VANCOUVER, Oct. 2, 2019 /CNW/ - Victory Metals
("TSX-V:VMX") ("Victory" or the "Company") is
pleased to announce that its joint venture partner, Ethos Gold, has
completed its Phase I deep drill program at Iron Point,
Nevada. The program represented
the first known deep drilling at Iron Point, and was designed to
target lower plate stratigraphy and look for the presence of
Carlin style gold
mineralization.
For full information on results and interpretation of the
drilling, please refer to Ethos' news release dated October 2, 2019.
Collin Kettell, Chief Executive
Officer of Victory, stated: "We are very pleased to see the
successful completion of the Phase I deep drilling by Ethos Gold,
our joint venture partner. The promising stratigraphy, structure
and anomalous gold results has motivated Ethos to consider and plan
a Phase II drilling program. We look forward to further news from
Ethos."
Earn In and Joint Venture Terms
Ethos can earn a 50% interest in all precious metal rights at
Iron Point by spending a minimum of $5.0
million over three years, with minimum expenditures of
$1.0 million in the first year.
Based on the Phase 1 program expenditures Ethos has now completed
the first year earn-in expenditure requirements. Following the
earn-in a 50-50 joint venture will be formed between Ethos and
Victory. Victory will maintain 100% title to the Iron Point claims
and on completion of its earn-in Ethos would have a contractual
right to 50% of any precious metal discovery. The vanadium
mineralization is near surface with significant spatial separation
from the conceptual deeper gold target. Victory maintains the right
to ensure that any precious metal exploration and development plans
do not interfere with development of its vanadium
project.
About Victory Metals
Victory owns a 100% interest in the Iron Point Vanadium Project,
located 22 miles east of Winnemucca,
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 property boundary. 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 (46%), and
management, directors and founders (27%). Approximately 35% of the
Company's issued and outstanding shares are subject to an escrow
release over the next two and a half years.
Qualified Person
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.
Please see the Company's website at www.victorymetals.ca.
On Behalf of the Board of Directors of
VICTORY METALS INC.
Paul Matysek
Executive Chairman and Director
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking Information
This news release contains certain forward-looking
information and forward-looking statements within the meaning of
applicable securities legislation (collectively "forward-looking
statements"). Certain information contained herein constitutes
"forward-looking information" under Canadian securities
legislation. Generally, forward-looking information can be
identified by the use of forward-looking terminology such as
"expects", "believes", "aims to", "plans to" or "intends to" or
variations of such words and phrases or statements that certain
actions, events or results "will" occur. Forward-looking statements
are based on the opinions and estimates of management as of the
date such statements are made and they are subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of
the Company to be materially different from those expressed by such
forward-looking statements or forward-looking information,
including the business of the Company, the speculative
nature of mineral exploration and development, fluctuating
commodity prices, competitive risks, and delay, inability to
complete a financing or failure to receive regulatory approvals.
Although management of the Company has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward-looking statements or
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements and
forward-looking information. The Company does not undertake to
update any forward-looking statements or forward-looking
information that are incorporated by reference herein, except as
required by applicable securities laws.
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SOURCE Victory Metals Inc
