Victory Resources Corporation said that after extensive mapping, sampling and drilling on the Loner property in Nevada, the exploration team has staked eight additional claims and is re-evaluating the system, which it believes could be larger than previously understood.
In early July, the precious metals explorer conducted a mapping project approximately 1 kilometer (km) to the north of the Loner drill-program in Pershing County.
Samples of mineralized rock were shown to contain over 1000 parts per million (ppm) silver, resulting in the staking of additional claims.
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The July exploration lasted nine days and resulted in the collection of 18 rock samples, 85 soil samples, and a generalized geologic map of the newly staked property. Additionally, field observations and current data indicate a larger system than previously thought.
"Our exploration team has worked extensively on Loner, and results have led us to stake additional claims, which are now secured, allowing us to provide a thorough update to shareholders on the activity and findings," said Mark Ireton, CEO of Victory, in the statement.
According to Victory, the Loner property was previously thought to be a local epithermal gold deposit, but the size and complexity of hydrothermal activity has led to a re-evaluation of the system.
“This system could be larger than previously thought if a relationship can be established between the silver-bearing sandstone and proximal gold-bearing granite. Assays of the soils and rocks collected throughout the property will reveal more information about the system,” the company said.
Victory optioned the Loner Property from Silver Range Resources (AIM:RRL, ASX:RRS) in December 2020.
Contact the writer at georgia@proactiveinvestors.com
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