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Victory Metals entered into an option agreement with Ethos Gold

Mining News - Published on Thu, 23 May 2019

Image Source: PR Newswire
Victory Metals announced that the Company has entered into an option agreement with Ethos Gold, whereby Ethos can spend USD 5 million to earn an undivided 50% interest in the precious metals rights at the Iron Point Vanadium Project, Nevada. High priority, deep gold/silver drill targets have been proposed by Dr Quinton Henningh, who will oversee the drilling program at Iron Point as technical advisor to Ethos.

Highlights:

• Ethos can earn a 50% interest in the precious metals rights in the 13,300 acre Iron Point property by spending a minimum of USD 5 million over three years, with minimum expenditures of USD 1 million in the first year which will include drilling of up to 3 holes targeting deep, Carlin-style gold targets. Once Ethos has incurred $5 million, a 50-50 joint venture will be formed between Ethos and Victory, specific to the precious metals rights.

• Victory will retain a 100% interest in widespread, near-surface Vanadium mineralization that has recently been outlined through drilling by the Company.

• Victory receives special mining treatment in the Agreement, whereby should precious metals be found near vanadium mineralization, vanadium mining will be given preference. Victory is given a veto on any precious metals mining rights that could in anyway interfere with the development of vanadium deposits outlined on the Property.

• Iron Point (see Figure 1) is located at the intersection of the Battle Mountain and Getchell Gold Trends, and is on trend with several high-grade, world-class gold mines including Twin Creeks, Getchell/Turquoise Ridge, and Marigold.

• Recent fossil analysis has established that the Comus formation at Iron Point previously mapped as Upper Plate is definitively Lower Plate and correlatable with Roberts Mountain and Popovich formations, units highly prospective for large Carlin style deposits.

• Since 1994, Dr. Hennigh has run multiple drill campaigns at Iron Point targeting shallow gold mineralzation and after considerable review of the geological and geochemical data is convinced on the potential for locating deeper Carlin style gold target.

Mr Paul Matysek, Executive Chairman stated "Iron Point has been the focus of over USD 20M of historical gold exploration by key operators including Newmont, Chevron Resources, Santa Fe, Kennecott, and Newcrest. Anomalous gold has been found in many places near surface, as well as significant intercepts indictivate of Carlin style gold mineralization. An inquiry into Iron Point's gold potential by Dr. Quinton Henningh just last year sparked the realization of the presence of vanadium, which culminated in the formation of Victory Metals. Dr. Henningh's past work at Iron Point and his conviction on the possible presence of Carlin style deep gold target is truly exciting. With Ethos willing to spend $5M to test deep gold targets, Victory Metals shareholders stand to benefit greatly through the potential discovery of deep Carlin-style gold mineralizaton while focusing Victory's financial and technical resources on the advancement of the near surface vanadium potential. I would like to reiterate that Victory's primary focus remains on vanadium, with the earn-in Agreement entered into with Ethos clearly defining that Victory has preference on all future mining activities in favor of vanadium."

Source :

Posted By : Rabi Wangkhem on Thu, 23 May 2019
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