Clarification of Prior Disclosure
Thursday, 23 April 2015 22:59

As a result of a review by the British Columbia Securities Commission, we are issuing the following news release as a clarification of exploration and other information contained in the Company’s March 31, 2015  news release.

Vancouver, BC – VICTORY RESOURCES CORPORATION (the “Company”) is pleased to announce a corporate update on the Company’s Toni property (the “Property”), located eight kilometres east of the historic Aspen Grove camp, and 30 kilometres southeast of Merritt in south central British Columbia, Canada. The Property is comprised of 91 mineral claims of 34,200 hectares within a 39 km long and up to a 21 km wide area.

The Toni property includes four Minfile documented mineral showings; two of the most prospective mineral showings are the AU-WEN and the WEN.

The project remains at the exploration stage and does not have any historical resource estimate or initial current resource estimate, and results to date do not confer potential economic viability or the potential to develop mining operations.

Since 2008 the Company has concentrated exploration on the WEN mineral zone where historical exploration provided results that warranted additional investigation. The latest exploration on the WEN prior to the Company’s initial exploration, was a 1996 diamond drill program completed by George Resources Company Ltd.


In the 1996 exploration program on the WEN, 1,636.8 metres of diamond drilling was completed in 16 holes. The assays of intercepts ranged from 0.68 to 16.57 g/t Au over sections ranging from 0.30 to 6.55 metres. The best intercept of 6.55 metres of 16.57 g/t gold also assayed 0.75% Cu, and 12.901 gm/t Ag (Verley, 1997; AR 24,800). The apparent thickness of this zone is not known since it was reported that the mineralized intersection forms a shoot within as yet an unknown rake of the vein. This zone was designated as the Main Vein and was located 55 metres south-southeast of Adit #1, one of the three adits on the WEN.

In 2008 the Company completed a diamond-drill program of five holes for 867.5 metres. The results of the drilling failed to intersect the extension of the drill indicated 1996 mineralized zone; however, a seven metre wide quartz zone of the southwestern extension of the Adit Zone was intersected from which assay results returned values ranging from 0.11 g/t Au over 0.30 metres to 8.6 g/t Au over 1.0 metre. (For details on the 2008 drilling see the Company’s September 24, 2008 news release). The apparent thickness of the seven metre quartz zone was estimated at 6.5 metres.

In 2010 the Company completed a diamond-drill program of six holes for 702.5 metres. A drill hole to test the Main Vein did not provide any indication of the 1996 mineralized zone. Drill intersections of the Adit zone returned assays mostly in the 0.1 to 0.3 g/t Au range over narrow intervals with a high of 0.4 g/t Au. The best copper assay was from a 5.5 metre section (apparent thickness of approximately 1.3 metres) which assayed a weighted average of 2.62% Cu. Lower copper assays ranged between 0.04% and 0.94% from sections of 0.80 to 3.66 metres. (Details of the drill program are in the Company’s August 17, 2010 news release or in assessment report 32,160). 

The most recent exploration by the Company on the Property was an October 2014 program on the newly designated Queen Zone, located within four kilometres west of the WEN, and which consisted of a 3.4 km line of induced potential, magnetometer, and self-potential surveys.

The program was very successful in delineating and correlating the results of a 1968 IP survey completed by Barringer Geophysics for Consolidated Skeena Mines which results indicated an anomalous IP zoneapproximately one kilometre wide (east-west), one kilometre long (north-south) as reported by Roger Caven, Geophysicist. The chargeability readings of the anomalous zone were up to 24.0Ms. This IP zone was never drill tested, however, 1968 drilling by Consolidated Skeena on an anomalous IP zone with a chargeability of 7Ms in a background of approx. 2Ms; (W.M. Sharp, 1969; Minfile Property files) located one kilometre north of the 24.0 Ms zone, reportedly returned values of 0.39% Cu over 100 feet in addition to other well-defined intercepts. The above Consolidated Skeena Mines information, is contained in the Minfile property files of the AU-WEN (Minfile 092HNE144).

The Company’s Qualified Person has been unable to verify the AU-WEN Minfile property information.

The Company’s 2014 IP survey confirmed and surpassed the Consolidated Skeena IP results, with an IP anomaly about 1km wide with a maximum apparent chargeability of 39Ms.

The mineral potential of the immediate Toni property area is supported by the mineralized zones on adjacent properties. 


To the west is the Paycinci developed prospect on which government supported Minfile records report an inventory of inferred tonnage on the Paycinci (Minfile 092HNE084) and drill indicated reserves on the Cincinnatti (Minfile 092HNE084).

The Company’s Qualified Person has been unable to verify the Minfile information on adjacent properties and the information is not necessarily indicative of the mineralization on the Company’s Toni property.

To the south is the past productive Elk mineral zone where, between 1992 and 1995, production was reported as 51,500 ounces of gold at 3 ounces per tonne. Gold Mountain, the present owner of the Elk property shipped a 500 tonne bulk sample which averaged 13.8 grams per tonne gold (Gold Mountain October 31, 2013 news release).


The Company’s Qualified Person has been unable to verify the Gold Mountain information and the information is not necessarily indicative of the mineralization on the Company’s Toni property.

 

Based on encouraging results from the 2014 geophysical surveys, the Company is in the process of acquiring permits for a 2015 exploration program which is proposed to include 1200 metres of diamond drilling and additional geophysical surveys.


Notwithstanding the foregoing, the Company’s above-described project remains in the exploration stage, does not have a historical resource estimate or initial current resource estimate, and the results to date do not confer potential economic viability or the potential to develop mining operations. 

Laurence Sookochoff, P. Eng., a Qualified Person (QP) as defined by the National Instrument Policy 43-101, is responsible for the technical information contained in this News Release. Mr. Sookochoff is a director and is the Chief Financial Officer of the Company.


On behalf of The Board of Directors of Victory Resources Corporation.
Roger Frost
President, CEO

This news release contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not 
under the control of Victory Resources Corp. which may cause actual results, performance or achievements of Victory Resources 
Corporation to be materially different from the results, performance or expectation implied by these forward looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.