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Victory Metals Drilling at Iron Point Expands Vanadium Footprint to Over 700 Meters in Diameter

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Victory Metals Drilling at Iron Point Expands Vanadium Footprint to Over 700 Meters in Diameter

 

 

 

 

 

Victory Metals Inc. (TSX-V:VMX) is pleased to announce assay results from an additional 22 reverse circulation holes completed at its Iron Point Vanadium Project, located 22 miles east of Winnemucca, Nevada. Victory has now released results for 38 RC holes from a planned program of 69 RC holes and 4 diamond drill holes. 

 

The 22 drill holes reported today include both vertical and angle holes and are focused in the central to northern extent of the historical vanadium mineralized zone (see Figure 1). The majority of the holes are shown in three east-west cross sections (see Figures 2-4, Sections C-C’, D-D’, and E-E’), which continue to demonstrate the excellent continuity and flat lying nature of vanadium mineralization in a large and growing area. Section line C-C’ partially overlays the holes previously released on section line A-A’ (see Figure 1), and also bisects the north-south holes on cross section line B-B’ (see Figure 1), the results for which were previously released (see Victory’s February 28, 2019, and March 6, 2019, news releases).

 

Highlights

 

  • New high-grade RC drill results include:
    • 20 meters grading 0.60% V2O5 in VM-9
    • 26 meters grading 0.59% V2O5 (including 3 meters grading 0.84% V2O5) in VM-67
    • 33 meters grading 0.48% V2O5 in VM-75

 

As indicated by the initial sets of holes, these latest intercepts are consistent with two flat-lying higher grade vanadiferous horizons, referred to as the Upper High Grade and New High Grade Zones, which occur within a broader and extensive envelope of lower grade mineralization that starts at surface and extends down to a depth of at least 175 meters. Intercepts of this broader envelope include:

 

    • 152 meters grading 0.23% V2O5 in hole VM-1
    • 174m grading 0.23% V2O5 in hole VM-67
    • 162m grading 0.22% V2O5 in VM-74
  • Continuity of mineralization in both the lower grade vanadium envelope and the two high-grade zones continues to be apparent. By combining previously announced section A-A’ and section C-C’, vanadium mineralization shows an east-west strike of 700 meters. The north-south extension of mineralization is similarly around 600 meters, with expansion potential to the south and northwest.
  • Sections C-C’, D-D’, and E-E’ show that vanadium mineralization is open to the west. Hole VM-78 represents the western most permitted hole under Victory’s Notice and importantly shows strong mineralization. An historical hole drilled by Aur in 1997 is located 400 meters further to the west of VM-78 and returned anomalous vanadium mineralization. Further definition drilling is planned to better understand the extent of mineralization to the west.

 

Collin Kettell, CEO of Victory, stated, “Iron Point’s vanadium footprint is proving to be large and is poised for further expansion. Victory’s drill program was designed to test the historical drilling by Newmont and Aur, to assess the lateral and vertical extent of the deposit, and to confirm the continuity and grade of the mineralization. Victory’s holes have penetrated deeper than Newmont, intersecting the highest grades to date on the project. Continuity of mineralization in both the Upper High Grade Zone and New High Grade Zone continues to be excellent. Mineralization appears to be still open to the west and northwest, as well as to the south and east.

 

The 38 RC drill results released to date outline a vanadium mineralized zone that is approximately 700 meters in diameter. We eagerly await further assays from the remaining 35 holes.”

 

Drill Results

 

Assay results for intercepts released today are reported in % V2O5. Intercept lengths are deemed to be true thickness given the flat nature of the mineralized zones being tested by vertical holes. Intercept lengths are reported as an Overall Length, which includes all assay intervals within the vanadium blanket zone (at a 0.09% V2O5 minimum grade), and also as individual zone intercepts reported as aggregate lengths comprised of samples grading 0.25% V2O5 and greater. All intercept lengths have been reduced to true thickness lengths as currently defined by the dip of mineralized horizons shown in Figures 2, 3, and 4.

 

Table 1

 

 

Hole # Zone   From
(m)
To (m)  Interval
(m)
From
(ft)
To (ft)  Interval
(ft)
%
V2O5
 % V
VM 78 Overall*   15 140 125 50 460 410 0.17 0.1
Upper Zone   24 84 8 80 275 25 0.35 0.19
New Zone   98 140 20 320 460 65 0.33 0.19
VM 01 Overall*   6 184 178 20 605 585 0.21 0.12
Upper Zone   30 104 33 100 340 107 0.3 0.17
New Zone   119 183 24 390 600 80 0.47 0.27
Includes 174 177 3 570 580 10 0.71 0.40
VM 03 Overall*   0 168 168 0 550 550 0.18 0.1
Upper Zone   0 91 17 0 300 57 0.29 0.16
New Zone   110 166 12 360 545 40 0.47 0.26
VM 07+ Overall*   0 139 139 0 455 455 0.28 0.16
Upper Zone   5 55 24 15 180 78 0.44 0.25
New Zone   110 137 27 360 450 90 0.56 0.31
VM 10+ Overall*   0 114 114 0 375 375 0.19 0.11
Upper Zone   23 44 8 75 145 25 0.4 0.22
New Zone   98 114 14 320 375 45 0.37 0.21
VM 51+ Overall*   0 76 76 0 250 250 0.27 0.15
Upper Zone  

Includes

30 67 24 100 220 80 0.51 0.29
  61 66 5 200 215 15 0.82 0.46
VM 16+ Overall*   0 94 94 0 310 310 0.24 0.13
Upper Zone   3 58 27 10 190 90 0.39 0.22
Includes 20 26 6 65 85 20 0.54 0.3
New Zone   90 93 3 295 305 10 0.36 0.2
VM 18+ Overall*   0 88 88 0 290 290 0.28 0.16
Upper Zone   3 84 50 10 275 165 0.37 0.21
VM 24 Overall*   52 79 27 170 260 90 0.21 0.12
Upper Zone   52 79 8 170 260 25 0.33 0.18
VM 24j^ Overall*   69 90 15 225 295 50 0.48 0.27
Upper Zone   69 88 11 225 290 35 0.59 0.33
VM 02+ Overall*   0 175 175 0 575 575 0.25 0.14
Upper Zone   8 102 23 25 335 74 0.41 0.23
New Zone   113 171 31 370 560 103 0.48 0.27
Includes 157 161 5 515 530 15 0.71 0.40
VM 04+ Overall*   17 168 151 55 550 495 0.22 0.12
Upper Zone   46 82 16 150 270 54 0.44 0.25
New Zone   96 168 24 315 550 78 0.38 0.21
VM 06+ Overall*   0 143 143 0 470 470 0.21 0.12
  Upper Zone   15 67 10 50 220 34 0.42 0.24
  New Zone   99 143 24 325 470 79 0.51 0.28
VM 09 Overall*   18 145 126 60 475 415 0.25 0.14
  Upper Zone   26 70 9 85 230 29 0.48 0.27
  New Zone   117 142 20 385 465 64 0.6 0.34
VM 73 Overall*   0 152 152 0 500 500 0.22 0.12
  Upper Zone   0 123 34 0 405 110 0.41 0.23
  New Zone   128 151 8 420 495 25 0.56 0.31
    Includes 136 137 1 445 450 5 1.01 0.57
VM 74 Overall*   0 162 162 0 530 530 0.22 0.12
Upper Zone   6 96 19 20 315 63 0.42 0.23
New Zone   122 160 24 400 525 80 0.45 0.25
VM 76* Overall*   0 154 154 0 505 505 0.21 0.12
  Upper Zone   0 90 18 0 295 60 0.53 0.3
    Includes 76 78 2 250 255 5 1.14 0.64
  New Zone   125 146 15 410 480 50 0.45 0.25
VM 05 Overall*   0 139 139 0 455 455 0.19 0.11
Upper Zone   5 64 10 15 210 34 0.49 0.27
Includes 61 64 3 200 210 10 0.86 0.48
New Zone   79 139 9 260 455 29 0.32 0.18
VM 08 Overall*   9 123 114 30 405 375 0.17 0.1
Upper Zone   9 52 6 30 170 20 0.33 0.18
New Zone   84 123 5 275 405 15 0.42 0.23
VM 13 Overall*   27 119 91 90 390 300 0.2 0.11
Upper Zone   27 69 8 90 225 25 0.3 0.17
New Zone   96 117 14 315 385 47 0.44 0.25
VM 13j^ Overall*   50 140 63 165 460 208 0.24 0.13
Upper Zone   52 85 10 170 280 32 0.44 0.25
New Zone   120 137 9 395 450 28 0.46 0.26
VM 13k^ Overall*   47 148 82 155 485 270 0.14 0.08
Upper Zone   53 79 4 175 260 12 0.38 0.21
New Zone   120 148 4 395 485 12 0.31 0.17
VM 67 Overall*   0 174 174 0 570 570 0.23 0.13
Upper Zone   2 116 23 5 380 77 0.46 0.26
Includes 107 114 7 350 375 23 0.76 0.43
New Zone   130 155 26 425 510 85 0.59 0.33
Includes 137 140 3 450 460 10 0.84 0.47
VM 77 Overall*   5 44 40 15 145 130 0.23 0.13
Upper Zone   6 24 6 20 80 20 0.45 0.25
VM 75 Overall*   14 84 70 45 275 230 0.32 0.18
Upper Zone   14 82 33 45 270 107 0.48 0.27
VM 70 Overall*   3 8 5 10 25 15 0.19 0.1
Upper Zone   3 5 2 10 15 5 0.28 0.16
VM 72 Overall*   5 91 87 15 300 285 0.22 0.12
Upper Zone   5 88 35 15 290 116 0.31 0.17
VM 71 Overall*   6 78 72 20 255 235 0.07 0.04
Upper Zone   11 76 3 35 250 10 0.28 0.16
* Overall values represent contiguous averages that include V2O5 values ranging from 0% to 1.14%

+ Hole reported in previous release

^ Denotes angle hole

 

 

Drill holes VM-13i, VM-24i, VM-66, and VM-68, were assayed but did not return any significant vanadium mineralization. VM-13i and VM-24i were both eastward-directed angle holes that appear to have drilled into an old alluvial channel that eroded part of the Vinini Formation, possibly during development of the ancestral Humboldt River drainage. VM-66 drilled barren intrusive rock, while VM-68 cut a monotonous, strongly metamorphosed pelitic phyllite that might not be part of the Vinini Formation.

 

QA/QC and Qualified Person

 

The Victory drilling program was directly supervised in the field by the QP and other site geologists working for Victory. All samples were split at the drill site using a Gilson bar splitter and Jones riffle splitter, with two samples per 5-foot (1.52m) sample interval collected and placed into heavy plastic bags together with sequentially numbered sample tags. A 2kg sample was collected for assay, while a 4kg reference sample was kept on-site. Three different vanadium standards (71 ppm V, 320 ppm V, and 5172 ppm V) and coarse blank samples were purchased from Minerals Exploration and Environmental Geochemistry (MEG) Inc. of Reno, NV. Victory site geologists inserted field blank, standard, and duplicate samples into the drill sample stream per NI 43-101 guidelines, maintaining a 1-in-20 insertion rate for each of the field blank, standard, and duplicate samples such that every 7th sample is a control sample. Field duplicate samples were split from the 4kg reference samples using a Jones riffle splitter. 

 

Drill samples were transported by Victory personnel to locked storage sheds rented by Victory and located in Golconda, NV, about 14km west of the project area. Samples were picked up in Golconda by American Assay Laboratories utilizing its own truck and driver and transported directly to American Assay’s facility in Reno, NV. At American Assay Laboratories, the samples were crushed to 70% passing 2mm, and then a 0.3km split was ground to 85% passing 75 micron. A 0.5gm split was digested in a 5 acid process (ICP-5A035 method uses HNO3, HF, HClO4, HCl, H3BO3) and analyzed via ICP-OES. The detection limit for vanadium is 1ppm, the upper limit is 10,000ppm, and sample results are reported in PPM V. As a separate QAQC check, American Assay inserted laboratory standards, blanks, and duplicates into the sample stream. American Assay Laboratories is accredited by the International Accreditation Service, which conforms with requirements of ISO/IEC 17025:2005.  

 

Victory is currently using ALS Chemex in British Columbia to perform umpire assays on 1-in-20 drill pulps obtained from American Assay Laboratories and submitted to the ALS Chemex facility in Reno, NV. ALS Chemex employs a four-acid digestion process (ME-ICP61m method), so Victory is re-numbering the pulp samples and inserting the same field standard samples into the sample stream in order to better compare results between the two labs.

 

The scientific and technical information in this news release has been reviewed and approved by Calvin R. Herron, P.Geo., who is a Qualified Person as defined by National Instrument 43-101.

 

About Victory Metals

 

Victory owns a 100% interest in the Iron Point Vanadium Project, located 22 miles east of the town of Winnemucca in Humboldt County, Nevada. The project is located within a few miles of Interstate 80, has high voltage electric power lines running through the project area, and a railroad line passing across the northern boundary of the property. The Company is well financed to advance the project through resource estimation and initial feasibility study work. Victory has a proven capital markets and mining team led by Executive Chairman Paul Matysek. Major shareholders include Casino Gold (50%), and management, directors and founders (25%). Further, over 51% of the issued and outstanding shares of the Company (43,471,014 shares) are subject to an escrow release over three years.

 

Posted March 19, 2019

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