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Vanadiumcorp Resource Inc
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Vanadiumcorp drills 29.4 m of 0.66% V2O5 at Lac Dore

2020-03-16 07:27 ET - News Release

Mr. Adriaan Bakker reports

VANADIUMCORP INTERCEPTS 0.66% V(2)O(5) OVER 29.4 METRES AT LAC DORE, QUEBEC

Vanadiumcorp Resource Inc. has released the drilling results for the first three holes from the company's summer/fall 2019 infill and extension drilling program at its Lac Dore vanadium property. The Lac Dore vanadium property is located 27 kilometres east-southeast from the city of Chibougamau, in 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 (BlackRock Metals Inc.) and the South and North zone deposits on the Mont Sorcier project to the north (Vanadium One Iron Corp.).

The 2019 drill program targeted the company's Lac Dore vanadium prospect where historical drilling and surface channel sampling conducted between 1958 and 2013 have 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 and minimum 200 m deep corridor.

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 km.

Highlights:

  • Complete assay results were received for three holes out of the 35 holes drilled in 2019.
  • All three holes intersected significant VTM mineralization.
  • Best intercepts include:
    • Hole LD-19-002, drilled at minus 45 degrees to a depth of 222 m, intersected 29.4 m* grading 0.66 per cent vanadium pentoxide (V2O5) (from 119.9 m to 152.3 m, core length), including 9.1 m* grading 0.73 per cent V2O5 (from 122.8 to 132.8 m, core length).
    • Hole LD-19-022, drilled at minus 45 degrees to a depth of 282 m, intersected 26.8 m* grading 0.59 per cent V2O5 (from 102.9 m to 132.5 m, core length), including 4.8 m* grading 0.73 per cent V2O5 (from 118.4 m to 123.7 m core length).
    • Hole LD-19-24, drilled at minus 60 degrees to a depth of 240 m, intersected 10.7 m* grading 0.72 per cent V2O5 (from 172.3 to 186.3 core length) and 12 m* grading 0.72 per cent V2O5 (from 203.7 m to 219.4 m core length).
  • Mineralization occurs as layers of massive, semi-massive and disseminated magnetite, ranging from 20 per cent to greater than 50 per cent magnetite content, based on visual estimates. V2O5:Fe2O3 ratios suggest potential for high-V2O5 magnetite concentrates with greater than 1.5 per cent V2O5, consistent with historical Davis Tube testwork results.
  • Davis Tube magnetic separation testwork and assaying of concentrates have commenced on selected intervals from these three drill holes, and the results will confirm the grade of the vanadium in magnetite concentrates from each of the zones.

* True thickness. True thicknesses have been estimated by assuming a dip of the layering of 70 degrees to the southeast, and the plunge of the drill hole toward the northwest (minus 45 degrees for LD-19-002 and LD-19-022 or minus 60 degrees for LD-19-024).

Adriaan Bakker, president and chief executive officer of Vanadiumcorp, stated: "We are extremely pleased with the results of the first three drill holes on our Lac Dore vanadium prospect. Our strategy to try to identify potential high-grade vanadium zones within the VTM-bearing stratigraphy through detailed systematic sampling is starting to pay off with 12 intercepts grading a minimum of 0.5 per cent V2O5 over at least five m* identified in the first three holes, culminating in a 29.4 m* intercept grading 0.66 per cent V2O5 in hole LD-019-002. While we await the assay results for the remaining 32 holes, InnovExplo is building the drill database and geological sections needed to prepare the maiden mineral resources statement for the Lac Dore vanadium prospect."

            SUMMARY OF THE SIGNIFICANT INTERSECTIONS, WITH WEIGHTED AVERAGE GRADES FOR V2O5, FE2O3 
                   AND TIO2, INTERSECTED CORE LENGTHS, AND ESTIMATED TRUE THICKNESSES 
  
Hole ID                     From       To   Core length    Estimated true thickness         V2O5      Fe2O3     TiO2
                             (m)      (m)           (m)                         (m)          (%)        (%)      (%)

LD-19-002 including         10.0     20.5          10.5                         9.5         0.53      55.13    12.95
                            11.5     14.1           2.6                         2.4         0.63      59.00    14.95
LD-19-002 including and     85.1    104.3          19.2                        17.4         0.66      58.19    12.73
                            87.0     89.7           2.7                         2.4         0.74      66.15    15.23
                            92.0    102.5          10.5                         9.5         0.75      65.34    14.20
LD-19-002 including and    119.9    152.3          32.5                        29.4         0.66      53.18    10.57
                           122.8    132.8          10.0                         9.1         0.73      60.09    12.50
                           143.5    151.0           7.5                         6.8         0.80      60.46    11.46
LD-19-002 including        154.5    160.8           6.3                         5.7         0.77      55.78    10.55
                           156.5    160.8           4.3                         3.9         0.84      59.63    11.35
LD-19-002                  165.3    176.6          11.3                        10.2         0.70      49.13     8.74
LD-19-002                  181.0    185.9           4.8                         4.4         0.54      38.41     6.52
LD-19-022 including         42.9     60.0          17.2                        15.5         0.48      52.88    12.62
                            52.5     58.5           6.0                         5.4         0.59      60.55    14.50
LD-19-022 including and    102.9    132.5          29.6                        26.8         0.59      48.46     9.23
                           102.9    115.0          12.1                        11.0         0.66      55.21    11.50
                           118.4    123.7           5.4                         4.8         0.73      55.86    10.52
LD-19-022 including and    143.5    164.9          21.4                        19.4         0.45      35.05     5.39
                           146.5    148.0           1.5                         1.4         0.79      56.00     9.62
                           162.7    164.9           2.2                         2.0         0.72      49.40     8.21
LD-19-022                  173.0    185.7          12.7                        11.5         0.42      33.04     4.67
LD-19-022 including        195.7    204.1           8.4                         7.6         0.51      39.57     5.51
                           201.7    203.0           1.3                         1.2         0.83      56.30     8.77
LD-19-022                  218.1    227.4           9.3                         8.4         0.49      35.18     5.28
LD-19-022                  232.5    235.8           3.3                         3.0         0.28      21.73     3.18
LD-19-022                  252.5    255.3           2.9                         2.6         0.41      30.73     4.03
LD-19-024 including         25.0     36.5          11.5                         8.8         0.51      52.91    11.89
                            27.9     35.0           7.1                         5.4         0.63      62.29    14.23
LD-19-024                  104.0    109.0           5.1                         3.9         0.73      65.65    14.88
LD-19-024                  113.6    117.1           3.5                         2.7         0.58      53.86    11.16
LD-19-024                  127.0    136.9           9.9                         7.6         0.62      52.49    11.27
LD-19-024                  151.7    157.3           5.6                         4.3         0.73      58.90    12.38
LD-19-024 including        172.3    186.3          14.0                        10.7         0.72      53.48    10.57
                           182.5    185.5           3.0                         2.3         0.87      63.40    12.30
LD-19-024                  191.8    198.1           6.3                         4.8         0.80      57.36    10.61
LD-19-024 including        203.7    219.4          15.7                        12.0         0.72      51.07     9.40
                           217.0    219.4           2.4                         1.8         0.90      62.58    11.00
LD-19-024                  225.2    235.2          10.0                         7.7         0.48      35.89     5.72


  

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 (total: 9,196 m) 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 (total: 1,554 m). The drilling was carried out by Miikan Drilling Ltd. of Chibougamau.

Drill core samples (half-core) are submitted to SGS Canada Inc.'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- to 1,500-gram subsample is then split out and pulverized to 85 per cent passing 75 micrometres and about 150 g subsample taken for head assays.

Samples are then shipped to SGS Canada Inc.'s facility at Lakefield, Ont., for whole rock analysis (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.

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 Mineral Exploration Best Practice Guidelines (CIM Exploration Guidelines, 2018) and National Instrument 43-101 -- Standards of Disclosure for Mineral Projects (NI 43-101) disclosure requirements.

The QA/QC protocol is as follows:

  • Minimum 5 per cent appropriate VTM standards to be inserted into the sample stream (that is, 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.

Qualified persons

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

About Vanadiumcorp Resource Inc.

Vanadiumcorp 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 adjacent to Blackrock Metals Inc. and the 100-per-cent-owned Iron-T project near the Glencore (Bracemac-McLeod) Matagami copper-zinc mine.

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