Victory Resources Inc told investors it has completed its previously announced extensive 45 kilometer (km) induced polarization (IP) survey at its Mal-Wen project in British Columbia and terminated its agreement with Silver Range Resources Ltd (TSX-V:SNG, OTC:SLRRF) over the Loner property in Nevada.
Preliminary results from the survey at Mal-Wen indicate that two "significant" anomalies lie around 600 to 900 meters (m) east of the Mal prospect, and a 500m drill program is proposed to test these Mal East and far East anomalies.
More drilling may also be recommended depending on the IP results from the southern half of the grid, which covers the Wen prospect, the firm added.
The Mal-Wen asset comprises seven claims with a total area of 1205.97 hectares, which sit around 30 km southeast of Merritt in south-central British Columbia.
The mineral investment group also noted that its Loner property in the US had been initially acquired on the strength of the hypothesis put forward by Silver Range that there could be significant mineralization adjacent to and between known veins.
READ: Victory Resources receives permit to commence drilling on its Smokey Lithium property
But Victory said work had shown that the veins and alteration zones were too small and/or low grade to be of economic interest, and there was "little evidence" of them being related to a larger zone.
"Victory leadership has determined that the company's resources should be allocated to the potential that exists with Smokey Lithium and Mal-Wen, versus devoting a further portion of time, expertise and capital to further exploration on Loner," said Mark Ireton, Victory's CEO in a statement.
"In addition, the company is seeking and evaluating additional properties, especially those indicating lithium and related battery minerals," he added.
The firm added that David Deering's term as a director has completed and wished him the best in his future endeavors.
Contact the writer at giles@proactiveinvestors.com