VANCOUVER, BC, CANADA (April 17, 2018) – Victory Resources Corp. (TSX – V:VR) (FWB: VR61) (OTC PINK: VRCFF) ("Victory" or the "Company") further to its announcement of April 9th, 2018, has completed its initial scoping survey of Vanadium prospects in the province of Badajoz in in central Spain.
In connection with the surface grab samples the Company has engaged SGS to complete a multi-element chemical assay characterization, quantitative modal mineral abundance by QEMSCAN and an elemental deportment based on theoretical chemistries.
“In addition to our previous announcements, we continue to be very encouraged by the initial scoping survey results on the vanadium prospects,” said Mr. David Lane, President, Victory Resources Corporation. “These results help to validate our approach and advance our growing search for worldwide battery mineral assets,” added Mr. Lane.
“The company is now on track to make the Odin and Altair projects, located in Badajoz province, the first operating primary vanadium mine in Spain,” said Mr. Lane. “Our objective is to offer Victory shareholders ‘the best leverage and a direct play’ to reflect vanadium prices, and that reflection is far more pleasing today with vanadium oxide prices above $15 (U.S.) per pound than they were two years ago when prices were at a low of $2.50 (U.S.) per pound,” noted Mr. Lane.”
The Badajoz province is the unique region of Spain where vanadium was extracted at an industrial scale and the most important in Europe ever. During the first quarter of the 20th century, the production in this area was considered the highest in the world.
The vanadium mineralization appears in dikes with NE-SW direction and it is associated with cerusite and blend, calcite and iron oxides. The lead-rich vanadate is an alteration product of the BPG (Blend-Pyrite-Galene paragenesis) mineralization, the vanadium originating in the host rock amphibolites. The average vanadium grades historically extracted have been 4-5% (vanadium oxides - V2O5), which was concentrated by hand in the mine reaching 12% (V2O5).
The most relevant older mines were “San Miguel”, “Joaquina” and “Gerty,” Corresponding to mineralization’s of secondary origin, supergenic vanadates of Pb, specifically of Pb at depth, which pass to filonian mineralization’s of BPG. These mines were exploited for the Pb and the vanadium was a subproduct. It was considered a waste product due to its low price. However, the world price for vanadium has increased significantly as countries look for viable clean energy solutions to power the increasing energy consumption of their populations. As a result, large-scale green energy storage solutions are being developed worldwide, driving the demand for Vanadium. Used mainly as an energy storage metal, it will be the primary metal used in large scale energy storage. Among its many attributes, theoretically, it has an unlimited cycle life and the ability to rapidly release large amounts of electricity, as well as being extremely scalable.
The technical information contained in this news release has been reviewed and approved by Daniel Porras, EuroGeologist, member European Federation of Geologists (“EFG”) who is a Qualified Person as defined under National Instrument 43-101.
For further information, please contact:
David Lane, President
Telephone: +1 (236) 317 2822
E-mail: [email protected]
About Victory Resources Corporation
VICTORY RESOURCES CORPORATION (TSX – V: VR) is a publicly traded junior international mining corporation with interests in North America, Europe and Africa. The Company is currently developing its existing operation in South Central British Columbia, as well as scoping green energy mineral permits in Europe and Africa.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
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