Victory Battery Metals Corp (CSE:VR, OTC:VRCFF) has shared initial plans related to future exploration on its Stingray Property array in the James Bay Lithium District, adjacent to Patriot Battery Metals Corvette Lithium discoveries.
"The Stingray property array is in a prime location and our exploration team has outlined an initial program, while simultaneously looking for additional strategically aligned property in the area,” Victory Battery Metals president Mark Ireton said in a statement.
The company said it has acquired a large ground position in an underexplored area within an emerging lithium district. The Stingray Project encompasses several claim blocks south of Patriot Battery Metals Corvette Property, with the Stingray claim blocks ranging from adjacent to Corvette to several kilometers (km) away and spanning over 25 km of east-to-west strike length.
READ: Victory Battery Metals outlines plans to advance its Quebec and Nevada lithium holdings; seeks additional property acquisitions
It said it intends to carry out an initial program of prospecting, reconnaissance mapping and geochemical sampling. The goal of the program will be to discover pegmatites similar to those reported on several nearby properties, such as the Corvette Lake North Property, the company added.
Victory Battery Metals noted that the James Bay Region of Quebec is composed of the Superior Province. This Archean craton has been deformed by various orogens over time, creating large fault zones containing gold, lithium, copper, zinc, and silver mineralization. The majority of the new Stingray claims lie along the same rock unit that has been previously mapped by Patriot Battery Metals Inc., which contains lithium-bearing pegmatites up to 20 km in length with lithium oxide (Li2O) values as high as 1280 parts per million (ppm).
It also noted that Patriot Battery Metals’ Corvette property "hosts significant lithium potential highlighted by the 2.6 km long CV5 spodumene pegmatite with drill intercepts of 156.9 meters (m) at 2.12% Li2O, including 25m at 5.04% Li2O or 5m at 6.36% Li2O (CV22‑083), 159.7m at 1.65% Li2O (CV22-042), 131.2m at 1.96% Li2O (CV22-100), and 52.2m at 3.34% Li2O, including 15m at 5.10% Li2O (CV22-093).”
Private placement
The company also announced that it has closed the first tranche of its previously announced private placement of units. It issued 5.6 million units at $0.08 per unit. Each unit consists of one common share and one common share purchase warrant exercisable at $0.12 for a two-year period, subject to the right of the company to accelerate expiry upon 30 days' notice if the common shares trade at $0.17 or higher for a period of 10 days.
One insider participated in this closing. The company said it is relying upon exemptions contained in MI61-101 from the requirements for an independent evaluation and minority shareholder approval.
Victory Battery Metals is a publicly-traded diversified investment corporation with mineral interests in North America. The company is also actively seeking other exploration opportunities.
Contact the author at stephen.gunnion@proactiveinvestors.com