Date: Mar 1, 2019
Victory Metals Inc. [VMX-TSXV] said Thursday February 28 that it is pleased with results of a maiden drilling program at its Iron Point Vanadium Project near Winnemucca, Nevada.
The company has released assays from the first eight reverse circulation holes that are the initial part of a planned program comprised of 69 RC holes and four diamond drill holes.
Highlights included 44 metres, grading 0.48% V2O5 in hole VM-02 and 27 metres, grading 0.56% V2O5 in drill hole VM-07.
Victory Metals shares were unchanged at 70 cents on Thursday, having recently jumped from 60 cents on February 14, 2019. The 52-week range is 37.5 cents and 75 cents.
“The first RC holes from our maiden drill program at Iron Point were chosen to confirm the vanadium mineralization and grades reported in historical holes drilled by Newmont Mining Corp. [NEM-NYSE] in 1966 and Aur Resources between 1996 and 1997,” said Victory CEO Collin Kettell.
Newmont and Aur Resources were both drilling for gold, but intersected significant vanadium intervals at shallow depths.
“The significance of Victory’s first eight holes cannot be understated,” Kettell said. “We have not only confirmed the widespread nature of vanadium mineralization along and across strike, we have also extended vanadium mineralization to a depth of 175 metres [575 feet] with the discovery of the New High Grade Zone.”
