Victory Sells Tahlo Lake Property in British Columbia
- Sale price of $90,000 CAD for 100% interest in the Tahlo Lake property
- Retention of a 2% Gross Metal Royalty (GMR) with the potential to be reduced to 1.0% by paying $1,000,000
- First right of refusal for the Royalty Payor to purchase any remaining GMR owned by Victory
- Renewed strategic focus on the Kachiwiss Uranium Project in Quebec for shareholder benefits
- Historical reports of the Kachiwiss Uranium deposit showing potential for significant recoveries up to 92.9%
- None.
VANCOUVER, BC / ACCESSWIRE / April 25, 2024 / Victory Battery Metals Corp. (CSE:VR)(FWB:VR61)(OTC PINK:VRCFF) ("Victory" or the "Company") is pleased to announce its sale of its Tahlo Lake, British Columbia property to a private company, Trimera Metals Corp., of Vancouver, British Columbia.
Highlights of the Tahlo Lake Sale:
- Sale price includes cash consideration of
$90,000 CAD for100% interest in the property - Victory will retain a
2% Gross Metal Royalty ("GMR") - The GMR may be reduced at any time from
2.0% to1.0% by the Royalty Payor, or its permitted assign, paying to Victory$1,000,000. - The Royalty Payor will retain a first right of refusal to purchase any remaining GMR owned by Victory or its successors or assignees.
Mark Ireton, Victory CEO and Director noted: "The recent announcement of our option agreement to acquire
1 Kachiwiss Uranium Project Historical Findings:
- The claims cover the Kachiwiss Uranium deposit with a reported historical, 1978 non-Ni 43-101, compliant, non-classified resource of 16,598,000 tonnes grading
0.016% U3O8 within a pegmatic dyke oriented NW45o. - The zone, as currently defined, measures 975 metres long by 610 metres to 760 metres wide and is open. Historical metallurgical test work suggested recoveries of up to
92.9% can be achieved2. - The same report mentions the presence of thorium in the region, In addition to the Kachiwiss deposit, the option includes a large package of claims covering lake bottom sediment sample uranium anomalies farther to the north.
- In total, 156 mining claims make up the package with Globex retaining a 10-kilometre area of mutual interest surrounding the current claim blocks.
2Quebec Government Sigeom - Lac Kachiwiss File CGM 22J/01.001 - Oct 21/2011.
Scientific and technical information contained in this press release was reviewed and approved by Mr. Réjean Girard, Quebec Geologist, P.Geo (OGQ 521) and a "qualified person" under NI 43-101.
Correcting statement:
On April 18, 2024, VBM announced entering into an option agreement dated April 11, 2024 to acquire
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 Corp.
VICTORY BATTERY METALS CORP. (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 sale price of Victory Battery Metals Corp.'s Tahlo Lake property in British Columbia?
What does Victory retain after selling the Tahlo Lake property?
What can reduce the Gross Metal Royalty from 2.0% to 1.0%?
What is the focus of Victory Battery Metals Corp. after selling the Tahlo Lake property?
What historical reports suggest about the Kachiwiss Uranium deposit?
