Victory Targets Expansion of Its Smokey Lithium Drill Program from 4 to 15 Holes

Rhea-AI Summary

Victory Resources Corporation (CSE:VR)(OTC PINK:VRCFF) is expanding its drilling plans at the Smokey Lithium property in Nevada from 4 to 15 holes, following extensive exploration and analysis. The company will amend its existing drill permit application and anticipates starting the drilling in early winter, pending approvals. The expansion aims to explore potential relationships with lithium zones on adjacent properties. The Smokey Lithium project is strategically located within a prolific area for lithium clay deposits.

Positive

• Expansion of drilling plans from 4 to 15 holes.
• Anticipated commencement of drilling in early winter 2021.
• Strategic location in a prolific lithium clay deposit region.

Negative

• None.

Building Upon Extensive Exploration and Analysis the Company will Amend Its Existing Drill Permit Application

VANCOUVER, BC / ACCESSWIRE / November 17, 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 has expanded its plans for drilling its Smokey Lithium property in Esmeralda County, Nevada from 4 to 15 holes, and will be filing an amendment to its previously announced drill permit application.

Smokey Lithium Drill Targets Expand

• Victory conducted extensive exploration and sampling throughout the summer to identify its approach to drilling the property
• Current drill permit has been filed for a program with four holes, the Company has accelerated its plans to expand to fifteen holes and will be filing an amendment to its drill permit application
• Pending permit approvals, Victory's Exploration team is poised to begin drilling in early winter

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.

"Our team has continued to analyze the information gathered over the summer and early fall, and the determination has been made to accelerate our efforts and expand the drill program to 15 holes immediately," said Mr. Mark Ireton, Victory President and CEO. "As a result, the amendment to the original application is being finalized for submission."

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 has also agreed to engage Aktiencheck.de AG, owned by Stefan Lindam (collectively, "Aktiencheck"), for €25,000 for a European marketing and news dissemination program. The length of such program depends upon the volume of the Company's future news flow.

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 Corporation

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FAQ

What is the significance of Victory Resources expanding their drilling program at Smokey Lithium?

The expansion from 4 to 15 holes indicates increased confidence in the potential for lithium discovery, which could enhance the company's value.

What is the expected timeline for drilling at the Smokey Lithium property?

Victory Resources expects to begin drilling in early winter 2021, pending drill permit approvals.

How does the Smokey Lithium project compare to other lithium properties in Nevada?

The Smokey Lithium project is strategically located near other significant lithium clay deposits, enhancing its potential for resource discovery.

What is the current status of the drill permit application for VRCFF?

Victory Resources is in the process of amending its existing drill permit application to accommodate the expanded drilling program.