12:02:08 EDT Sat 19 Sep 2020
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or Name

Vanadiumcorp Resource Inc
Symbol VRB
Shares Issued 255,814,928
Close 2019-09-03 C$ 0.055
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Vanadiumcorp Resource begins drilling at Lac Dore

2019-09-03 12:45 ET - News Release

Mr. Adriaan Bakker reports


An 8,500-metre drilling program has begun at Vanadiumcorp Resource Inc.'s wholly owned Lac Dore property, located 27 kilometres east-southeast from the city of Chibougamau in Eeyou Istchee James Bay, Northern Quebec. The drill program targets the company's flagship Lac Dore vanadium project, where historical drilling, mechanical trenching and channel sampling conducted between 1958 and 2013 have revealed the presence within property limits of a two-kilometre-long-by-200-metre-wide and minimum 200 m deep zone of banded vanadiferous titanomagnetite (VTM) mineralization.

A total of 34 drill holes are planned, comprising infill and extension drilling, together with select twinning of historical holes. Concurrent with the drilling, the company will resample select historical trenches. VTM-mineralized intersections will then be tested using a combination of major and trace element assays, Davis Tube testing and other magnetic tests to assess the head grades and concentrate grades for vanadium, titanium and iron, as well as magnetite content and magnetite proportions relative to ilmenite. Conditional to the success of the exploration program, the company aims to use the results of the drilling and trench resampling to prepare a mineral resource estimate for the Lac Dore vanadium project, in accordance with National Instrument 43-101 and CIM (Canadian Institute of Mining, Metallurgy and Petroleum) standards on mineral resources and reserves, definitions and guidelines.

Adriaan Bakker, president and chief executive officer of Vanadiumcorp, commented: "This new round of systematic drilling at our Lac Dore vanadium project, the first comprehensive drill program to be implemented on the property since 1979, demonstrates Vanadiumcorp's commitment to advance the Lac Dore vanadium project to the mineral resources appraisal phase. By carrying out this drilling, the company is targeting confirmation of a globally significant VTM resource."

The summer-fall exploration program at the Lac Dore vanadium project has been designed by the company with the aid of mining industry consultants CSA Global of Vancouver and InnovExplo of Val d'Or, Que. The exploration program will be managed by InnovExplo, under the supervision of the Table jamesienne de Concertation Miniere (TJCM) of Chibougamau, Que., a non-profit regional development organization that provides on-demand contractor monitoring, quality control and technical support services to mining companies active in Eeyou Istchee James Bay.

The company has awarded the drill contract to Miikan Drilling Ltd. of Chibougamau, Que., a joint venture between Chibougamau Diamond Drilling Ltd. of Chibougamau, Eskan Company of Mistissini and Nimsken Corp. of Ouje-Bougoumou, Que.

Assays will be completed at SGS Laboratories in Val d'Or, Que. Details of the metallurgical testwork program will be finalized following assessment of the drilling results.

Current drilling is utilizing two drill rigs on the property, with drilling scheduled for completion by the end of October, 2019.

Qualified persons

The scientific and technical information in this release has been prepared, reviewed and approved by Carl Pelletier, BSc, PGeo (OGQ), of InnovExplo, a consultant to the company and an independent qualified person under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. Mr. Pelletier is responsible for the technical content contained in this document.

About Vanadiumcorp Resource Inc.

Vanadiumcorp Resource is an integrated technology and mining company focused on developing the exclusive supply chain for vanadium-based energy storage and emerging technologies that utilize vanadium. Vanadiumcorp is focused on commercializing the most efficient and sustainable recovery method to produce vanadium with jointly developed process technology. Vanadiumcorp also holds a significant vanadium-titanium-iron-bearing resource base in mining-friendly Quebec, Canada, including the 100-per-cent-owned Lac Dore project, located adjacent to Blackrock Metals Inc., and the 100-per-cent-owned Iron-T project, located near the Glencore (Bracemac-McLeod) Matagami copper-zinc mine.

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