Victory Resources Corporation, a diversified minerals company with assets around North America, updated shareholders on its recent developments at its Smokey Lithium property in Nevada.
The explorer also highlighted the rising price of lithium as a sector catalyst, with values of the battery metal climbing to a three-year high this month.
A rapid surge in electric vehicle demand is behind the accelerated growth, last year the market reached a critical milestone of 10 million electric vehicles on the road globally.
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With sales anticipated to balloon to 15 million annually by 2025, Victory Resources’ plans to use its lithium exploration efforts in Nevada as a strategic growth opportunity.
"With the Smokey Lithium property, located in Esmeralda County, which is part of a prolific lithium area, Victory is committed to lithium exploration at a time when there is a global resurgence in lithium prices related to heightened demand for battery minerals," Victory CEO, Mark Ireton said in a statement.
"We are seeing the highest lithium prices in more than three years as the EV revolution accelerates, and Victory is well-positioned, and anticipating further advancement on Smokey Lithium in the near term."
The Smokey Lithium project is described as a clay lithium property, situated approximately 20 miles north of Clayton Valley, and 20 miles west of American Lithium's flagship lithium project.
The claystone at the site is often characterized by high lithium concentrations, and is observed as highly weathered light grey to tan mounds of unconsolidated clay from 0.10 - 1.50 meters thick.
“The flat lying nature of the claystones, together with the frequent occurrence of transported cover requires drilling to fully validate and assess Smokey Lithium's potential as indicated by surface sampling,” the company said.
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