Victory Metals Inc. [VMX-TSXV] has reported assay results from the third and final set of drill holes as part of its 10,532-metre, 52-hole Phase II drilling program at the 100%-owned Iron Point Vanadium Project, located 22 miles east of Winnemucca, 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.
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 comprising aggregate intercept lengths, include:
• 30.0 metres 0.42% vanadium pentoxide (including 4.9 metres grading 0.64% V2O5) in VM-106;
• 29.0 metres grading 0.46% V2O5 (including 6.1 metres grading 0.70% V2O5) in VM-114;
• 17.5 metres grading 0.54% V2O5 (including 8.1 metres grading 0.71% V2O5) in VM-122;
• 61.0 metres grading 0.47% V2O5 (including 10.7 metres grading 0.90% V2O5) in VM-1C;
• 30.5 metres grading 0.50% V2O5 (including 9.3 metres grading 0.78% V2O5) in VM-3C;
• 27.0 metres grading 0.53% V2O5 (including 15.0 metres grading 0.61% V2O5) in VM-9C;
• 35.1 metres grading 0.41% V2O5 (including 7.6 metres grading 0.78% V2O5) in EG-2.
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.
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 property boundary. The company is well financed to advance the project through resource estimation and initial feasibility study work. Major shareholders include Palisades Goldcorp (48%), and management, directors and founders (27%).
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