02:21:01 EST Thu 26 Nov 2020
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Vanadiumcorp Resource Inc
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Vanadiumcorp drills 77.4 m of 0.65% V2O5 at Lac Dore

2020-07-07 07:39 ET - News Release

Mr. Adriaan Bakker reports

VANADIUMCORP DRILLS HIGH-GRADE V2O5 DRILL CORE INTERCEPTS(1) INCLUDING 77.4 M GRADING 0.65% V2O5 AND 56.53% FE2O3

Vanadiumcorp Resource Inc. has released the latest assay results for the final six 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-19-006, LD-19-007, LD-19-010, LD-19-027, LD-19-031 and LD-19-037; thus, all 37 holes drilled in 2019 now have received complete assay results. In addition, the results of selective twin channel sampling of surface trenches are reported.

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 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 m 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 received for an additional six drill holes.
  • All six holes intersected significant VTM mineralization.
  • Best intercepts include:
    • Hole LD-19-006 intersected 63.3 m* grading 0.68 per cent V2O5 (vanadium pentoxide), including 4.4 m* grading 0.80 per cent V2O5, and 4.4 m* grading 0.85 per cent V2O5.
    • Hole LD-19-007 intersected 73.9 m* grading 0.64 per cent V2O5, including 3.4 m* grading 0.81 per cent V2O5, and 3.5 m* grading 0.88 per cent V2O5.
    • Hole LD-19-010 intersected 86.9 m* grading 0.56 per cent V2O5, including 59.0 m* grading 0.61 per cent V2O5, and including 6.6 m* grading 0.78 per cent V2O5.
    • Hole LD-19-027 intersected 77.4 m* grading 0.65 per cent V2O5, including 8.0 m* grading 0.74 per cent V2O5, and 4.2 m* grading 0.80 per cent V2O5, and 3.8 m* grading 0.87 per cent V2O5.
    • Hole LD-19-031 intersected 34.7 m* grading 0.64 per cent V2O5, including 3.7 m* grading 0.72 per cent V2O5, 2.7 m* grading 0.77 per cent V2O5, 3.1 m* grading 0.83 per cent V2O5, and 3.9 m* grading 0.70 per cent V2O5.
    • Hole LD-19-037 intersected 46.4 m* grading 0.67 per cent V2O5, including 2.6 m* grading 0.85 per cent V2O5, and 3.4 m* grading 0.78 per cent V2O5.
  • Mineralization occurs as layers of massive, semi-massive and disseminated magnetite.
  • Twin channel sampling results confirm grade of historical channel samples in surface exposures of mineralization including in trench 1950E-2, which intersected 72.0 m** grading 0.60 per cent V2O5.

(1) High-grade V2O intercepts in drill core are defined by the company as a minimum of 0.6 per cent V2O5 over a minimum true thickness of 0.5 m.

* 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-19-006, LD-19-007, LD-19-010 and LD-19-037, minus 60 degrees for LD-19-027, and minus 55 degrees for LD-19-031).

** Sampled thickness -- true thickness not determined.

Adriaan Bakker, president and chief executive officer of Vanadiumcorp, stated: "Another four of the six drill holes whose assay results are being released today have intersections in excess of 60 m true widths, with grades over these intervals averaging greater than 0.55 per cent V2O5 and greater than 50 per cent Fe2O3. These final drill hole results wrap up what we feel is a highly successful drilling campaign and additional Davis Tube results are still expected."

       SUMMARY OF THE SIGNIFICANT DRILL HOLE 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-19-006            4.0        6.0           2.0                        1.8     0.58      58.25     13.55
LD-19-006           12.0       20.7           8.7                        7.9     0.54      54.03     12.07
including           12.0       16.2           4.2                        3.8     0.67      66.27     15.14
LD-19-006           27.4       28.7           1.3                        1.2     0.67      57.00     14.00
LD-19-006           34.1      103.9          69.8                       63.3     0.68      56.04     11.41
including           85.2       90.0           4.8                        4.4     0.80      60.38     11.33
and                 99.0      103.9           4.9                        4.4     0.85      62.31     11.32
LD-19-006          110.2      127.5          17.3                       15.7     0.71      51.33      8.91
including          110.2      114.0           3.8                        3.4     0.82      59.74     10.56
and                117.0      120.1           3.1                        2.8     0.83      59.30     10.35
and                124.9      127.5           2.6                        2.4     0.92      64.42     11.12
LD-19-006          134.9      145.5          10.6                        9.6     0.59      41.95      6.84
LD-19-006          150.4      154.5           4.1                        3.7     0.83      57.00      9.22
LD-19-006          168.6      179.4          10.8                        9.8     0.48      34.60      5.21
LD-19-007           19.5       25.5           6.0                        5.4     0.31      49.38     11.14
LD-19-007           30.0       35.4           5.4                        4.9     0.34      52.32     11.92
LD-19-007           56.4       58.7           2.3                        2.1     0.47      55.90     14.04
LD-19-007          138.8      220.3          81.5                       73.9     0.64      55.49     11.72
including          205.4      209.1           3.7                        3.4     0.81      61.87     11.71
and                216.4      220.3           3.9                        3.5     0.88      63.05     11.82
LD-19-007          227.0      248.1          21.1                       19.1     0.73      51.48      9.10
including          227.0      230.0           3.0                        2.7     0.92      64.30     11.90
and                234.5      239.3           4.8                        4.4     0.83      58.55     10.31
and                246.1      248.1           2.0                        1.8     1.00      68.13     11.67
LD-19-007          256.2      266.5          10.3                        9.3     0.60      42.07      6.98
including          261.8      263.3           1.5                        1.4     0.94      63.73     10.67
and                270.9      273.4           2.5                        2.3     0.86      58.33      9.63
LD-19-007          281.5      294.6          13.1                       11.9     0.45      32.94      4.88
LD-19-010            9.9      105.8          95.9                       86.9     0.56      53.57     11.81
including           40.7      105.8          65.1                       59.0     0.61      53.89     11.36
including           95.5      102.8           7.3                        6.6     0.78      60.65     11.67
LD-19-010          115.2      120.4           5.2                        4.7     0.80      58.62     10.77
LD-19-010          125.0      141.5          16.5                       15.0     0.73      50.82      9.01
including          125.0      128.0           3.0                        2.7     0.87      62.10     11.30
and                138.6      141.5           2.9                        2.6     0.91      62.84     10.73
LD-19-010          149.0      161.8          12.8                       11.6     0.58      41.51      6.90
including          151.3      157.9           6.6                        6.0     0.68      47.83      8.02
LD-19-010          167.7      174.2           6.5                        5.9     0.58      41.22      6.64
including          168.4      171.2           2.8                        2.5     0.89      61.17     10.10
LD-19-010          185.6      189.6           4.0                        3.6     0.48      34.14      5.42
LD-19-010          195.6      203.2           7.6                        6.9     0.45      32.64      4.98
including          195.6      197.7           2.1                        1.9     0.69      48.13      7.45
LD-19-010          227.9      230.5           2.6                        2.4     0.65      44.47      6.54
LD-19-027           76.5       78.9           2.4                        1.8     0.42      54.98     13.39
LD-19-027           87.0       94.9           7.9                        6.1     0.48      56.38     13.95
LD-19-027          115.5      216.5         101.0                       77.4     0.65      56.53     11.98
including          148.5      159.0          10.5                        8.0     0.74      65.81     14.76
and                195.0      200.5           5.5                        4.2     0.80      61.28     11.97
and                211.5      216.5           5.0                        3.8     0.87      63.98     11.83
LD-19-027          224.2      241.7          17.6                       13.4     0.72      52.31      9.06
including          224.2      226.5           2.4                        1.8     0.91      65.58     11.80
and                239.2      241.7           2.5                        1.9     0.88      62.47     10.62
LD-19-027          250.2      256.2           6.0                        4.6     0.67      48.35      7.79
LD-19-027          260.1      262.5           2.4                        1.8     0.81      57.43      9.05
LD-19-027          271.8      286.5          14.8                       11.3     0.39      29.32      4.29
including          273.2      277.7           4.5                        3.4     0.60      42.67      6.49
LD-19-027          309.7      313.4           3.7                        2.8     0.53      35.88      5.32
LD-19-031           53.1       63.1          10.0                        8.2     0.38      55.25     12.77
including           59.1       63.1           4.0                        3.3     0.45      59.83     14.82
LD-19-031           78.5       99.8          21.3                       17.4     0.52      55.78     13.31
including           95.0       99.8           4.8                        3.9     0.65      64.24     15.28
LD-19-031          133.1      146.2          13.1                       10.7     0.67      58.01     12.72
LD-19-031          150.4      192.7          42.3                       34.7     0.64      51.42      9.93
including          157.9      162.4           4.5                        3.7     0.72      58.10     12.03
and                175.9      179.2           3.3                        2.7     0.77      59.27     11.30
and                179.5      183.3           3.8                        3.1     0.83      62.61     11.61
and                187.9      192.7           4.8                        3.9     0.70      53.19      9.27
LD-19-031          197.0      216.8          19.8                       16.2     0.61      45.60      7.51
including          200.0      203.0           3.0                        2.5     0.75      54.95      9.44
and                214.2      216.8           2.6                        2.1     0.92      65.67     11.02
LD-19-031          227.5      239.6          12.1                        9.9     0.56      41.00      6.48
LD-19-031          245.2      251.7           6.5                        5.3     0.57      41.53      6.47
including          245.2      248.7           3.5                        2.9     0.79      55.99      8.92
LD-19-031          258.8      259.3           0.5                        0.4     0.65      47.60      7.36
LD-19-037           79.5       95.5          16.0                       14.5     0.46      54.03     12.79
including           88.5       95.5           7.0                        6.3     0.58      58.34     14.02
LD-19-037           99.2      105.4           6.2                        5.6     0.65      63.02     14.47
LD-19-037          194.5      245.7          51.2                       46.4     0.67      53.92     10.80
including          234.0      236.9           2.9                        2.6     0.85      65.12     12.18
and                241.9      245.7           3.8                        3.4     0.78      58.33     10.59
LD-19-037          254.0      273.1          19.1                       17.3     0.60      45.01      7.40
including          254.0      258.0           4.0                        3.6     0.71      52.34      9.00
and                263.3      265.7           2.4                        2.2     0.83      60.14     10.15
and                267.6      268.8           1.2                        1.1     0.90      65.30     11.20
and                270.7      273.1           2.4                        2.1     0.89      63.50     10.60
LD-19-037          288.0      297.8           9.8                        8.9     0.50      38.17      5.63
LD-19-037          303.7      315.9          12.2                       11.1     0.50      36.08      5.40
including          311.1      313.3           2.2                        2.0     0.71      49.39      7.45
LD-19-037          325.5      328.5           3.0                        2.7     0.35      25.30      3.70

* 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-19-006, LD-19-007, LD-19-010 and LD-19-037, minus 60 degrees for LD-19-027, and minus 55 degrees 
for LD-19-031). 

During the 2019 campaign, 16 per cent of historical trenches were selectively resampled with the objective to confirm grades of historical samples for further use in the next mineral resource estimate. A total of 202 samples were collected and submitted for analysis using the same analytical procedure and quality assurance/quality control protocol as the drill core samples. Samples were cut along the historical channels with a diamond blade saw using the same location and sample length for sake of comparison. Results summarized in the associated table confirm that the 2019 results are in the same order of magnitude as the original samples. Further detailed analysis during the mineral resource process will be done to confirm their potential use in the resource estimate.

      SUMMARY OF THE SIGNIFICANT TRENCH INTERSECTIONS, WITH WEIGHTED AVERAGE GRADES FOR V2O5, FE2O3 AND 
  TIO2 OF THE ORIGINAL GRADE VERSUS THE 2019 SAMPLE, INTERSECTED CORE LENGTHS, AND ESTIMATED TRUE THICKNESSES

                                      Core
                                    length
                                     (true
Trench ID      From       To    thickness)    V2O5 ori  V2O5 dup    Fe2O3 ori   Fe2O3 dup   TiO2 ori   TiO2 dup
                (m)      (m)           (m)         (%)       (%)          (%)         (%)        (%)        (%)

1050E         140.0    146.0           6.0        0.66      0.65        49.54       49.95       9.35       9.09
1050E         158.0    170.0          12.0        0.46      0.50        35.43       38.03       5.43       6.11
including     161.0    164.0           3.0        0.64      0.62        45.40       46.00       7.52       7.50
1050E         177.0    184.6           7.6        0.51      0.49        38.38       36.15       6.19       5.69
1250E          82.0     88.0           6.0        0.57      0.47        57.20       46.80      13.85      10.90
1250E         130.0    139.0           9.0        0.65      0.65        55.25       54.27      12.19      11.70
1250E         142.0    154.0          12.0        0.61      0.64        51.12       51.63       9.74       9.60
1250E         160.0    163.0           3.0        0.69      0.63        52.27       47.80       9.12       8.54
1350E-2        10.0     19.0           9.0        0.66      0.66        55.21       55.53      11.67      11.77
1350E-2        55.0     79.0          24.0        0.50      0.49        37.55       36.50       5.73       5.65
including      55.0     58.0           3.0        0.73      0.68        52.80       48.50       8.43       7.95
and            76.0     79.0           3.0        0.78      0.71        54.40       50.50       8.39       7.96
1350E-2       103.0    115.0          12.0        0.43      0.40        30.89       28.93       4.63       4.42
1550E         159.0    165.0           6.0        0.48      0.48        50.04       52.15      11.63      12.60
1550E         186.0    192.0           6.0        0.63      0.66        61.95       63.30      13.89      14.75
1550E         195.0    210.0          15.0        0.72      0.70        60.74       59.94      12.81      13.00
1750E         178.0    190.0          12.0        0.61      0.57        44.89       40.88       7.25       6.71
1750E         202.0    208.0           6.0        0.67      0.67        48.44       47.25       7.53       7.54
1850E         104.0    116.0          12.0        0.49      0.48        36.82       34.70       5.09       5.22
1950E-1       152.0    158.0           6.0        0.54      0.56        59.22       57.15      14.09      13.85
1950E-2        17.0     29.0          12.0        0.63      0.68        60.38       59.68      13.04      13.38
1950E-2        32.0    104.0          72.0        0.55      0.60        46.04       46.57       8.38       8.61
including      38.0     74.0          36.0        0.65      0.70        53.80       54.38      10.41      10.68
and            77.0     83.0           6.0        0.62      0.70        47.93       51.60       8.39       9.06
and            92.0     98.0           6.0        0.64      0.66        49.64       46.95       8.02       7.75
2050E         186.0    207.0          21.0        0.56      0.58        54.62       54.20      12.49      12.22
including     186.0    201.0          15.0        0.62      0.64        59.56       54.62      59.36      54.20
2050E         213.0    225.0          12.0        0.61      0.60        54.46       52.33      11.87      11.39
2050E         240.0    261.0          21.0        0.61      0.59        53.08       50.26      10.37      10.04
2050E         270.0    279.0           9.0        0.69      0.72        54.85       54.87      10.62      10.39
2150E          38.0     41.0           3.0        0.57      0.59        62.43       62.10      14.76      15.05
2150E          56.0     62.0           6.0        0.52      0.50        55.37       55.25      13.11      13.05
2250E         192.0    201.0           9.0        0.75      0.76        58.00       58.60      10.77      11.30
2250E         216.0    228.0          12.0        0.66      0.71        49.58       50.45       8.28       8.90
2250E         255.0    261.0           6.0        0.67      0.66        46.60       47.55       6.93       7.86
2350E         147.0    170.6          23.6        0.61      0.63        55.36       56.09      11.88      12.18
including     150.0    159.0           9.0        0.68      0.71        63.93       63.20      13.94      13.83
2350E         197.0    242.0          45.0        0.56      0.56        42.76       42.62       7.09       7.32
including     197.0    203.0           6.0        0.76      0.77        57.54       58.15      10.48      11.15
and           218.0    221.0           3.0        0.87      0.84        63.32       61.40       9.76      10.80

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-seven holes were drilled (total: 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: 1,551 m) and two holes drilled to confirm the northeastern extension (total 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. A 1,000 to 1,500 g 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. The suite of elements analyzed includes SiO2, Al2O3, Fe2O3, MgO, CaO, Na2O, K2O, TiO2, P2O5, MnO, Cr2O3, V2O5 and loss on ignition (LOI).

Strict QA/QC 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 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 (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.

The details of the results received from the laboratory are presented in a table on the company's website.

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 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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