Victory Resources Corp (CSE:VR, OTC:VRCFF) has announced new lab results from three new drill holes from its Phase One, 15-hole drill program at the Smokey lithium project in Nevada’s Clayton Valley.
The Vancouver-based company said that results included up to 1,270 parts per million (ppm) and key lithium bearing sections averaging up to 857 ppm.
As a result of its analysis, Victory said its exploration team has staked additional ground based on its geologic model of the target lithium deposit.
READ: Victory Resources says first phase drilling at Smokey lithium property in Nevada now complete
"The Victory exploration team has advanced the Smokey lithium property substantially through the analysis of lab results, and upon those strong results through the additional staking which was conducted for competitive reasons to protect the company's interests," Mark Ireton, Victory’s CEO, said in a statement.
"The company's exploration team has advanced this property based on its theory that a significant lithium deposit is buried at depth along the adjacent Jindalee boundary margins nearest to the fault line.”
Ireton stressed that of the three holes, one had impressive lithium values, and the other two provided important information as to the potential location and boundaries of a lithium deposit.
“In total, the drill results from all three holes guided the additional staking so that the company can continue to define what it believes is a significant lithium deposit buried at depth,” the CEO added.
Victory added that its exploration team has “high confidence” in their theory that a down-dropped clay deposit exists, and the Phase One drill program results have provided valuable information to locate the extension of the lithium clays buried at depth.
The Smokey lithium project is a clay lithium property that lies approximately 20 miles north of Clayton Valley, to the west of American Lithium's flagship Tonopah lithium project.
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