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Vanadiumcorp Resource Inc
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Vanadiumcorp drills 83.6 m of 53.64% FE2O3 at Lac Dore

2020-06-10 16:54 ET - News Release

Mr. Adriaan Bakker reports

VANADIUMCORP REPORTS NEW HIGH-GRADE V2O5 DRILL CORE INTERCEPTS[1] AT LAC DORE, QUEBEC - 83.6 M GRADING 0.61% V2O5 AND 53.64% FE2O3

Vanadiumcorp Resource Inc. has released the latest assay results for an additional seven drill holes from the company's summer/fall 2019 infill and extension drilling program at its Lac Dore vanadium property. Assay results are reported for holes LD-19-009, LD-19-011, LD-19-012, LD-19-014, LD-19-026, LD-19-028 and LD-19-030, bringing the total number of holes with complete assay results received to 31 out of 37 holes drilled in 2019. The Lac Dore vanadium property is located 27 kilometres (km) 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 Mining 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-metre-deep corridor.

The Lac Dore vanadium property lies on the southern flank of the Lac Dore anorthosite complex near 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 an additional seven drill holes.
  • All seven holes intersected significant VTM mineralization.
  • Best intercepts include:
    • Hole LD-19-009 intersected 75.1 m grading 0.66 per cent vanadium pentoxide (V2O5), including 57.3 m grading 0.71 per cent V2O5.
    • Hole LD-19-011 intersected 19.0 m grading 0.73 per cent V2O5, including 4.3 m grading 0.81 per cent V2O5 and 3.6 m grading 0.84 per cent V2O5.
    • Hole LD-19-012 intersected 67.4 m grading 0.63 per cent V2O5, including 23.9 m grading 0.71 per cent V2O5, four m grading 0.86 per cent V2O5, 13.2 m grading 0.78 per cent V2O5 and 3.5 m grading 0.85 per cent V2O5.
    • Hole LD-19-014 intersected 57.6 m grading 0.67 per cent V2O5, including 3.4 m grading 0.81 per cent V2O5 and 7.3 m grading 0.77 per cent V2O5.
    • Hole LD-19-026 intersected 83.6 m grading 0.61 per cent V2O5, including 8.1 m grading 0.73 per cent V2O5, 9.2 m grading 0.79 per cent V2O5 and 6.1 m per cent grading 0.80 per cent V2O5.
    • Hole LD-19-028 intersected 27.9 m grading 0.70 per cent V2O5, including 3.6 m grading 0.80 per cent V2O5.
    • Hole LD-19-030 intersected 30.4 m grading 0.63 per cent V2O5, including 12.4 m grading 0.73 per cent V2O5 and 3.5 m per cent grading 0.81 per cent V2O5.
  • Mineralization occurs as layers of massive, semi-massive and disseminated magnetite.

Adriaan Bakker, president and chief executive officer of Vanadiumcorp, states: "Four out of the seven drill holes whose assay results are being released today have intercepted vanadiferous titanomagnetite (VTM) mineralization grading a minimum of 0.6 per cent V2O5 and 50 per cent Fe2O3 over true thicknesses of greater than 55.0 m, illustrating the consistency of the grade and thickness of the mineralization at our Lac Dore vanadium prospect. We look forward to more positive results as additional Davis Tube test work results and final assays from the remaining seven holes drilled in 2019 are released over the coming weeks."

Highlights:

LD-19-009 drilled at negative 50 degrees to a depth of 276 m;

LD-19-011 drilled at negative 55 degrees to a depth of 267 m;

LD-19-012 drilled at negative 45 degrees to a depth of 228 m;

LD-19-014 drilled at negative 45 degrees to a depth of 178.8 m;

LD-19-026 drilled at negative 60 degrees to a depth of 291 m;

LD-19-028 drilled at negative 60 degrees to a depth of 300 m;

LD-19-030 drilled at negative 60 degrees to a depth of 285 m.

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, Quebec.

The infill and extension drilling program was the main component of the 2019 exploration program. Thirty-seven holes were drilled (total of 9,602 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 (7,649 m) , seven holes drilled to twin historic holes (total of 1,551 m) and two holes drilled to confirm the North-Eastern extension (total of 402 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 (mm). A 1,000-gram -1,500 ggram subsample is then split out and pulverized to 85 per cent passing 75 microm and approximately 150-gram 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. The suite of elements analyzed includes SiO2, Al2O3, Fe2O3, MgO, CaO, Na2O, K2O, TiO2, P2O5, MnO, Cr2O3, V2O5 and loss on ignition (LOI).

Strict quality assurance/quality control (QA/QC) protocols designed by InnovExplo and CSA Global was implemented to ensure the assay results are relevant, reliable and in accordance with industry standards, CIM mineral exploration best practice guidelines and National Instrument 43-101 (Standards of Disclosure for Mineral Projects) disclosure requirements.

The QA/QC 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.

Qualified persons

The scientific and technical information disclosed in this news release has been prepared, reviewed and approved by Carl Pelletier, bachelor of science, professional geoscientist (Quebec) from InnovExplo, a consultant to the company and 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 an exclusive clean energy storage supply chain with XRG vanadium redox flow battery technology, jointly owned process technology and its wholly owned and strategic vanadium resource base in mining friendly Quebec, Canada.

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