Victory Resources Corp (CSE:VR, OTC:VRCFF) said its exploration team has completed an on-site geological program to finalize the location of drill holes on its Smokey Lithium property in Nevada, building upon the results from its comprehensive work to delineate the extent of lithium mineralization.
The company said it is now in the process of amending its drill permit application to include the new high-quality drill targets. The proposed program seeks to extend strong lithium mineralization intersected previously on the property's hole 09.
"As previously reported, the exploration work conducted has been extensive, taking the necessary time to truly understand the resource potential in order to identify the best possible drill target intercepts for us to pursue at Smokey Lithium toward establishing the maiden resource potential of the property,” Victory president and CEO Mark Ireton said in a statement.
The company said additional exploration goals of the drill program include drilling through the locally mineralized sediments above the Weepah Detachment Fault. This is important to grow its understanding of a significant area of known lithium mineralisation including potentially important claystone-hosted lithium discoveries made in 2017 by Jindalee Resources to the immediate south of the property, it added.
The exploration efforts of both Victory and Jindalee have shown that the most southern portion of the Smokey Valley is underlain by claystones, ashstones and mudstones of the Esmeralda Formation, the company said. This geology is critical for success in the region where large, blanket-like mineralized sections have been recently found.
Detailed geologic mapping by Victory at the project has identified the contact of the Weepah Detachment slide block. Victory said this slide block conceals the Esmeralda formation in the southern portion of the property. Lithium mineralization within the Weepah sediments has been noted by the United States Geological Survey (USGS).
The company said it sees the potential to drill through mineralized Weepah sediments and down into mineralized Esmeralda Formation sediments. The drill targets are targeted at that geologic setting to significantly expand the known lithium mineralization on the property.
"Now that the data has been processed and assessed on the ground to physically locate the best drill locations we will amend and refile the existing drill permit application," Ireton concluded.
Victory Resources is currently developing its existing projects including its optioned Loner property in Nevada, the Smokey Lithium property in Nevada, the Mal-Wen property in British Columbia and several other properties.
Contact the author at stephen.gunnion@proactiveinvestors.com