Victory Resources Corp. Acquires 100% Interest in Saguenay Nickel Project
- Property consists of 5 claims totalling 286.32 ha, approximately 10 km south of Saguenay, Quebec
- Presence of ore grade Nickel - Copper samples at surface and in drill core
- Historic grab sample returned up to 3.41% Ni, 1.14% Cu, 1.2 ppm Ag and 0.13% Co
VANCOUVER, April 27, 2022 - Victory Resources Corp. (CSE:VR) (FWB:VR61) (OTC PINK:VRCFF) ("Victory" or the "Company") is pleased to announce that the Company's has acquired 100% interest in the Saguenay Nickel Project in Quebec, a property with historic Nickel and Copper grab sample and drilling results.
"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," said Mr. Mark Ireton, Victory Resources President and CEO.
The claims are located approximately 10 km to the south of the town of Saguenay. The property is made up of 5 claims totalling 286.32 ha. It is underlain by mafic to ultramafic rocks enclosed in the Saguenay gneissic complex. A historic grab sample returned up to 3.41% Ni, 1.14% Cu, 1.2 ppm Ag and 0.13% Co. In 1959, 4 out of 7 holes drilled, on Victory Resources ground intersected gabbroic and peridotite rocks, hole number 4 returned 4 feet of 1.06% Nickel, and 0.21% copper, hole # 3intersected 10 feet averaging 0.49% Nickel and 0.03% copper, hole # 2 intersected 13 feet averaging 0.22% Nickel and 0.04% copper, and a fourth hole, the number 1 intersected 12 feet averaging 0.23% nickel and 0.06% copper and 3 feet averaging 0.38% nickel and 0.11% copper.
The four holes were drilled northwards to the outcrop area, with hole 4 intersecting zone as mapped in the historical report GM 08808.
The Saguenay Gneiss Complex has abundant mafic and ultramafic rocks and anorthosites, which are commonly associated with Ni-Cu-PGE sulfide deposits (e.g., Voisey's Bay, Labrador; Thompson, Manitoba). 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. 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.
Terms of the Agreement for 100% are $10,000 and 2.5 million common shares payable on Regulatory and Exchange approval.
Donald Théberge, P.Eng., M.B.A., an independent qualified person as defined in National Instrument 43-101, has reviewed, and approved the technical contents of this news release on behalf of the Company.
For further information, please contact:
Mark Ireton, President
Telephone: +1 (236) 317 2822 or TOLL FREE 1 (855) 665-GOLD (4653)
E-mail: IR@victoryresourcescorp.com
About Victory Resources Corporation
Victory Resources Corp. (CSE:VR) is a publicly traded diversified investment corporation with mineral interests in North America. The Company is also actively seeking other exploration opportunities.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
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SOURCE: Victory Resources Corp.