SPIRIT RIVER, ALBERTA, CANADA
In August 2016, the Province of Alberta approved the transfer to Victory Ventures of a 100% undivided interest in four contiguous metallic and industrial minerals exploration permits covering four townships northwest of the Fox Creek-Swan hills area in the Peace River District of Alberta.
The exploration permits encompass an area approximately 36,800 hectares (91,000 acres) or about 400 square km (144 sq. miles). There are more than 800 well sites within the permitted area as documented by the Province of Alberta, which of some are producing wells with lithium content in well brines. The Spirit River acquisition area is within MGX Minerals’ Peace River Arch South area of Permits and contingent southeast to their Pouce Coupe sub-Property.
The Energy Industry is active year round within the Spirit River, which is fully serviced with major infrastructure of roadways, power, wellheads, waste water well injection sites and lodging/equipment services. An early stage program targeting the lithium brines in the new deeper wells drilled since 2010 will represent a new exciting frontier of exploration for the Company and its shareholders.
KITTSON COBALT PROPERTY, ONTARIO, CANADA
The Kittson Colbalt Property is located in the Kittson and Coleman Townships of the Larder Lake Mining Division, in Northeastern Ontario. The Kittson property is comprised of 5 unpatented mining claims totaling 68 units having a combined area of approximately 1,090 hectares, located approximately 8 km northwest of the town of Latchford and 120 km by road north of North Bay.
The Kittson Cobalt Property is located within the prolific Cobalt mining camp, which has produced over 420 million ounces of silver. The Property includes two former mines, the Shakt Davies and Cobalt Kittson. These two mines saw limited production and differed from the typical Cobalt camp in that they possessed low silver grades, but were enriched in cobalt and gold. The Cobalt-Kittson mine operated from 1927 - 1930, and production records are scarce, however records from the 598-foot level show this level produced 600 hundred pounds of smaltite (a cobalt bearing mineral), and gold assays of up to 6.9 g/t were reported.
The Shakt Davies mine saw intermittent development from 1906 - 1964, with the bulk of the underground working completed between 1924 - 1926. No production records remain, however historic reports indicate values of 1.5% cobalt over 1.37 meters and select grab samples returning up to 4% cobalt and 93.3 g/t gold. More recent sampling (1987) of the mine waste pile by the Ontario Geological Survey personnel returned 0.25% cobalt, 0.75 % nickel, 0.05% copper and 3.4 g/t gold.
Victory can earn a 100% interest in the Property under the terms of the Option Agreement for an aggregate purchase price of $1,155,000 payable by a combination of common shares and cash, of which $1,125,000 of the purchase price will be satisfied by the issuance of 25,000,000 common shares at a deemed price of $0.045 per common share and $30,000, cash payable within 12 months following the execution of the Option Agreement. The Property is subject to an underlying 2% Net Smelter Returns (NSR) royalty, of which 1.5% may be purchased by the Company for $1-million.
Victory Ventures Inc., 2138 Nanton Avenue, Vancouver, BC V6L3C7
Tel: 604-377-8994 | Fax: 604-687-4778 | Email: click here