Victory Resources Corp (CSE:VR, OTC:VRCFF) has further advanced its Smokey Lithium project in Nevada, USA by identifying a new area of interest (AOI) spanning around 2.5 square kilometres (sq km) as a high-priority exploration target.
It comes after results were combined from field mapping, surface sampling, drilling and seismic studies to produce proprietary maps.
The drilling component saw three holes sunk to confirm mineralized clays and one hole hit mineralization, the company said.
"Upon completion of the map work, a 2.5 sq km area (approx.) was identified as high priority for further exploration. This new Area of Interest (AOI) resides within 91 newly staked claims and is contiguous with the southwest part of the original claim block. Hole 09, which ended in mineralization, fits within the AOI," it added.
READ: Victory Resources receives results from extensive ground sampling program on its Smokey Lithium Property in Nevada
Victory's president and CEO Mark Ireton said: "The exploration work conducted has been extensive, taking the necessary time to truly understand the resource potential in order to identify the best possible drill target intercepts for us to pursue at Smokey Lithium toward establishing the maiden resource potential of the property."
Victory outlined the next steps at the AOI would be to amend the existing and current permit to place holes on a 1,000 ft grid spacing over the AOI to test the total mineralized depth of the hole above, which encountered mineralization.
It also said it would use a 500-1,000ft grid spacing away from this mineralized hole at a distance to grow a resource as well as manage risk.
Victory's Smokey Lithium asset is a clay lithium property that sits about 20 miles north of Clayton Valley, to the west of American Lithium's flagship lithium project.
Smokey Lithium is northwest of Cypress' Clayton Valley lithium project and to the southwest of American Lithium Corp (TSX-V:LI)'s Tonopah Lithium Claims Property in southwest Nevada.
Esmeralda County in Nevada is a prolific region for lithium clay deposits, (Noram, Cypress, American Lithium, Spearmint, Enertopia, and Jindalee).
Victory Resources shares rose 20% in Toronto on the day to stand at C$0.03 each.
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Contact the author at giles@proactiveinvestors.com