppm. The property is strategically located near the prolific Albermarle's Silver Peak Mine, enhancing its potential. Exploration efforts are gearing towards drilling in late summer to early fall, contingent on permit approvals. The exploration team's findings reveal a significant area with high lithium values, signaling a promising development for the company.

Positive

• High lithium concentrations found, with results up to 1500 ppm.
• Strategic location near a significant lithium mining operation.
• Plans to commence drilling by late summer, early fall, shows proactive steps.

Negative

• None.

Highly Anomalous Zone with Results up to 1500 Ppm Li Provide Basis to Fast Track Drill Permit Application

VANCOUVER, BC / ACCESSWIRE / July 6, 2021 / Victory Resources Corporation (CSE:VR)(FWB:VR61)(OTC PINK:VRCFF) ("Victory" or the "Company") is excited to announce that the Company is fast tracking a drill permit application for Smokey Lithium upon the basis of the strong results from the Company's recently completed geological sampling program on its property in Esmeralda County, Nevada, 20 miles from Albermarle's Silver Peak Mine.

"Esmeralda County is part of a prolific lithium area, and with sampling results of up to 1500 ppm Li at Smokey Lithium, Victory has a significant play right in the midst of the region," said Victory President and CEO, Mark Ireton. "The compelling results we have received from Smokey Lithium indicate that initiating a drill program on the property is our current top priority. Victory's exploration team is deployed in Nevada, putting us in an ideal position to seize this opportunity quickly and investigate the potential indicated at Smokey Lithium."

Highlights of Smokey Lithium Advancement

• Victory exploration team in advanced planning and preparation toward filing drill permit for Smokey Lithium
• Plan is to commence drilling in late summer, early fall pending permit approvals
• Sampling indicates several areas of high Li values in the claystones up to 1500 ppm Li
• The southwest area of the Smokey Lithium property showed values well over 1000 ppm Li. Sampling in this area revealed a highly anomalous zone approximately 1.5 km across
• The central area also features elevated Li values and may be related to the high Li zone on the adjacent Jindalee Property

Victory's exploration team is engaged in the process of planning its drill program for Smokey Lithium, building upon the results from its recently completed sampling program to prepare the required drill application for the property.

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.

Victory's exploration team completed the mapping and sampling program in June 2021 using both a Laser Induced Breakdown Spectroscopy (LIBS) Analyzer* and the collection of claystone samples.

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 Noram's Zeus Li 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, Jindalee).

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.

* Laser Induced Breakdown Spectroscopy (LIBS) is a rapid chemical analysis tool that is used to detect and characterize materials. Focusing a powerful laser pulse onto the surface of solid, liquid or even gaseous matter is analyzed to determine the elemental composition of the sample.

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.

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FAQ

What are the lithium concentration results for Smokey Lithium project?

The Smokey Lithium project has recorded lithium concentrations up to 1500 ppm.

When does Victory Resources plan to start drilling at Smokey Lithium?

Drilling is planned to commence in late summer to early fall, pending permit approvals.

Where is the Smokey Lithium property located?

It is located in Esmeralda County, Nevada, approximately 20 miles from Albermarle's Silver Peak Mine.

What is the significance of the location of Smokey Lithium?

The location in a prolific lithium area enhances the project's potential for high yield.

What is the company stock symbol for Victory Resources?

The stock symbol for Victory Resources is VRCFF.