Acknowledgement Letter From Nevada BLM To Advance To Permit On Loner Property

VANCOUVER - Victory Resources Corporation reported that the permit application process has advanced and that it has received an "Acknowledgement of Receipt of Exploration Notice and Reclamation Cost Estimate" from the Bureau of Land Management (BLM), Winnemucca District Office. In response to the acknowledgement letter the Company has submitted the required payment guarantee for the bond to secure the permit to drill the Loner Property.

"Our exploration team has made tremendous progress, completing the preparatory work required to finalize all elements of drilling program operations plan, including the engagement of drilling services and submission of the permit application," said CEO, David Lane. "Under the leadership of our VP of Exploration, David Deering, all of this has been expedited in a short timeframe, and under challenging conditions due to the pandemic, since the Loner Property was optioned on December 23rd from Silver Range Resources."

Loner Drill Permit Advancement Highlights: Victory has received Acknowledgement of Receipt of Exploration Notice from BLM in Nevada; The Company has submitted the required payment to the BLM for the bond to secure the drill permit for Loner; Once the permit is secured in the near term, the Company will finalize its timelines for the upcoming initial drill program, planned for 7 to 10 diamond drill holes totaling 500m; and Loner gives Victory year-round exploration access in a zone within Nevada that is in the vicinity of Goldbanks, an area where Barrick, Kinross and Premier have interests.

The project will begin when Victory receives the decision letter from BLM stating the guarantee has been accepted. At that point Company will finalize its timelines for the initial drill program, planned for 7 to 10 diamond drill holes totaling 500m. The drilling is to accomplish two goals. Firstly, it is intended to better characterize the mineralization exposed in the known workings, which are mostly inaccessible. Secondly, drilling is intended to evaluate the 200m to 300m wide zone of anomalous soils identified by Silver Range Resources through principal component analysis. Specifically, drilling will focus on the area of Au in soil anomalies to the south and east of the main workings, though other areas will be evaluated as well.