Date: Feb 21, 2019
VANCOUVER, Feb. 20, 2019 /PRNewswire/ – Victory Metals Inc. (“TSX-V:VMX“) (“Victory” or the “Company“) is pleased to announce that it has staked 320 lode claims (6,432 acres), contiguous to its 100% owned Iron Point Vanadium Project, more than doubling the overall land package to a total of 594 lode claims (11,930 acres). This additional staking is summarized in the Company’s recently released National Instrument 43-101 technical report. Additionally, Victory has entered into two option agreements and one outright purchase agreement for adjoining claims within the Iron Point project area.
Paul Matysek, Executive Chairman stated: “Vanadium mineralization at Iron Point is associated with black shale horizons within the Ordovician-age Vinini Formation. The known areal extent of the formation outcrop is approximately 4,500 meters north-south and 700 meters east-west within the original project claim block. There is potential to significantly expand this target in all directions where it is covered by surrounding younger basalt and alluvium. I’m very excited with our strategic decision to double the project size thereby capturing all prospective areas of mineralization on lands around the original Casino Gold holdings.”
Silver Coin Claims
On October 14, 2018, Victory, through its wholly-owned subsidiary Brownstone Ventures (US) Inc., entered into an option agreement with Ms. Patricia Tintle of Grass Valley, California, to acquire her 100% undivided interest in the Silver Coin Claim group which comprises 20.7 acres of unpatented land contiguous to the Company’s Iron Point Vanadium Project. Under the terms of the agreement, Victory may exercise the option by making the following payments – 1) US$50,000(already paid) within five days of signing, 2) US$50,000 on the first anniversary of signing, 3) US$50,000 on the second anniversary of signing, and 4) US$150,000 on the third anniversary of signing. Further, Victory has agreed to complete the first three payments (US$150,000) irrespective of whether the Company elects to complete the option payment (total of US$300,000). Upon making the final payment, Victory will own 100% of the Silver Coin Claim group, with no underlying NSR or outstanding obligations.
