Newly acquired project adjoins Agnico Eagle's Hammond Reef Gold Project in Northwestern Ontario
VANCOUVER, BC / ACCESSWIRE / September 1, 2020 / Victory Resources Corporation (CSE:VR)(FWB:VR61)(OTC:VRCFF) ("Victory" or the "Company) is pleased to announce that the first phase of exploration has commenced on the Hammond Reef South Project, which adjoins Agnico Eagle's Hammond Reef Project in Northwestern Ontario.
The Company optioned the Hammond Reef South property from Abitibi Royalties, as announced on August 10th, 2020. The Company has engaged Clark Exploration of Thunder Bay to complete the proposed work program (August 12th, 2020 News Release).
The first phase of the program includes the prospecting and mapping of anomalous trends identified by Osisko Mining Inc. At present 15 samples have been sent to AGAT Laboratories, Thunder Bay for analysis. On receipt of the results the comprehensive exploration program will focus of further defining drill targets.
Hammond Reef South Work Commencement Highlights
Victory optioned the Hammond Reef South Property from Abitibi Royalties as announced on August 10th, 2020
The Company has engaged Clark Exploration of Thunder Bay to complete the proposed work program announced August 12th, 2020
First phase of the program includes prospecting and mapping of anomalous trends identified by Osisko
Over the past 2 weeks, 15 samples have been taken and sent to AGAT Laboratories in Thunder Bay for analysis, the results of which will define drill targets
The previous and present exploration is focused on the definition of gold trend similar to Agnico Eagle's Hammond Reef Project. Northeast trending carbonate, sericite altered pyrite bearing zones have been identified with anomalous gold values and have been indicated from the previous Osisko exploration.
"Exploration on the property, carried out from 2009 to 2012, consisted of widely spaced prospecting traverses and limited soil sampling. Significant mineralization was found just north of the property boundary by Osisko," said Victory geologist, Mr. Helgi Sigurgeirson. "Anomalous samples from this local returned from 0.18 to 4.75 grams per tonne Au. The area of the property immediately to the southwest (i.e. along the usual trend of mineralization in the area) has had little exploration. Alteration and minor mineralization were located in other areas of the property as well, but the preliminary nature of the work has left much of the ground incompletely evaluated, leading to the recommendation for Victory's work program of mapping, soil sampling and magnetometer surveying."
The Hammond Reef South Project adjoins Agnico Eagle's Hammond Reef Project, which contains an open pit measured and indicated mineral resource of 208 million tonnes grading 0.67 gpt gold (containing 4.5 million ounces of gold), as well as open pit inferred mineral resource of 0.5 million tonnes grading 0.74 gpt gold (containing 12,000 ounces of gold), using a cut-off grade of 0.32 gpt, as of 31 December 2019 (see Agnico Eagle news release dated 13 February 2020 for further information). An Amended Environmental Assessment was submitted in January 2018 and the project subsequently received environmental approval from both Federal and Provincial agencies (see notice of approval dated 16 May 2019 on Agnico Eagle's website).
Scientific and technical information contained in this press release was reviewed and approved by Mr. Helgi Sigurgeirson, Victory geologist, and a "qualified person" under NI 43-101.
For further information, please contact:
Ivy Lu
Investor Relations
David Lane
President
Telephone: +1 (236) 317 2822
E-mail: IR@victoryresourcescorp.com
About Victory Resources Corporation
VICTORY RESOURCES CORPORATION (CSE: VR) is a publicly traded diversified investment corporation with mineral interests in North America. The company is also currently seeking other exploration opportunities, preferably in Canada.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.
SOURCE: Victory Resources Corporation
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