Victory Resources Corporation (CSE:VR) (FRA:VR61) (OTCPINK:VRCFF) reported Friday that its permit application process is advancing after receiving an "Acknowledgement of Receipt of Exploration Notice and Reclamation Cost Estimate" from the Bureau of Land Management of the Winnemucca District Office in Nevada.
In response to the acknowledgement letter, the company said it has submitted the required payment guarantee for the bond to secure the permit to drill the Loner Property.
"Our exploration team has made tremendous progress, completing the preparatory work required to finalize all elements of drilling program operations plan, including the engagement of drilling services and submission of the permit application," said CEO David Lane in a statement.
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"Under the leadership of our VP of Exploration, David Deering, all of this has been expedited in a short timeframe, and under challenging conditions due to the pandemic, since the Loner Property was optioned on December 23rd from Silver Range Resources," Lane added.
Victory said that once the permit is secured in the near term, it will finalize its timelines for the upcoming initial drill program -- planned for 7 to 10 diamond drill holes totalling 500 meters.
The company noted that Loner gives its year-round exploration access in a zone within Nevada, that is in the vicinity of Goldbanks, an area where Barrick, Kinross and Premier have interests.
Victory added that the project will begin when it receives the decision letter from BLM, stating the guarantee has been accepted.
At that point, the company will finalize its timelines for the initial drill program to accomplish two goals. First, it is intended to better characterize the mineralization exposed in the known workings, which are mostly inaccessible. Second, drilling is intended to evaluate the 200 metres (m) to 300m wide zone of anomalous soils identified by Silver Range Resources Ltd (CVE:SNG) (OTCMKTS:SLRRF) (FRA:8SR) through principal component analysis.
Specifically, drilling will focus on the area of gold in soil anomalies to the south and east of the main workings, though other areas will be evaluated as well.
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