Victory Battery Metals (CSE:VR, FWB:VR61, OTC:VRCFF) recently completed a four-hole drill program at its Smokey lithium project in Nevada.
As Victory awaits assay results from Smokey, located in Esmeralda Country, a prolific region for very large-tonnage lithium clay deposits (including Noram Ventures’ 166Mt @ 900 ppm, Century Lithium’s 593Mt @ 1,032 ppm, American Lithium’s 495Mt @ 1,000 ppm, Spearmint Resources, Enertopia and Jindalee Resources), the battery metals junior this week announced a field team is on site conducting summer exploration at Georgia Lake, Ontario.
“The Georgia Lake lithium project is a strong lithium play in a proven lithium region. Our work program is being led by two geologists along with two prospectors and has been designed towards identifying geological or geochemical indicators of Li-bearing pegmatites on the Georgia Lake property,” said Mark Ireton, Victory’s President and CEO.
According to the June 5 news release, the current exploration program consisting of prospecting and rock, till and stream sediment sampling, has been designed to build upon the following:
Victory’s Georgia Lake property is easily accessible through a recently developed network of logging roads, anywhere from 1 to 3 kilometers from the Trans-Canada Highway, midway between Nipigon and Beardmore, which is a hub for the northern Ontario mining industry.
The property is 1.8 km east of Rock Tech Resources’ advanced-stage lithium project within the Georgia Lake Lithium District, which has a proven track record of economic lithium deposits dating back to the mid-1950’s.
In the district, pegmatites bearing the lithium mineral spodumene
occur almost entirely within metasediments, usually spatially associated with mica-bearing granitic rocks. Historical regional mapping indicates that Victory’s Georgia Lake property is largely underlain by metasediments.
The 2,263-hectare project shares similar geology and is along strike from Rock Tech’s advanced North Spodumene Pegmatite Area (NSPA) property. A November, 2022 Rock Tech prefeasibility study supports a proposed open pit and underground mine operation at Georgia Lake, along with construction of a 1,000,000 tonne-per-annum spodumene concentrator.
Rock Tech is building a lithium ore processing facility for custom milling in Thunder Bay, to be online in early 2024, which, with Ontario government support, will buttress mineral processing from other nearby lithium mines.
A 2022 technical report on the Georgia Lake property produced a mineral resource estimate outlining a 10.60 million tonne (Mt) indicated resource at a grade of 0.88% Li2O (lithium oxide), and a 4.22Mt inferred mineral resource grading 1.0% Li2O.
Three new LCT-type (lithium-cesium-tantalum) pegmatites — Line 20, Camp 38, and Conway East — were discovered near the eastern border of Rock Tech’s NSPA during its 2022 field season, and announced on Jan. 31, 2023. (remember, Victory’s Georgia Lake is 1.8 km east of NSPA. Rock Tech owned the property before Victory acquired it in May, 2022)
These recently discovered LCT pegmatites on Rock Tech’s NSPA ground are considered very encouraging with respect to Victory’s claims and the 2023 exploration program currently underway.
Moreover, according to Victory, mapping on Rock Tech’s ground has outlined additional bodies of mica granite not shown on regional maps, suggesting the possibility that previously unmapped mica granites and associated pegmatites may be found on Victory’s ground as well.
Flush with a $1.925 million private placement cash injection, Victory Battery Metals is in good shape to deliver on its 2023 field program.
CEO Mark Ireton has said that receipt of favorable assay results from the four holes drilled at Smokey would lead to a phase 3 drill program, with holes drilled to a depth of 600 feet, or 182 meters.
Ireton also said between the five properties in the company’s portfolio, and the cashed-up treasury, Victory Battery Metals is “ready to go with all of these projects, which all have significant work programs either underway currently or to be commenced in late spring early summer.”
Along with Smokey and Georgia Lake, VR also holds one more lithium property, Stingray in Quebec.
Stingray I consists of four claims totaling 204 hectares extending directly from the south property line of Patriot Battery Metals’ Corvette project. Stingray II comprises 40 claims of 2,041 hectares situated south and southwest of Corvette.
In February, Victory announced a major expansion of the Stingray properties, acquiring 280 new claims and bringing its total claims in the area adjacent to Patriot Battery Metals’ Corvette property to 347.
Victory says its holdings now represent a large ground position in an underexplored area within the emerging James Bay Lithium District.
Ireton pointed to two other projects under development by Victoria Battery Metals. The Tahlo Lake property near Smithers, BC is located within the Babine Copper-Gold Porphyry District, along with American Eagle’s NAK project. An aerial magnetic survey is currently under review to determine next steps.
The Saguenay nickel project is located about 10 km south of the Quebec town of the same name. It is made up of five claims totaling 286.3 ha. Ireton noted that back in 1959, there was exploration done showing respectable nickel content. While little work has been done since then, he said VR is “currently engaging work programs to prove this out and see what next steps might be there.”
Victory Battery Metals (CSE:VR, FWB:VR61, OTC:VRCFF)
Shares Outstanding 47.3m
Market cap Cdn$3.9m
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