- Victory Battery Metals (CSE:VR) expanded its uranium focus by acquiring a property in Utah and a portfolio of four Saskatchewan properties
- The company aims to leverage the increasing demand for uranium, driven by the global shift towards cleaner energy sources
- Uranium focus comes with geographic diversity and encouraging property advancement potential given results, features and findings from past work programs on all properties prior to their acquisition by Victory
- Victory Battery Metals Corp. last traded at $0.04 per share
Victory Battery Metals (CSE:VR) expanded its uranium focus by acquiring a property in Utah and a portfolio of four Saskatchewan properties.
The Vancouver-based miner recently added the Yellow Chief uranium property in mining-friendly Juab County in western Utah. The property comprises 28 claims covering 1.3 square km.
Terms of the option agreement
Under the option agreement, and pending approval from the Canadian Securities Exchange, Victory Battery Metals secured the right to acquire 100 per cent interest in the Yellow Chief property. The agreement stipulates the following terms:
- Cash payments:
- $100,000 within 14 days of signing
- $50,000 on the first anniversary of the initial payment
- $50,000 on the second anniversary
- Common shares issuance:
- 8 million shares upon signing
- 4 million shares by the first anniversary
- 4 million shares by the second anniversary
- Exploration expenditures:
- $100,000 by the first anniversary
- $200,000 by the second anniversary
- $300,000 by the third anniversary
Yellow Chief uranium property
This area is well known for its active exploration and mining activities, including beryllium production by Materion and gold exploration at the Tintic mine.
Historically, the Yellow Chief Mine operated as an open pit from 1959 to 1962, producing approximately 90,700 metric tons of uranium ore. Uranium mineralization at the site occurs as lenses of disseminated secondary uranium minerals within a thick sequence of conglomerate and tuffaceous sandstone. The property is strategically located 6 kilometres east of Materion Corp.’s beryllium operations, the largest source of beryllium in the United States.
Future exploration plans
Victory Battery Metals plans to conduct comprehensive mapping and sampling at the Yellow Chief site, with a focus on planning a drill program to test for uranium and potentially beryllium deposits.
Saskatchewan uranium properties
The company’s portfolio in Saskatchewan includes:
- PK property: Covering 10.9 square km, this property is northeast of the Athabasca Basin. Historical exploration in the late 1970s indicated high radioactivity in pegmatite, with limited sampling showing uranium values up to 0.035 per cent U3O8.
- Mozzie Halo East and Mozzie Halo West properties: Comprising three blocks of claims totaling 4.45 square km., these properties are near the Charlebois-Higginson uranium district. Historical data suggest significant uranium mineralization, with the potential for rare-earth-element (REE) deposits.
Management’s take
The company aims to leverage the increasing demand for uranium, driven by the global shift towards cleaner energy sources.
“Victory is pleased to advise having enhanced the property portfolio with the addition of these uranium properties bringing total uranium holdings to 128.15 square km., including Sept Ilse Uranium, Québec. With 90.42 square km., 1.3 square km. in Juab County, Utah, and 36.43 square km. in Saskatchewan,” Mark Ireton, Victory’s president and CEO, noted in a news release. “Uranium focus comes with geographic diversity and encouraging property advancement potential given results, features and findings from past work programs on all properties prior to their acquisition by Victory.”
Victory Battery Metals is a mineral exploration company with interests in North America.
Victory Battery Metals Corp. (CSE:VR) last traded at $0.04 per share.
Join the discussion: Find out what everybody’s saying about this stock on the Victory Battery Metals Corp. Bullboard, and check out the rest of Stockhouse’s stock forums and message boards.
The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
(Top image: Victory Battery Metals Corp.)