Victory Metals Inc. (“TSX-V: VMX”) (“Victory” or the “Company”) is pleased to announce assay results from the third and final set of drill holes as part of its 10,532 meter, 52 hole Phase II drilling program at the Iron Point Vanadium Project, Nevada . Today’s release includes 27 holes (21 reverse circulation and 6 PQ diamond drill holes) targeting the southern portion of the Iron Point mineralized vanadium zone. These vertical and angle holes were recommended by Mine Development Associates ( Sparks, NV ) to better define the outer limits of mineralization and add definition to areas within last year’s Phase I drill program where low hole density and/or insufficient depth penetration hindered accurate correlation of mineralized zones. With Phase II drilling completed the Company plans to initiate a maiden resource estimate.
The collar locations of the 27 holes released today are shown in Figure 1. Seventeen of these holes are shown in two cross sections oriented in northwest striking (Figure 2, Section L-L) and north striking (Figure 3, Section M-M) directions. This area is below the southern portion of the Historical Vanadium Mineralized Zone and encompasses a rectangular area roughly 800m NW-SE and 300m wide. The deeper Phase II holes drilled within this area significantly expanded the extent of known vanadium mineralization at Iron Point to an area measuring 1500m in a NW-SE direction and 300m to 500m in width. Mineralization remains open to the west, east, south, and to depth in several places.
Paul Matysek , Executive Chairman of Victory, stated, “Phase II drilling returned surprisingly high-grade results in the southern portion of our vanadium rich target area. Most notable is a shallow and relatively uniform zone of vanadium mineralization that is a prime candidate for our initial developmental focus. Furthermore, the increased drill density in the southern portion of the deposit has revealed larger and higher-grade zones of vanadium mineralization than previously identified from Phase I drilling. In summary, the Phase II drill program sought to close-off the lateral and vertical extent of mineralization; it instead confirmed that the deposit remains open in most directions and to depth. Our team is excited to move forward with a resource calculation.”
Highlights
New high-grade RC drill results, reported as estimated true thicknesses comprised of aggregate intercept lengths (see note above Table 1 for definition of aggregate length), include:
As observed in Phase I drilling, these latest intercepts are consistent with two sub-horizontal higher grade vanadiferous horizons, referred to as the Upper High Grade and New High Grade Zones. Both of these horizons continue to exhibit a high degree of lateral grade continuity between holes. These high grade zones occur within a broader, extensive envelope of lower grade mineralization extending from the surface down to a depth of at least 175 meters. Intercepts of this broader envelope (reported as estimated true thicknesses, see the note above Table 1 for definition of Overall Length) include:
Most of these new holes tested a large area south of the Historical Vanadium Mineralized Zone, where shallow Phase I drilling did not fully penetrate the entire mineralized sequence. The greater depth and higher hole density of this Phase II drilling program significantly extended vanadium mineralization at depth, thus increasing confidence in the mineralization in advance of a maiden resource estimate.
Thicker zones of higher-grade mineralization are clustered around core hole VM-8C within an area measuring 300m in a N-S direction and 130m wide, in places extending from the surface down to a maximum depth of 170m . The shallow nature of this relatively uniform and vertically continuous mineralization provides Victory with an attractive open pit target.
Mineralization remains open to the west, east, and south.
The new PQ diamond drill holes released today allow for a better comparison of vanadium mineralization recovery in core holes versus recovery in surrounding RC holes. Across the deposit, the vanadium grade of samples recovered from core holes is equal to or slightly greater than samples recovered from adjacent RC drilling when comparing Overall Length mineralization. The intercept in core hole VM-5C ( 181m @ 0.157% V2O5 is slightly higher than the 181m @ 0.143% V2O5 in twin RC hole VM-38. However, when compared to the adjacent angle RC holes, the 196m @ 0.155% V2O5 in VM-5C is identical to the 209m @ 0.155% V2O5 returned in VM-100+VM-104. Similarly, the Overall Length intercept in core hole VM-8C ( 100m @ 0.222% V2O5) is only slightly higher than the 99m @ 0.218% V2O5 returned in twin RC hole VM-58, while the combined intercepts in adjacent angle RC holes VM-97 and VM-110 ( 106m @ 0.191% V2O5) is slightly lower.
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