Victory Resources completes initial sampling on its Smokey Lithium property in Nevada

Victory Resources Corporation (CSE:VR) (OTCMKTS:VRCFF) (FRA:VR62) announced that it has completed a geological program on its newly-acquired Smokey Lithium property in Nevada.  The two-day reconnaissance sampling program, carried out on March 19 and 20, was initiated to provide a preliminary assessment of the geology of the property, collect samples from select areas of interest, and assess access to the claims.  The company also noted that mudstones were observed on the property similar to those on the adjacent Jindalee Property, where mudstones have returned assays up to 930 parts per million (ppm) lithium.  READ: Victory Resources acquires the Smokey Lithium Project in Nevada Victory Resources said 20 grab and chip samples were collected from two areas underlain by mudstone and have been shipped to ALS Laboratories for analysis. It added that access was good to those parts of the property that were visited and the company is in the process of putting together what it calls “an aggressive program” to explore for a new discovery in this area of Nevada, which it said is “lithium-rich.”   The Smokey property consists of 350 claims covering 7,000 acres and is surrounded by projects being developed by Noram, Cypress, and American Lithium, to name a few. Victory Resources agreed to pay $178,500 in cash plus issue 1.5 million of its common shares for the Smokey property, which is subject to a net smelter royalty equal to a 2.0% royalty on revenues derived from the sale of lithium and other ores extracted from the project. Victory, though, has the right to buy one half (1.0%) of the royalty at any time for $1 million in cash. Victory Resources is also currently developing its existing projects, including its recently optioned Loner property in Nevada adjacent to Goldbanks, its recently acquired properties, Hammond Reef South in Ontario adjoining Agnico Eagle’s Hammond Reef mine, and Lac Simard in Quebec within 20 kilometers of three operating gold mines, including Agnico Eagle’s Goldex, Canadian Malartic mines and Eldorado Gold’s Lamaque mine. Contact Sean at sean@proactiveinvestors.com