|VICTORY ANNOUNCES RICH LAKE LITHIUM/GOLD UPDATE|
|Monday, 16 January 2017 00:00|
Vancouver, BC – VICTORY RESOURCES CORPORATION (the “Company”) is pleased to announce that the Company has increased its Lithium/Gold land holdings, in the Rich Lake, Opikeigan Lake area. The property is comprised of 8 claims, of 1344 hectares, totaling 3321 acres. The property is located 360 kms north of Thunder Bay and within 20 kms of Fort Hope in North-Central Ontario. Past work by a number of exploration companies indicated a significant gold mineralization exists on the property.
The property is situated within the Fort Hope greenstone belt which, in this area hosts numerous pegmatite dykes, which have been explored for their lithium and precious metals mineralization’s since the 1950’s. As interest and demand in lithium minerals has increased significantly, driven by the increased importance and production of lithium-ion batteries as the next generation power source, the search for lithium has been renewed with many historically explored “lithium” properties under investigation.
The Company has arranged the preparation of a NI 43-101 report to be completed by an independent third party qualified person, (Mr. John Archibald, P.Geo.). The Company anticipates releasing results soon.
The Company is also announcing a non-brokered private placement to qualified investors. The private placement financing will consist of up to 4,000,000 units (“Units”) to be issued for gross proceeds of $200,000.Each Unit will be priced at $0.05, and will consist of one common share and one warrant (a “Warrant”). Each Warrant shall entitle the holder to purchase one additional common share at a price of $0.10 per share, with an expiry date which is 24 months from closing.
The proceeds of this private placement will be used for general working capital purposes.
The private placement remains subject to TSX-V approval.
About the Company
Victory is a mineral exploration company focused on creating value through the exploration and development of its British Columbia and Ontario mineral properties.
Victory Resources Corporation is committed to enhancing the quality of life for communities which are impacted by our mining activities. We uphold our values through policies and environmental programs that foster employee commitment to sustainable development. We encourage respect for neighboring communities, host governments and the general population. In keeping with our commitment to promote the development of the communities neighboring our properties, our recruitment initiatives focus on hiring local employees. Supported by our corporate values, we strive to create a positive work environment, a pillar for the success of our company.
On behalf of The Board of Directors of Victory Resources Corporation.