Victory Resources Corporation (CSE:VR) (FRA:VR61) (OTCPINK:VRCFF) announced that it has filed a "Notice of Operations" toward permitting for a 500 metre short hole drill program on the company's recently optioned Loner Property in Nevada, schedule to begin in late January, permit depending.
"The first pass drilling program at Loner Property is intended to confirm intersections of gold-bearing quartz vein that correlates with historical underground mining and mapped surficial gold occurrences. It is anticipated the drill program will demonstrate broader mineralization across the width and depth of the occurrence which remains open in all directions," said David R. Deering, VP Exploration, and a director of Victory Resources.
READ: Victory Resources strikes option deal with Silver Range Resources over 'promising' Loner property in Nevada
As previously reported, the strong gold and arsenic geochemical anomalies at Loner are coincident with the exposed mineralization and historic workings.
"This indicates that the drill program may define the anomalies more extensively through-out the target area" said Deering. "This first pass drilling work will evaluate the best and most productive way to continue bringing the project forward over the coming year."
The Loner Property is located 35 kilometres south of Winnemucca in the southern Sonoma Range and currently consists of 16 Federal Lode Claims covering historic workings and exposed low-sulphidation gold mineralization.
Recent exploration in the area includes the Goldbanks Project, an epithermal gold project about 12 miles to the south, and the Coronado VMS Project, which has been exploring for Cu on a property about 6 miles to the southeast of the Loner Property. The area of the Loner Property is prospective for both these styles of mineralization.
Victory Resources has optioned the Loner Property from Silver Range Resources (CVE:SNG) as announced on 23 December 2020.
The company also announced that 492,000 options have been recently cancelled with the consent of the holders, as they were no longer serving their purpose in aligning the interest of the holders with those of shareholders.
Contact the author at jon.hopkins@proactiveinvestors.com