Victory Resources Corp (CSE:VR, OTC:VRCFF) said it has acquired 100% interest in the Saguenay Nickel Project in Quebec, a property with historical nickel and copper grab sample and drilling results.
The property, made up of five claims totalling 286.32 hectares, are located approximately 10 kilometres (km) to the south of the town of Saguenay, and is underlain by mafic to ultramafic rocks enclosed in the Saguenay Gneissic Complex.
A historic grab sample returned up to 3.41% nickel (Ni), 1.14% copper (Cu), 1.2 parts per million (ppm) silver (Ag) and 0.13% cobalt (Co), the company said.
“We are excited to add this property to the Victory portfolio, noting that our team has analyzed the historical grab sample and drill results, along with the overall Saguenay Gneiss Complex, and are very encouraged about the prospects for this acquisition,” Mark Ireton, Victory Resources president and CEO said in a statement.
The company will pay $10,000 and 2.5 million common shares for the 100% interest upon obtaining the necessary approvals.
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Victory noted that in 1959, four out of seven holes drilled northwards to the outcrop area intersected gabbroic and peridotite rocks. The results then were as follows:
- Hole #1 intersected 12 feet (ft), averaging 0.23% Ni and 0.06% Cu, and 3 ft, averaging 0.38% Ni and 0.11% Cu
- Hole #2 intersected 13 ft, averaging 0.22% Ni and 0.04% Cu
- Hole #3 intersected 10 ft, averaging 0.49% Ni and 0.03% Cu
- Hole #4 returned 4 ft of 1.06% Ni, and 0.21% Cu
The Saguenay Gneiss Complex has abundant mafic and ultramafic rocks and anorthosites, which are commonly associated with Ni-Cu-PGE sulfide deposits, the company said.
“The presence of ore grade Ni-Cu samples at surface and in drill core on this property, and the absence of modern exploration is highly encouraging,” it added.
A work plan for the 2022 field season will focus on detailed geological mapping, bedrock and till sampling across the property to determine the scope of advanced exploration, and a potential drill program.
Contact the author at jon.hopkins@proactiveinvestors.com