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Victory Resources Acquires Smokey Lithium Project In Nevada
Project in Prime Region for Lithium Clay Deposits - Surrounding Deposits Include Noram, Cypress, American Lithium VANCOUVER, BC / ACCESSWIRE / March 18, 2021 /
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[{"type":"text","content":" Project in Prime Region for Lithium Clay Deposits - Surrounding Deposits Include Noram, Cypress, American Lithium VANCOUVER, BC / ACCESSWIRE / March 18, 2021 / Victory Resources Corporation (CSE:VR) (FWB:VR61) (OTC PINK:VRCFF) (\"Victory\" or the \"Company\") is pleased to announce that the Company's has acquired, in an arms-length transaction, the Smokey Lithium Project, located in Esmeralda County, Nevada, within Big Smokey Valley. The Smokey clay lithium project lies approximately 20 miles north of Clayton Valley, and 20 miles west of American Lithium's flagship lithium project. The property can be accessed just off a main highway and 2-track dirt road. Esmeralda County Nevada is a prolific region for lithium clay deposits, (Noram, Cypress, American Lithium, Spearmint, Enertopia, Jindalee). Lithium is in high demand for its applications in rechargeable lithium-ion batteries for smart phones and electric vehicles amongst others. Smokey Lithium adds a project to Victory's portfolio in a prolific lithium region with respect to clay and brines, adjacent and contiguous to Jindalee Resources Limited (ASX: JRL). Outcropping clay on Jindalee's property demonstrates lithium grades as high as 930 ppm and perhaps trending northwest onto to this property. Smokey Lithium Project Highlights: 350 claims covering 7000 acres with excellent access and relatively flat ground. Proven regulatory feasibility with many ongoing exploration projects nearby, including, (Noram 166 MT @ 900ppm), (Cypress 593 MT @ 1032 ppm), (American Li 495 MT @ 1000 ppm) Adjacent and contiguous to Jindalee Resources Limited Similar geologic setting as Clayton Valley Intermittent clay outcroppings demonstrate the clay beds extend far and wide. Resource potential in a proven region Agreement Terms: The purchase price for the 350 claims: Cash of $178,500 Subject to exchange approval, Victory will issue 1,500,000 common shares Subsequent to the Closing and transfer of title, annual BLM fees of $57,750 The property 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 property Victory shall have the right to buy one half (1.0%) of the royalty at any time for $1,000,000 in cash, at Victory's election Victory agrees to pay the vendor $1,000,000 in cash or common shares in 4 staged payments (...