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.
Source: Google Maps
- 73 hole, 8,400 meter - 3 rig program recently completed, outlining one of North America's largest vanadium footprints - 700 m x 1,200 m in size.
- 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.
- Deposit generally open in all directions.
- Assays are completed by American Assay Labs, Reno, NV.
Maiden 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:
- 44 meters grading 0.48% V2O5 in VM-02.
- 20 meters grading 0.60% V2O5 in VM-09.
- 23 meters grading 0.63% V2O5 in VM-23.
- 37 meters grading 0.55% V2O5 in VM-26i.
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:
- 152 meters grading 0.23% V2O5 in VM-01.
- 175 meters grading 0.25% V2O5 in VM-02 (from surface).
- 174 meters grading 0.23% V2O5 in VM-67.
- 162 meters grading 0.22% V2O5 in VM-74.
Phase II Drilling
- In May 2019, Victory commenced its Phase II drill program, which will include 49 holes (10,000 meters). Two reverse circulation rigs and one diamond drill rig are on site.
- 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.
- 10 of the 49 targets are planned to be drilled as large diameter core holes to provide representative metallurgical samples of the vanadium mineralization.
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.
- Dr. Quinton Hennigh is leading Ethos' drill program to test his theory on the presence of a deep Carlin style gold deposit.
- Since 1994, Dr. Hennigh has run multiple drill campaigns at Iron Point targeting shallow gold mineralization and after considerable review of the geological and geochemical data is convinced on the potential presence of a deeper Carlin style gold target.
- 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.
- Drilling is planned to begin shortly with three initial drill holes planned to test the deep gold targets.
- 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.
Victory Metals - Ethos Gold Deep Drilling
EG-5: 1631’-1635’ Center of photo. Silicified-pyritized veining in strongly argillized/sericitized Plagioclase Porphyry intrusion near brecciated contact with silicified limestone. Irregular black bands are silica flooding containing black, very fine grained sulfides.
EG-5: 1631’– 1635’ Brecciated, strongly silicified limestone with dark silica-sulfide cementing the breccia. At the same intrusive contact as at DCN 3310
EG-5: 1631’-1635’ Dark silica-pyrite veins cutting strongly silicified, brecciated limestone.
EG-5: 1646’ Chalcedonic flooding in thin-bedded limestone near skarn contact. Dark material within light-colored chalcedony is very fine grained sulfides.
EG-5: 1660’ Contorted, thin-bedded carbonaceous limestone host rock with white calcite forming a network of veins and in-filling collapse breccia. This rock was first encountered at 1387’ and continues to the bottom of the hole.
EG-5: 1735’ Massive pyrite mineralization in brecciated, decalcified limestone at contact with Plagioclase Porphyry intrusion. Dark pyrite is cementing the breccia. Surrounding limestone is strongly silicified.
EG-5: 1738’-1740’ Strong decalcification and collapse breccia in strongly bleached, completely silicified thin-bedded limestone.
EG-5: 1747’ Dark gray, completely silicified thin-bedded limestone with white calcite in-filling collapse breccia. Decalcification textures form holes and pits in the core surface. Calcite forms fine networks of veinlets and also “ladder veins”, both types being common.
EG-5: 1797’ Silica-pyrite replacement along bedding planes in completely silicified thin-bedded limestone. Detailed view of brassy-colored pyrite.
EG-5: 1797’ Brassy-colored silica-pyrite replacement along bedding planes within dark gray, completely silicified thin-bedded limestone.
EG-5: 2083’-2087’ Gray, partially decalcified (sanded) muddy limestone beds intercalated with dark gray completely silicified limestone beds hosting network quartz-calcite micro veinlets (white color).
EG-5: 2123’ Dark gray completely silicified limestone beds with strong quartz-calcite micro veining next to gray non-silicified muddy limestone (on left). Photo illustrates importance of host rock composition in controlling fracture density and alteration.