Mr. Adriaan Bakker reports

VANADIUMCORP REPORTS INITIAL DAVIS TUBE TESTING RESULTS INCLUDING 11.99 M CONTAINING 29.9% MAGNETICS WITH 1.69% V2O5, AND NEW DRILLING RESULTS INCLUDING 0.67% V2O5 OVER 27.1 M AT LAC DORE, QUEBEC

Vanadiumcorp Resource Inc. has released drilling results for an additional four drill holes from the company's summer/fall 2019 infill and extension drilling program at its Lac Dore vanadium property. Holes reported are LD-19-001, LD-19-019, LD-19-023 and LD-19-033, bringing the total number of holes with complete results received to seven, out of 35 holes drilled in 2019. The Lac Dore vanadium property is located 27 kilometres east-southeast from the city of Chibougamau, Eeyou Istchee James Bay, 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.) as well as 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 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 kilometres.

Highlights:

• Davis Tube magnetic separation testwork on VTM-mineralized core from drill hole LD-19-022 (see an attached table) included the following results:
  • 4.98 m containing 24.7 per cent magnetics with 1.61 per cent vanadium oxide;
  • 10.97 m containing 46.0 per cent magnetics with 1.24 per cent V2O5.
• Davis Tube testwork results also show several VTM-mineralized core intervals with anomalous V2O5 contents of magnetite in drill hole LD-19-024 (see an attached table), including:
  • 8.62 m containing 47.2 per cent magnetics with 1.51 per cent V2O5;
  • 11.99 m containing 29.9 per cent magnetics with 1.69 per cent V2O5;
  • 4.10 m containing 24.3 per cent magnetics with 1.70 per cent V2O5.
• Davis Tube magnetic separation testwork results are consistent with historical Davis Tube testwork results and confirm the presence of magnetite-bearing layers with the potential for high V2O5 magnetite concentrates, particularly the lower (P1 or P0) units.
• Complete assay results have been received for an additional four drill holes.
• All four holes intersected significant VTM mineralization.
• Best intercepts include:
  • Hole LD-19-001, drilled to a depth of 396 m, intersected 27.1 m grading 0.67 per cent V2O5 (from 185.1 m to 214.5 m (core length); see an attached table), including six m grading 0.81 per cent V2O5 (from 205.5 m to 211.5 m (core length)).
  • Hole LD-19-019, drilled to a depth of 180 m, intersected 24.5 m grading 0.64 per cent V2O5 (from 67.3 m to 96.9 m (core length); see an attached table), including 6.2 m grading 0.78 per cent V2O5 (from 74.3 m to 80.5 m (core length); see an attached table).
  • Hole LD-19-023, drilled to a depth of 300 m, intersected 22.2 m grading 0.65 per cent V2O5 (from 168.5 m to 193.0 m (core length); see an attached table), including: 7.1 m grading 0.77 per cent V2O5 (from 168.5 m to 175.6 m (core length); see an attached table); 6.8 m grading 0.72 per cent V2O5 (from 177.5 m to 184.3 m (core length); see an attached table); and five m grading 0.80 per cent V2O5 (from 188.0 m to 193.0 m (core length); see an attached table).
  • Hole LD-19-033, drilled to a depth of 282 m, intersected 23.3 m grading 0.60 per cent V2O5 (from 122.3 m to 148 m (core length); see an attached table), including 2.7 m grading 0.72 per cent V2O5 (from 127.5 m to 130.5 m (core length); see an attached table); 3.9 m grading 0.73 per cent V2O5 (from 136.5 m to 140.8 m (core length); see an attached table); and 3.8 m grading 0.75 per cent V2O5 (from 143.85 m to 148.0 m (core length); see an attached table).
• Mineralization occurs as layers of massive, semi-massive and disseminated magnetite. Davis Tube results from drill holes LD-19-022 and LD-19-024 (see an attached table) show magnetite contents ranging from approximately 12 per cent to approximately 53 per cent.

Adriaan Bakker, president and chief executive officer of Vanadiumcorp, stated: "We are very encouraged by the initial Davis Tube test results that indicate that V2O5 grades of up to 1.7 per cent can be obtained in the magnetite concentrate. These early positive metallurgical test results, combined with our latest drilling results, continue to support our objective of advancing our Lac Dore vanadium project to the mineral resources estimation stage and beyond."

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.

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 first results received from the laboratory are presented in an attached table.

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 developing an integrated supply chain enabling scalable, safe, sustainable, low-cost, long-duration energy storage solutions for the clean energy future.

We seek Safe Harbor.