The program represented the first known deep drilling at Iron Point, and was designed to target lower plate stratigraphy and look for the presence of Carlin style gold mineralization
Image: Victory Metals' joint venture partner Ethos Gold completes phase I, deep drill programme at Iron Point. Photo: courtesy of PublicDomainPictures from Pixabay.
Victory Metals (“TSX-V:VMX”) (“Victory” or the “Company”) is pleased to announce that its joint venture partner, Ethos Gold, has completed its Phase I deep drill program at Iron Point, Nevada. The program represented the first known deep drilling at Iron Point, and was designed to target lower plate stratigraphy and look for the presence of Carlin style gold mineralization.
Collin Kettell, Chief Executive Officer of Victory, stated: “We are very pleased to see the successful completion of the Phase I deep drilling by Ethos Gold, our joint venture partner. The promising stratigraphy, structure and anomalous gold results has motivated Ethos to consider and plan a Phase II drilling program. We look forward to further news from Ethos.”
Earn In and Joint Venture Terms
Ethos can earn a 50% interest in all precious metal rights at Iron Point by spending a minimum of $5.0 million over three years, with minimum expenditures of $1.0 million in the first year. Based on the Phase 1 program expenditures Ethos has now completed the first year earn-in expenditure requirements. Following the earn-in a 50-50 joint venture will be formed between Ethos and Victory. Victory will maintain 100% title to the Iron Point claims and on completion of its earn-in Ethos would have a contractual right to 50% of any precious metal discovery. The vanadium mineralization is near surface with significant spatial separation from the conceptual deeper gold target. Victory maintains the right to ensure that any precious metal exploration and development plans do not interfere with development of its vanadium project.
Source: Company Press Release