- 22 miles from Town of Winnemuca, where skilled mining personnel and suppliers are available.
- Primary target area two kilometers north of Interstate 80.
- High voltage transmission line runs through property.
- Railroad line on northern property boundary.
- Ample water supply in the area.
- Vanadium mineralization starts from surface and extends to a depth of 175 meters.
- Two flat lying high grade zones identified, with each zone averaging 40 meters in thickness.
- Preliminary metallurgy was conducted on a composite from 6 dispersed core holes at atmospheric pressure, achieving recoveries up to 94.3%
- Phase I and Phase II drilling have been completed, maiden 43-101 resource estimate is currently underway.
Phase I Drill Results
Drilling at Iron Point has found two high grade zones, referred to as the Upper High Grade and New High Grade Zones, key intercepts include:
High grade intercepts occur within a broad envelope of lower grade vanadium mineralization that extends from surface down to a depth of 175 meters, key intercepts include:
Phase II Drilling
- In September 2019, Victory announced the successful completion of its Phase II, 9,745 meter drill program at its Iron Point Vanadium Project in Nevada. All assays have been released.
- Mine Development Associates of Sparks, NV designed the program to infill zones of vanadium mineralization defined in Victory’s initial drill campaign, as well as to test lateral and downward extensions of these zones.
- 11 PQ holes were drilled throughout the target zone to assess spatial variability of mineralization, and metallurgical characteristics.
A Carlin Style Gold Deposit At Iron Point?
- In May of 2019, Victory announced an option agreement with Ethos Gold (TSX-V:ECC), whereby Ethos can earn a 50% interest in the gold and silver rights at Iron Point by spending C$5M over three years.
- Ethos Gold conducted a Phase I 2504 meter drill program at Iron Point which concluded September 2019; results of the program are encouraging and found significant anomalous gold at depth.
- Dr. Quinton Hennigh is leading Ethos' drill program to test his theory on the presence of a deep Carlin style gold deposit; this Phase I program represents the first ever deep drilling at Iron Point.
- Victory receives special mining treatment in the agreement. Victory is given veto and priority over all precious metals mining rights that could in anyway interfere with the development of vanadium.
Free Lottery Ticket At Iron Point
- Iron Point has been the focus of considerable historic gold exploration by operators such as Newmont, Chevron Resources, Santa Fe, Kennecott, and Newcrest.
- 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.
- Ethos has now completed the first deep holes at Iron Point; according to Ethos, drill hole EG-5 penetrated through the Roberts Mountain Thrust (“RMT”) at a depth of approximately 422 m and intersected a wide interval of highly altered Lower Plate (“LP”) stratigraphy with significant intervals of anomalous Au (up to 0.22 g/t).
- Importantly, the bottom 6 m of this hole grades 0.17 g/t Au suggesting the system may be intensifying at depth. LP rocks display variable degrees of decalcification, sooty black sulfides, and silicification with bedding varying from near horizontal to near vertical, indicating a high degree of folding. Pathfinder elements including As, Sb, Hg and Tl also occur at elevated levels.
- Ethos is planning study work including detailed three-dimensional modelling to target areas of higher-grade gold mineralization, followed by a Phase 2 drill program.
- The potential presence of a gold deposit at Iron Point can provide considerable upside for shareholders with zero exploration risk for Victory.
Initially evaluated for vanadium by Newmont Mining in the 1960s.
In 1996, Aur Resources conducted a drill program, but also assaying for vanadium.
Historic drill results revealed a roughly circular mineralized zone approximately 1,000 meters in diameter.
In July 2018, Casino sampled a number of historical trenches that exposed mineralization over a 230m length. Casino's best trench returned 0.86% V2O5 over 29m of continuous cut, with individual 1.5m samples ranging from 0.31% to 1.51% V2O5.