Victory Resources Corporation (CSE:VR) (OTCMKTS:VRCFF) (FRA:VR62) has told investors it conducted reconnaissance at the recently-optioned Loner property in Nevada ahead of a potential 500 metre (m) drill program to begin this month and said it expects no major issues.
As reported before Christmas, the company struck an option deal with Silver Range Resources Ltd (CVE:SNG) (OTCMKTS:SLRRF) (FRA:8SR) over the asset, which comprises 16 claims covering historic workings and exposed gold mineralization.
READ: Victory Resources files "Notice of Operations" toward permitting for a 500 metre short hole drill program on recently optioned Loner Property in Nevada
On January 6, the firm said it had filed a "Notice of Operations" toward permitting for the first pass drilling. On January 12, the project geologist and the driller carried out the reconnaissance.
"The options for supplying the drill with water were assessed, along with possible staging locations and other logistical concerns. The driller felt the rock would be reasonably good to drill. Overall, no serious difficulties were seen, though winter weather is always a concern," Victory Resources said in a statement.
Premier Gold Mine Ltd's (TSE:PG) (OTCMKTS:PIRGF) (FRA:P2O) Goldbanks epithermal gold project lies about 12 miles to the south of Loner, while Nevada Sunrise Gold Corp's (CVE:NEV) (OTCMKTS:NVSGF) (FRA:NV81) Coronado VMS project is about six miles to the southeast.
Bedrock grab sampling at Loner so far has returned up to 16.6 grams per ton (g/t) gold and chip sampling in old workings have shown up to 25.7 g/t of the yellow metal over 1.83m.
Meanwhile, prospecting during 2020 identified additional workings on the expanded claim block, returning grab samples up to 10.6 g/t gold.
Victory Resources can acquire an 80% interest in the asset over four years by paying to Silver Range U$140,000 in cash and U$260,000 in cash and shares.
Contact the author at firstname.lastname@example.org