Victory Ventures Receives TSX Venture Approval to Option Of Copau Claims, BC
11.01.2012 | Marketwire
VANCOUVER, Jan. 11, 2012 - Victory Ventures Inc. (TSX VENTURE: VVN) (FRANKFURT: VV0), the (“Company“) is pleased to announce that it has received TSX Venture Exchange approval to a Letter of Intent (“LOI“) with Polaris Capital Ltd. of Calgary, Alberta, to option two claims (the “Claims“) totalling 448 hectares, covering a copper showing in the North West Mining Division of British Columbia. The Claims are registered in the name of Robin Day who holds the Claims for the beneficial owner, Polaris Capital Ltd. (the “Optionor“).The Claims are partially surrounded by claims owned by Imperial Metals Corporation, which is developing the Red Chris copper deposit, approximately 11 kilometers to the south.
The Claims are situated east of Iskut, BC and are crossed by a main gravel road extending eastward toward the old BC rail railway. The B31 showing on the Claims is located about 2 kilometres to the northeast of Ealue Lake and approximately 14 kilometres east-southeast of the Village of Iskut. Access is by 2 wheel drive vehicle.
The Claims have been explored in the past. Mapping by the BC Geological Survey in 1994 led to the discovery of the B31 copper showing, in which magnetite, chalcopyrite and lesser pyrite occur in proximity to fractures and cataclastic microstructures within a small syenitic stock. A magnetometer survey by the Optionor outlined a prominent magnetic anomaly trending northwestward from the showing. The Claims, which have not been drilled, are prospective for alakalic copper gold porphyry, or skarn hosted copper gold mineralization.
Under the terms of the LOI, the Company is required to pay total cash of $170,000, issue 600,000 shares and spend an aggregate $600,000 on the Claims over five years to earn a 100% interest. The Claims are subject to a 2% net smelter royalty in favour of the Optionor, of which half (1%) can be purchased by the Company for $1,000,000.
The Company intends to proceed with the finalization of a formal option agreement with Polaris Capital Ltd. as well as conducting an exploration and drill program during the coming work season.
On behalf of the Board of Directors:
Howard Milne
Director
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.
Contact Information
Victory Ventures Inc.
Howard Milne, Director
(604) 377-8994
hdmcap@shaw.ca
www.victoryventures.ca