Victory Resources Corporation (CSE:VR) (OTCPINK:VRCFF) (FRA:VR61) said it is fast-tracking a drill permit application for its Smokey lithium project in Nevada after receiving strong results from the recently completed geological sampling program.
The explorer aims to commence the drill in late summer or early fall.
Prices for lithium have been on the rise much of the last year, as demand from the electric vehicle sector increases. The value of lithium carbonate, in particular, has climbed 120% since July 2020.
READ: Victory Resources reveals strong initial results and highly anomalous zone at Smokey Lithium in Nevada
Victory Resources’ Smokey is a clay lithium property located in Esmeralda County, 20 miles from the Albemarle Corp (NYSE:ALB) (FRA:AMC) Silver Peak mine and 20 miles west of American Lithium Corp's (CVE:LI) (OTCMKTS:LIACF) (FRA:5LA1) flagship lithium project.
"Esmeralda County is part of a prolific lithium area, and with sampling results of up to 1500 parts per million (ppm) Lithium (Li) at Smokey Lithium, Victory has a significant play right in the midst of the region," Mark Ireton president and CEO said in the statement.
"The compelling results we have received from Smokey Lithium indicate that initiating a drill program on the property is our current top priority. Victory's exploration team is deployed in Nevada, putting us in an ideal position to seize this opportunity quickly and investigate the potential indicated at Smokey Lithium."
Additional sampling in the southwest area showed values well over 1000 ppm Li and revealed a highly anomalous zone about 1.5 kilometers across.
The central area of the property also features elevated lithium values and may be related to the high lithium zone on the adjacent Jindalee property.
In June, Victory's exploration team completed the mapping using a Laser-Induced Breakdown Spectroscopy (LIBS) Analyzer. A sampling program focused on the collection of claystone samples was also conducted.
Currently, the exploration team is in the process of planning its drill program, utilizing the results from its recently completed sampling program to prepare the required drill application.
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