Mr. Adriaan Bakker reports

VANADIUMCORP REPORTS NEW HIGH-GRADE V2O5 DRILL CORE INTERCEPTS AT LAC DORE, QUEBEC -- 37.1 M GRADING 0.73% V2O5 AND 55.72% FE2O3; ADDITIONAL DAVIS TUBE TESTING RESULTS INCLUDE 8.3 M GRADING 22.9% MAGNETICS WITH 1.5% V2O5

Vanadiumcorp Resource Inc. has released the latest assay results for an additional 10 drill holes from the company's summer/fall 2019 infill and extension drilling program at its Lac Dore vanadium property, as well as new Davis Tube magnetic separation testwork results for 33 additional composite core samples from eight drill holes. Assay results are reported for holes LD-19-003, LD-19-004, LD-19-005, LD-19-008, LD-19-013, LD-19-015, LD-19-018, LD-19-021, LD-19-032 and LD-19-035, bringing the total number of holes with complete assay results received to 24 out of 37 holes drilled in 2019. The Lac Dore vanadium property is located 27 kilometres east-southeast from the city of Chibougamau, Eeyou Istchee James Bay territory, Northern Quebec. The Chibougamau area is host to several vanadiferous titanomagnetite (VTM) deposits, including the Southwest and Armitage deposits on the adjacent Blackrock property and the south zone and north zone deposits on the Mont Sorcier property to the north.

The 2019 drill program targeted the company's Lac Dore Main vanadium prospect, where historical drilling and surface channel sampling conducted between 1958 and 2013 revealed the presence, within property limits, of massive, semi-massive and disseminated bands of VTM mineralization along a two-kilometre-long-by-200-metre-wide corridor (minimum 200 m deep).

The Lac Dore vanadium property lies on the southern flank of the Lac Dore anorthosite complex of Chibougamau and straddles the layered magmatic zone, which hosts the VTM mineralization. This layered magmatic zone has been traced by historical geophysics, drilling and mapping over a linear distance of 20 kilometres.

Highlights:

• Complete assay results received for an additional 10 drill holes.
• All 10 holes intersected significant VTM mineralization.
• Best intercepts include:
  • Hole LD-19-003 intersected 18.4 m grading 0.69 per cent vanadium oxide, including 3.5 m grading 0.91 per cent V2O5.
  • Hole LD-19-004 intersected 6.3 m grading 0.97 per cent V2O5.
  • Hole LD-19-005 intersected 27.6 m grading 0.69 per cent V2O5.
  • Hole LD-19-008 intersected 37.1 m grading 0.69 per cent V2O5, including 4.8 m grading 0.81 per cent V2O5.
  • Hole LD-19-013 intersected 32.7 m grading 0.73 per cent V2O5.
  • Hole LD-19-015 intersected 41.7 m grading 0.68 per cent V2O5.
  • Hole LD-19-018 intersected 40.7 m grading 0.62 per cent V2O5, including six m grading 0.72 per cent V2O5.
  • Hole LD-19-021 intersected 36.4 m grading 0.62 per cent V2O5, including 10.2 m grading 0.73 per cent V2O5.
  • Hole LD-19-032 intersected 29.1 m grading 0.62 per cent V2O5.
  • Hole LD-19-035 intersected 36.6 m grading 0.65 per cent V2O5.
• Mineralization occurs as layers of massive, semi-massive and disseminated magnetite.
• Davis Tube magnetic separation testwork on composite samples of VTM-mineralized core from drill holes LD-19-003, LD-19-004, LD-19-016, LD-19-017, LD-19-025, LD-19-029, LD-19-33 and LD-19-034 shows magnetite contents ranging from approximately 6 per cent to 65 per cent and included the following results:
  • 7.3 m containing 28.6 per cent magnetics with 1.48 per cent V2O5 (LD-19-016);
  • Seven m containing 21 per cent magnetics with 1.62 per cent V2O5 (LD-19-017);
  • 8.2 m containing 33.6 per cent magnetics with 1.31 per cent V2O5 (LD-19-033);
  • 8.3 m containing 22.9 per cent magnetics with 1.5 per cent V2O5 (LD-19-034);
  • 6.9 m containing 26.39 per cent magnetics with 1.42 per cent V2O5 (LD-19-003);
  • One m containing 60.93 per cent magnetics with 1.42 per cent V2O5 (LD-19-004);
  • 13.4 m containing 41.67 per cent magnetics with 1.42 per cent V2O5 (LD-19-025);
  • 0.4 m containing 42.08 per cent magnetics with 1.54 per cent V2O5 (LD-19-029).
• Davis Tube magnetic separation testwork results are consistent with previous results, showing that lower (P1 or P0) stratigraphic units have elevated V2O5 in the magnetite concentrate (typically greater than 1.5 per cent V205), whereas the upper unit (P3) has lower V2O5 in the concentrate (typically fewer than 1 per cent V2O5).

Adriaan Bakker, president and chief executive officer of Vanadiumcorp, stated: "These latest drill core assay and of Davis Tube test results from our Lac Dore vanadium Main prospect continue to show consistent zones where VTM mineralization grades a minimum of 0.6 per cent V2O5 and magnetite concentrate grades exceed 1.5 per cent V2O5. We look forward to more positive results from our ongoing drill core assays and Davis Tube testwork programs over the coming weeks."

Davis Tube testwork results

Results from the first batch of samples submitted for Davis Tube testwork are shown in an attached table.

Davis Tube tests were carried out at SGS Canada Inc.'s facilities in Val d'Or, Que. Samples were composited over the intervals in an attached table using pulp rejects from samples previously prepared for assay. The samples had already been pulverized to 85 per cent passing 75 micrometres. Composites were prepared using relative proportions based on weights of the core samples submitted (these are weighted average composites). The composite was further pulverized to 80 per cent passing 38 micrometres, and a 20-gram subsample of the composite was taken for the Davis Tube testing. Samples were added to the Davis Tube, and the tube was allowed to agitate for a period of four minutes, after which the magnets were interrupted and the magnetic concentrate was collected. The tailings were collected in a pail. Both the magnetic concentrate and non-magnetic tailings were filtered, dried and weighed. The two products were analyzed for major elements SiO2, Al2O3, Fe2O3, MgO, CaO, Na2O, K2O, TiO2, P2O5, MnO, Cr2O3 and V2O5 by whole-rock analysis (WRA), as per the procedure outlined herein. Quality assurance/quality control protocol was for two samples to be subject to repeat tests.

2019 exploration program

The summer/fall 2019 exploration program conducted at the Lac Dore vanadium property was designed by the company with the aid of mining industry consultants InnovExplo of Val d'Or, Que., and CSA Global of Vancouver, B.C. The exploration program was managed by InnovExplo of Val d'Or, Que., under the supervision of the Table Jamesienne de Concertation Miniere (TJCM) of Chibougamau, Que.

The infill and extension drilling program was the main component of the 2019 exploration program. Thirty-five holes were drilled (9,196 m in total) within the outline of the corridor hosting banded VTM mineralization that was the focus of historic drilling, including 28 holes drilled to map the continuity of VTM mineralization between historic holes (7,642 m) and seven holes drilled to twin historic holes (1,554 m in total). The drilling was carried out by Miikan Drilling Ltd. of Chibougamau.

Drill core samples (one-half core) are submitted to SGS Canada's facilities in Val d'Or and Quebec City, Que., for preparation. The entire sample is dried, as required, and crushed to 75 per cent passing two millimetres. A 1,000-gram-to-1,500-gram subsample is then split out and pulverized to 85 per cent passing 75 micrometres, and a 150 g (approximately) subsample is taken for head assays.

Samples are then shipped to SGS Canada's facility at Lakefield, Ont., for WRA performed by X-ray fluorescence spectroscopy (XRF). The SGS facilities are ISO/IEC 17025 standard certified for the methods used, and all analytical methods include quality control materials at set frequencies with established data acceptance criteria. The suite of elements analyzed includes: SiO2, Al2O3, Fe2O3, MgO, CaO, Na2O, K2O, TiO2, P2O5, MnO, Cr2O3 and V2O5.

Strict quality assurance/quality control protocols designed by InnovExplo and CSA Global were implemented to ensure the assay results are: relevant; reliable; and in accordance with industry standards, CIM (Canadian Institute of Mining, Metallurgy and Petroleum) mineral exploration best practice guidelines and National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

The quality assurance/quality control protocol is as follows:

• Minimum 5 per cent appropriate VTM standards to be inserted into the sample stream (one standard per 20 samples);
• Minimum 5 per cent blanks to be inserted into the sample stream;
• All coarse rejects and pulps to be collected from the laboratory;
• 5 per cent of pulps to be resubmitted to SGS in later batches as duplicates with new sample numbers;
• 5 per cent of pulps to be submitted to an umpire laboratory.

The details of the results received from the laboratory are presented in tables that are available at the Vanadiumcorp website.

Qualified person

The scientific and technical information disclosed in this news release has been prepared, reviewed and approved by Carl Pelletier, BSc, PGeo (Quebec), of InnovExplo, a consultant to the company, an independent qualified person under NI 43-101.

About Vanadiumcorp Resource Inc.

Vanadiumcorp is an integrated technology and mining company focused on developing an exclusive clean energy storage supply chain with: XRG vanadium redox flow battery technologies; jointly owned process technologies; and its wholly owned and strategic vanadium resource base in mining-friendly Quebec, Canada.

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