The company said it has built a growing presence with its Stingray property array, which covers 67 claims on ground which lies adjacent to Patriot Battery Metals Inc.’s [PMET-CSE, PMETF-OTCQB, R9GA-FSE] wholly-owned Corvette – FCI gold-copper-silver-lithium project.
The announcement comes after Patriot Battery recently launched what it said will be the largest single lithium drill program undertaken in recent times in Quebec. The company said it is planning to complete a minimum of 20,000 metres of drilling at its Corvette – FCI project.
Patriot Battery Metals has been targeting the CV Lithium Trend, an emerging spodumene pegmatite district discovered by the company in 2017. It spans more than 25 kilometres across the Corvette Property, covering the FCE West, FCE East and Corvette claim blocks. It consists of numerous spodumene pegmatite occurrences, which include the CV1, CV2, CV3, CV5, CV6, and CV7 pegmatites, highlighted by the CV5 and CV1 Pegmatite.
The company said the primary drill area has focused on the CV5 Pegmatite, which is located approximately 13.5 kilometres south of the regional and all-weather Trans-Taiga Road and powerline infrastructure, with two drills currently coring.
The Stingray Project encompasses several claim blocks south of the Corvette Property and spanning 25 kilometres of east to west strike length.
Victory said it intends to carry out an initial program of prospecting, reconnaissance mapping and geochemical sampling. “The goal of the program would be to discover pegmatites similar to those reported on several nearby properties, such as the Corvette Lake North Property,’’ the company said in a press release.
Victory also said it has closed the first tranche of a previously announced private placement financing of up to 12.5 million units priced at $0.08 each. The units were expected to deliver proceeds of $1 million. The company said it expected to raise at additional $1 million from a concurrent placement of flow through units,
It said 5.6 million units have now been issued. Each unit consists of one common share and one common share purchase warrant exercisable at $0.12 for two years, subject to the right of the company to accelerate expiry upon 30 days notice if the common shares trade at $0.17 or higher for a period of 10 days.
On February 10, 2023, Victory Battery Metals shares closed at 13 cents and are currently trading in a 52-week range of 25.5 cents and $0.045.
The closing dates of the offering and the flow through placement are expected to occur on February 20, 2023.