Victory Begins Exploration Program on the Spirit River Lithium Project and New Corporate Appointments
Vancouver, British Columbia--(Newsfile Corp. - January 11, 2017) - Victory Ventures Inc. (TSXV: VVN) ("Victory" or the "Company") is pleased to announce its initial Exploration Program has begun on the Spirit River Lithium Project, located northwest of the Fox Creek-Swan Hills area in the Peace River District of Alberta Canada.
Victory has a 100-per-cent undivided interest in four contiguous metallic and industrial minerals exploration permits that total approximately 36,800 hectares (91,000 acres), or about 400 square kilometers (144 square miles). The project is focused on lithium and other elements of interest (e.g., potassium, boron, bromide and iodide) that are potentially being produced within formation water, or brine, that is considered a waste product of active oil and gas production. The acquired targeted exploration area was based on data compilation from several Government of Alberta sources including:
Recent Government and industry brine sampling in northwestern Alberta that has yielded some of the highest modern recorded concentrations of lithium, potassium and other elements of interest in Alberta brine.
There are more than 800 oil and gas well sites within the Spirit River property area, some of which contain known elevated lithium values as documented historically in publicly available Government of Alberta reports.
Note: To date, the company and its Qualified Professional have been unable to verify whether the lithium-enriched brine extends into aquifers underlying the Spirit River property.
Consequently, Victory has engaged APEX Geoscience Ltd. of Edmonton AB., to supervise, co-ordinate and conduct the brine sampling program in conjunction with several oil and gas producers in the region. Victory's initial exploration program will consist of data compilation, GIS target well definition, and brine sampling from producing oil and gas wells to test for potentially elevated concentrations of lithium and other important elements in brine reservoirs/aquifers underlying Victory's Spirit River landholdings. Brine will be collected from approximately 10-20 separate wells and will undergo geochemical analysis by Maxxam Analytics Inc. at its Petroleum Technology Centre located in Edmonton, AB.
Finally, Victory is pleased to announce the following Corporate appointments and updates. Mr. Chris Hobbs, CA, has been appointed to the Company's board of directors. Mr. Hobbs has worked with several public companies, accounting and securities firms in an accounting, management, director or CFO role in the past 20 years. Mr. Hobbs is a member of the Chartered Accountants of Ontario and holds a bachelor of business administration degree from the Schulich School of Business at York University.
In addition, the Company has appointed director Jeffrey Cocks, its new President and CEO, replacing Howard Milne who remains a director and is now Vice-President of Business Development. Marty Bastedo has resigned as a director of the Company. The Company would like to thank Mr. Bastedo for his role on the board and wishes him the best in his future endeavors.
The technical content of this news release has been reviewed and approved by Roy Eccles MSc, P Geo, of Apex Geoscience, an independent qualified person as defined by National Instrument 43-101.