Welcome!

News Feed Item

Victory Ventures Acquires PDL Property, Keremeos, BC

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/06/14 -- Victory Ventures Inc. (TSX VENTURE: VVN)(FRANKFURT: VV0) (the "Company") is pleased to report the recent acquisition of the PDL mineral property, located in the Keremeos-Olalla region of southern British Columbia. Under the terms of the Agreement and subject to regulatory approval, the Company has agreed to pay to the Vendor $2,500 cash and issue 300,000 common shares. The Vendor shall retain a 2% net smelter return ("NSR") of which each one-half percent of the NSR may be purchasable by the Company at its discretion for a payment of $500,000.

The PDL property has a recent 43-101 Technical Report, which will be filed with the TSX Venture Exchange and posted on SEDAR upon receipt of regulatory approval to the acquisition.

The Company intends to investigate the epithermal-style gold-silver potential of the Astro zone located on the east side of the PDL property, last explored by QPX Minerals Inc. in 1989. In 2003, A. Travis staked the Astro 1-6 claims to cover the Astro 34 claim area and completed prospecting with minor rock and soil sampling.

The PDL property has not seen any recent exploration and early exploration was mainly carried out on the western side of the current property area by Placer Dome Development Ltd. in 1984-85 and by QPX Minerals Inc. in 1987-89. The earlier exploration work on the west side of the PDL property was carried out in the vicinity of an old (1930's?) short adit (about 10 m long), which cross-cuts a small massive sulphide lens, carrying anomalous gold and copper values. Narrow pyrite-arsenopyrite stringers containing locally high grade gold values are known on the west side of the PDL property, but do not present a viable exploration target. From this area, grab sample PDL-556 in 1987, yielded 30.3 grams per tonne gold, 22.5 grams per tonne silver, 0.25 per cent copper, 0.14 per cent lead, 0.57 per cent zinc and 3.74 per cent arsenic (Assessment Report 16674).

Following the discovery of a new argillic +/-silica alteration zone in 1988, QPX Minerals Inc. conducted a preliminary exploration program on the previous Astro 34 claim, located on the eastern portion of the current PDL claim.

At the Astro zone, magnetometer and VLF-EM surveys were carried out on 25-50 metre-spaced east-west lines over an area of 400 metres by 400 metres. Three very well defined conductive north-south lineaments with corresponding magnetic lows were identified, which were later tested by a limited program of trenching and reverse-circulation drilling over a small (50 metres by 100 metres) portion of the westernmost of the three linear anomalies.

Five reverse-circulation drillholes totalling approximately 250 metres and five trenches totalling 150 metres were completed on the Astro 34 claim. Trenching in 1988 was successful in exposing a zone of silicified and argillically altered volcanics up to 20 metres in width over a strike length of 140 metres, which remains open. Anomalous gold values were returned from this work and recommendations included the future use of a larger backhoe to carry out further trenching.

Anomalous gold (up to 0.705 gram per tonne), silver (up to 14.8 grams per tonne) and molybdenum (up to 0.15 per cent) were returned over 3 metre sections from reverse-circulation drillhole PDL-89-RC-2. These anomalous values were found associated with chalcedonic veinlets in argillically altered Kitley Member volcanics of the Marron Formation. Reverse circulation drilling demonstrated that the alteration extended to a depth of 47 metres below surface at which point there was no evidence of a decrease in the strength or size of the alteration system.

This previous work has now laid the groundwork to quickly and efficiently build upon the work of 25 years ago, that has never been followed up. Exploration successes at the nearby Dusty Mac and Vault Projects, located to the east of the PDL property, bode well for renewed exploration of the PDL-Astro mineral zone. A model for the epithermal style of mineralization found on the PDL property can also be found in several of the gold deposits found within the Republic District of northeastern Washington State. These deposits include the Republic Mine and the Kettle River Project (operated by Kinross Gold), which includes the Kettle, K-2, Lamefoot and Overlook mines.

The Republic District has accounted for roughly five million ounces of gold production over the last century and contains some of the highest-grade, bulk-tonnage gold deposits in the United States. In geology, a graben is a depressed block of land bordered by parallel fault structures. Epithermal gold deposits are found in and around these fault structures, which are believed to extend northward into British Columbia, including the area of the PDL property.

It is the intention of Victory Ventures to more fully evaluate the mineral potential of the Astro mineral/alteration zone through immediate further geological mapping, prospecting and sampling in areas of promising rock alteration or geophysical anomalies. It is anticipated that further exploration will lead to testing of the depth potential of the Astro zone through IP surveys and with encouragement, a follow-up diamond drill program.

Director Howard Milne stated, "The Company is excited to begin exploration work on this prospective mineral target that has seen very limited exploration in the past and looks forward to a possible new mineral discovery."

Qualified Person

Mr. Greg Thomson, P.Geo., is the Qualified Person as defined by National Instrument 43-101. Mr. Thomson is a director for the Company and has reviewed and approved the technical information contained in this news release.

On behalf of the Board of Directors:

Howard Milne, Director

Victory Ventures Inc. is a Canadian-based junior mining exploration company focused on the procurement, exploration and development of precious metal properties in North America. The Company's shares are listed and posted for trading on the TSX Venture Exchange under the symbol "VVN" and on the Frankfurt Exchange under the symbol "VV0".

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:
Victory Ventures Inc.
Howard Milne
Director
(604) 377-8994
[email protected]
www.victoryventures.ca

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
Enterprises are universally struggling to understand where the new tools and methodologies of DevOps fit into their organizations, and are universally making the same mistakes. These mistakes are not unavoidable, and in fact, avoiding them gifts an organization with sustained competitive advantage, just like it did for Japanese Manufacturing Post WWII.
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
Transformation Abstract Encryption and privacy in the cloud is a daunting yet essential task for both security practitioners and application developers, especially as applications continue moving to the cloud at an exponential rate. What are some best practices and processes for enterprises to follow that balance both security and ease of use requirements? What technologies are available to empower enterprises with code, data and key protection from cloud providers, system administrators, inside...
When building large, cloud-based applications that operate at a high scale, it's important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. "Fly two mistakes high" is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Le...
Daniel Jones is CTO of EngineerBetter, helping enterprises deliver value faster. Previously he was an IT consultant, indie video games developer, head of web development in the finance sector, and an award-winning martial artist. Continuous Delivery makes it possible to exploit findings of cognitive psychology and neuroscience to increase the productivity and happiness of our teams.
Digital Transformation: Preparing Cloud & IoT Security for the Age of Artificial Intelligence. As automation and artificial intelligence (AI) power solution development and delivery, many businesses need to build backend cloud capabilities. Well-poised organizations, marketing smart devices with AI and BlockChain capabilities prepare to refine compliance and regulatory capabilities in 2018. Volumes of health, financial, technical and privacy data, along with tightening compliance requirements by...
To Really Work for Enterprises, MultiCloud Adoption Requires Far Better and Inclusive Cloud Monitoring and Cost Management … But How? Overwhelmingly, even as enterprises have adopted cloud computing and are expanding to multi-cloud computing, IT leaders remain concerned about how to monitor, manage and control costs across hybrid and multi-cloud deployments. It’s clear that traditional IT monitoring and management approaches, designed after all for on-premises data centers, are falling short in ...
"Calligo is a cloud service provider with data privacy at the heart of what we do. We are a typical Infrastructure as a Service cloud provider but it's been designed around data privacy," explained Julian Box, CEO and co-founder of Calligo, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Poor data quality and analytics drive down business value. In fact, Gartner estimated that the average financial impact of poor data quality on organizations is $9.7 million per year. But bad data is much more than a cost center. By eroding trust in information, analytics and the business decisions based on these, it is a serious impediment to digital transformation.
Discussions of cloud computing have evolved in recent years from a focus on specific types of cloud, to a world of hybrid cloud, and to a world dominated by the APIs that make today's multi-cloud environments and hybrid clouds possible. In this Power Panel at 17th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the importance of customers being able to use the specific technologies they need, through environments and ecosystems that expose their APIs to make true ...
In an era of historic innovation fueled by unprecedented access to data and technology, the low cost and risk of entering new markets has leveled the playing field for business. Today, any ambitious innovator can easily introduce a new application or product that can reinvent business models and transform the client experience. In their Day 2 Keynote at 19th Cloud Expo, Mercer Rowe, IBM Vice President of Strategic Alliances, and Raejeanne Skillern, Intel Vice President of Data Center Group and G...
With more than 30 Kubernetes solutions in the marketplace, it's tempting to think Kubernetes and the vendor ecosystem has solved the problem of operationalizing containers at scale or of automatically managing the elasticity of the underlying infrastructure that these solutions need to be truly scalable. Far from it. There are at least six major pain points that companies experience when they try to deploy and run Kubernetes in their complex environments. In this presentation, the speaker will d...
The current age of digital transformation means that IT organizations must adapt their toolset to cover all digital experiences, beyond just the end users’. Today’s businesses can no longer focus solely on the digital interactions they manage with employees or customers; they must now contend with non-traditional factors. Whether it's the power of brand to make or break a company, the need to monitor across all locations 24/7, or the ability to proactively resolve issues, companies must adapt to...
In his session at 20th Cloud Expo, Scott Davis, CTO of Embotics, discussed how automation can provide the dynamic management required to cost-effectively deliver microservices and container solutions at scale. He also discussed how flexible automation is the key to effectively bridging and seamlessly coordinating both IT and developer needs for component orchestration across disparate clouds – an increasingly important requirement at today’s multi-cloud enterprise.