NEW YORK, NY, Feb. 26, 2021 (GLOBE NEWSWIRE) -- Victory Resources Corp. (OTC Pink: VRCFF) (CSE: VR) (FSE: VR61) recently added additional funding to its coffers, which will be used, in part, to begin its first drilling program on the Loner Property in Nevada. It’s a property that the company only recently optioned from Silver Range Resources in late December, and since optioning the property, Victory Resources has moved quickly to take full advantage of its exploration opportunities there with a carefully laid out 500-meter short hole drilling program.
The company’s planned drilling program is expected to begin next month (March 2021), weather permitting, now that Victory Resources has received the much-anticipated drilling permit for the project from the Nevada State Office of the Bureau of Land Management giving Victory Resources the go-ahead as announced this week.
According to Victory Resource’s Director and VP of Exploration, David R. Deering, P.Eng., the first pass drilling program at the Loner Property will consist of 7 to 10 diamond drill holes totaling 500 meters, and it will be used to confirm intersections of gold-bearing quartz veins that correlate with historical underground mining and mapped surficial gold occurrences.
Additionally, the initial drilling program will evaluate the 200 to 300-meter-wide zone of anomalous soils identified by Silver Range Resources through principal component analysis. Specifically, the company says that its drilling operations will focus on the area of gold-in-soil anomalies to the south and east of the main workings; however, Victory Resources expects to evaluate other areas as well.
The company anticipates that the drill program will demonstrate broader mineralization across the width and depth of the occurrence which remains open in all directions. Previous reports state that the strong gold and arsenic geochemical anomalies are coincident with the exposed mineralization and historic workings.
When discussing the anomalies found in prior work, David Deering said, “This indicates that the drill program may define the anomalies more extensively throughout the target area. This first pass drilling work will evaluate the best and most productive way to continue bringing the project forward over the coming year.”
The significance of the upcoming program is that it expects to build upon extremely encouraging results found on the property to date. And, in doing so, the company will advance the story of the Loner Property, which is located 35 kilometers, or about 22 miles, south of Winnemucca, Nevada, in the southern Sonoma Range. Loner currently consists of 16 Federal Lode Claims covering historic workings and exposed low-sulphidation gold mineralization.
Excitement for the future of the Loner Property is generated by recent exploration successes in the area. The project is across Grass Valley and 12 miles north of the Goldbanks Project (current resources 557,000 ounces of Gold). There are strong similarities between Loner and the Goldbanks Deposit in terms of geological setting and style of mineralization found at each. Also, the Coronado VMS Project, which has been exploring for copper on a property about 6 miles southeast of the Loner Property. Victory Resources says that the area of the Loner Property is prospective for both these styles of mineralization, gold and copper.
David Deering added, “As previously noted, Loner is a promising property. Our efforts have been extensive since acquiring the option in December and with this announcement our team is in place and prepared to accelerate exploration activities with the launch of our 2021 work program.”
This is an excellent exploration opportunity for Victory Resources on what expects to be promising and ideally-situated property with year-round exploration access in an area of mineralization-rich Nevada that is in the vicinity of Goldbanks, and an area where industry mainstays, Barrick, Kinross, and Premier have interests.
To learn more about Victory Resources Corp., visit https://www.victoryresourcescorp.com.
About Victory Resources Corp.
Victory Resources Corp. is a publicly-traded, junior, international mining company with interests in North America. The company is currently developing its existing projects, including its recently optioned Loner property in Nevada adjacent to Goldbanks, its British Columbia Mal-Wen property and its recently acquired properties, Hammond Reef South in Ontario, adjoining Agnico Eagle’s Hammond Reef mine, and Lac Simard in Quebec, located within 20 kilometers of 3 operating gold mines, including Agnico Eagle’s Goldex, Canadian Malartic mines and Eldorado Gold’s Lamaque mine.
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