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Vanadiumcorp Resource Inc
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Close 2020-10-29 C$ 0.06
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Vanadiumcorp pegs Lac Dore at 52.97Mt of 1.3% V205 M+I

2020-10-29 11:37 ET - News Release

Mr. Adriaan Bakker reports

VANADIUMCORP REPORTS MEASURED AND INDICATED MINERAL RESOURCES OF 214.93 MILLION TONNES GRADING 24.6% MAGNETITE AND 1.3% V2O5 IN MAGNETITE CONCENTRATE (EQUIVALENT TO 1.49 BILLION POUNDS OF VANADIUM PENTOXIDE CONTAINED) AT LAC DORE, QUE

Vanadiumcorp Resource Inc. has provided the results of a mineral resource estimate (MRE) for the company's 100-per-cent-owned Lac Dore vanadium project. The total measured and indicated mineral resources for the Lac Dore project are estimated at 214.93 million tonnes (Mt) of mineralized material contained in the Lac Dore Main zone with the potential to produce 52.97 million tonnes of magnetite concentrate grading 1.3 per cent vanadium pentoxide (V2O5), 62 per cent iron (Fe) and 8.7 per cent titanium dioxide (TiO2).

In addition, the Lac Dore project hosts 86.91 Mt grading 0.4 per cent V2O5, 28.0 per cent Fe, 7.6 per cent TiO2 and 25.9 per cent magnetite concentrate in the inferred category, which are estimated to contain 22.55 Mt of magnetite concentrate grading 1.2 per cent V2O5, 62 per cent Fe and 9.2 per cent TiO2. Vanadiumcorp now has sufficient mineral resources in the appropriate categories to progress with a preliminary economic assessment or prefeasibility study. The company plans to independently validate its green jointly owned Vanadiumcorp Electrochem process technology (VEPT) for use in future economic studies.

Summary of the mineral resource estimate

  • Measured and indicated mineral resources of 214.93 Mt at 0.4 per cent V2O5, 27.1 per cent Fe, 7.1 per cent TiO2 and 24.6 per cent magnetite;
  • Measured and indicated mineral resources estimated to contain 52.97 Mt of magnetite concentrate grading 1.3 per cent V2O5, 62 per cent Fe and 8.7 per cent TiO2;
  • Measured and indicated mineral resources estimated to contain 1.49 billion pounds of V2O5 in the magnetite concentrate;
  • Additional inferred mineral resources of 86.91 Mt, grading at 0.4 per cent V2O5, 28.0 per cent Fe, 7.6 per cent TiO2 and 25.9 per cent magnetite;
  • Inferred mineral resources estimated to contain 22.55 Mt of magnetite concentrate, with the concentrate grading 1.2 per cent V2O5, 62 per cent Fe and 9.2 per cent TiO2;
  • Inferred mineral resources estimated to contain an additional 610 million pounds of V2O5 in the magnetite concentrate;
  • Significant stratigraphic unit with higher magnetite content delineated within the resource (unit P2-A) with:
    • Measured and indicated mineral resources of 78.1 Mt at 0.6 per cent V2O5, 33.4 per cent Fe, 9.3 per cent TiO2 and 33.9 per cent magnetite, with 1.3 per cent V2O5, 62.0 per cent Fe and 9.3 per cent TiO2 in magnetite concentrate;
    • Inferred mineral resources totalling 29.2 Mt at 0.6 per cent V2O5, 32.7 per cent Fe, 8.8 per cent TiO2 and 32.8 per cent magnetite with 1.3 per cent V2O5, 62 per cent Fe and 8.1 per cent TiO2 in magnetite concentrate.
  • 100.86 Mt in the measured and indicated category with magnetite concentrate grades of over 1.4 per cent V2O5.

The Lac Dore vanadium project comprises 115 mining claims (100 per cent company owned) spanning an area of 45 square kilometres located 27 km southeast from the mining city of Chibougamau, in Eeyou Istchee James Bay territory, Northern Quebec. The Chibougamau area is host to several vanadiferous vanadium-bearing titanomagnetite (VTM) deposits, including the adjacent Southwest and Armitage deposits owned by BlackRock Metals Inc. and the Mont Sorcier deposits owned by Vanadium One Iron Corp., which are located on the north rim of the Lac Dore complex.

Vanadium at the Lac Dore vanadium project is hosted in layered zones of VTM that crop out at surface and dip at approximately 60 degrees to the southeast. The Lac Dore MRE was completed and reported by CSA Global in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) definition standards. The MRE includes recent infill drilling conducted at the Lac Dore vanadium project successfully completed on Oct. 15, 2019, by independent mining industry consultant, InnovExplo Inc. Detailed sampling (generally at 1.5 m or less) of the various magnetite-bearing stratigraphic units in the layered portion of the Lac Dore complex allowed the delineation of magnetite layers with higher vanadium grades.

Grades and tonnages are reported for both the head grade of total mineralized material as in situ rock containing VTM and other minerals, as well as for the magnetite concentrates (for material where VTM has been concentrated by magnetic separation, as estimated using Davis Tube testing and previously reported by the company). Results are summarized in the "Mineral resource estimate at Lac Dore with an effective date of Oct. 27, 2020" table.

Adriaan Bakker, president and chief executive officer of Vanadiumcorp, states: "The results of the mineral resource estimate for our Lac Dore vanadium project have exceeded our expectations. We can state Lac Dore is one of the largest undeveloped deposits of vanadiferous magnetite in the world, with an excess of 1.4 billion pounds of vanadium pentoxide contained in magnetite concentrate. The favourable metallurgy/Davis Tube results demonstrate the potential of the Lac Dore deposit to yield magnetite concentrates with high vanadium grades, with a significant proportion of the resources exceeding 1.4 per cent V2O5 in magnetite concentrate. The significant tonnage of the measured and indicated mineral resources highlights the excellent continuity of the VTM mineralization at Lac Dore and sets the stage for more advanced technical studies on the project, including metallurgical testing."


                    MINERAL RESOURCE ESTIMATE AT LAC DORE WITH AN EFFECTIVE DATE OF OCT. 27, 2020
                                                In situ mineralization

                 Mineralized       V2O5         Fe       TiO2                                                   V205
                    material      grade      grade      grade  Magnetite       V205         Fe       TiO2  contained
Category                 (Mt)        (%)        (%)        (%)        (%)   (tonnes)       (Mt)       (Mt)      (Mlb)

Measured (M)           23.98        0.5       33.7        9.9       34.5    128,000        8.1        2.4        280
Indicated (I)         190.96        0.4       26.3        6.7       23.4    837,000       50.2       12.8      1,850
M+I                   214.93        0.4       27.1        7.1       24.6    965,000       58.3       15.2      2,120
Inferred               86.91        0.4       28.0        7.6       25.9    387,000       24.4        6.6        850

                    MINERAL RESOURCE ESTIMATE AT LAC DORE WITH AN EFFECTIVE DATE OF OCT. 27, 2020
                                                  Magnetite concentrate

                                                                    V2O5 in                                        V2O5
                Magnetite    V2O5 grade      Fe grade    TiO2 grade      conc.        Fe in       TiO2 in  contained in
Category        conc. (Mt)  in conc. (%)  in conc. (%)  in conc. (%)   (tonnes)   conc. (Mt)    conc. (Mt)   conc. (mlb)

Measured (M)         8.27           1.2          62.0           9.4    100,000          5.1           0.8           220
Indicated (I)       44.70           1.3          62.0           8.5    578,000         27.7           3.8         1,270
M+I                 52.82           1.3          62.0           8.7    678,000         32.8           4.6         1,490
Inferred            22.55           1.2          62.0           9.2    277,000         14.0           2.1           610

Notes
 
(1)  Numbers have been rounded and may not sum exactly.

(2)  Mineral resources are estimated and reported in accordance with the Canadian Institute of Mining, Metallurgy and 
     Petroleum (CIM) definition standards for mineral resources and mineral reserves adopted May 10, 2014.

(3)  Geological and block models used data from 41 drill holes drilled by the company in 2013 and 2019, in addition to 
     44 drill holes and 33 surface channel samples completed previously and verified through twinning or resampling in 
     2019/2020.

(4)  The drill database was validated prior to estimation and drill holes were flagged with interpolation domains (P1, 
     P2-LOW, P2-A, P2-PART, P2-B, P2-HW, P3), composited to 1.5 m intervals, and capped for anomalously high- and low-
     grade values. Quality assurance/quality control checks included insertion of blanks, certified reference materials 
     pulp duplicates and umpire assays performed at a second laboratory.

(5)  Head grades and densities were interpolated onto 10 m by 10 m by 10 m blocks using ordinary kriging (OK). Owing to 
     intercalations of high and low magnetite within broadly mineralized intervals, a high-grade or low-grade indicator 
     was used, and separate interpolations carried out for high-grade or low-grade samples, with the proportion of 
     high-grade mineralization within each block also interpolated using OK.

(6)  All the estimates were validated visually using sections and 3-D visualization, and using swath plots, comparison 
     of averages in drill hole and blocks, and global change of support.

(7)  Magnetite contents and concentrate grades were calculated using regression formulae deduced from Davis Tube 
     results.

(8)  Resource classification was done using wireframes digitized using kriging variance as a reference and correspond to
     measured resources having drill holes spacing of 100 m.

(9)  Mineral resources are reported using a net value cut-off, calculated assuming an open-pit mining operation and 
     extraction of saleable vanadium pentoxide flake from the magnetite concentrate via the salt roast process. The 
     calculation assumes a V2O5 price of $7 (U.S.)/lb, 85-per-cent recovery of magnetite to the concentrate, 75-per-cent
     recovery of vanadium in the roast/leach extraction process, and costs of $3 (U.S.)/t RoM (mining), $15 (U.S.)/t 
     conc (magnetite conc production), $55 (U.S.)/t conc (roast/leach), $2 (U.S.)/t RoM (general and administrative) 
     and $1.50 (U.S.)/t RoM (tailings disposal). A net value equal to zero was used for reporting.

(10) Mineral resources are constrained by a pit shell optimized with the software SimSched using the above parameters 
     and including a cost of $3 (U.S.)/t for waste rock extraction, and assuming maximum pit slope angles of 45 degrees.

(11) Dr. Adrian Martinez, PGeo (Ontario), OGQ special authorization, CSA global senior resource geologist, is the 
     independent qualified person with respect to the MRE.

(12) Recoveries of V2O5, Fe2O3 and TiO2 to the magnetite concentrate are variable.

(13) Mineral resources are constrained by claim boundaries.

(14) The company is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing or 
     political factors that might materially affect these mineral resource estimates.

(15) These mineral resources are not mineral reserves as they do not have demonstrated economic viability. The quantity 
     and grade of reported inferred resources in this mineral resource estimate are uncertain in nature and there has 
     been insufficient exploration to define these inferred resources as indicated or measured, however, it is 
     reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral 
     resources with continued exploration.

The Lac Dore project is a magmatic VTM deposit found in the upper portions of the Lac Dore complex, thought to have formed through primary magmatic processes. It comprises multiple layers of disseminated to massive VTM mineralization that are laterally continuous and form a magmatic stratigraphy, and which dip at approximately 60 degrees to the southeast. These layers can be traced along strike over at least three km, and the deposit was previously subdivided into several zones, namely P0, P1, P2 and P3 (from stratigraphically lowermost to uppermost). The magmatic stratigraphy of the deposit has more recently been divided into a more detailed series of mineralized zones (P1, P2-LOW, P2-A, P2-PART, P2-B, P2-HW, P3). Each of these zones has distinct magnetite characteristics primarily related to the magnetite content and the grade of vanadium and titanium contained in the magnetite, and the MRE has characterized each of these zones individually, with the results presented in the "Mineral resource estimate for Lac Dore with an effective date of Oct. 27, 2020, broken down by stratigraphic zone" table.


                MINERAL RESOURCE ESTIMATE FOR LAC DORE WITH AN EFFECTIVE DATE OF OCT. 27, 2020,
                                        BROKEN DOWN BY STRATIGRAPHIC ZONE
                                       In situ mineralization -- measured

          Mineralized      V2O5        Fe       TiO2                                                       V2O5
             material     grade     grade      grade    Magnetite         V2O5        Fe      TiO2    contained
Zone              (Mt)       (%)       (%)        (%)          (%)     (tonnes)      (Mt)      (Mt)        (Mlb)

P1                  -         -         -          -            -            -         -         -            -
P2-Low            0.6       0.5      27.3        6.6         24.6        3,000       0.2         0            7
P2-A             18.7       0.6      34.8       10.0         36.1      107,000       6.5       1.9          237
P2-Part           0.7       0.4      28.0        8.7         25.9        3,000       0.2       0.1            6
P2-B              3.8       0.4      30.7       10.1         29.8       15,000       1.2       0.4           32
P2-HW               -         -         -          -            -            -         -         -            -
P3                0.1       0.3      28.7        9.4         26.6          300       0.0       0.0            1

                                    
                MINERAL RESOURCE ESTIMATE FOR LAC DORE WITH AN EFFECTIVE DATE OF OCT. 27, 2020,
                                        BROKEN DOWN BY STRATIGRAPHIC ZONE
                                        Magnetite concentrate -- measured

            Magnetite            V2O5            Fe         TiO2        V2O5         Fe        TiO2  V2O5 contained
                conc.           grade         grade     grade in    in conc.   in conc.    in conc.        in conc.
Zone              (Mt)    in conc. (%)  in conc. (%)    conc. (%)    (tonnes)       (Mt)        (Mt)           (Mlb)

P1                  -               -             -            -           -          -           -               -
P2-low            0.2             1.4          62.0          7.4       2,000        4.2        0.01               5
P2-A              6.8             1.2          62.0          9.0      85,000        0.1        0.61             186
P2-part           0.2             1.1          62.0         10.9       2,000        0.7        0.02               4
P2-B              1.1             1.0          62.0         12.1      11,000        0.0        0.14              24
P2-HW               -               -             -            -           -          -           -               -
P3               0.02             0.9          62.0         12.7         200       0.01       0.003             0.4

                MINERAL RESOURCE ESTIMATE FOR LAC DORE WITH AN EFFECTIVE DATE OF OCT. 27, 2020,
                                        BROKEN DOWN BY STRATIGRAPHIC ZONE
                                       In situ mineralization -- indicated

            Mineralized       V2O5         Fe       TiO2                                                   V2O5
               material      grade      grade      grade  Magnetite       V2O5         Fe       TiO2  contained
Zone                (Mt)        (%)        (%)        (%)        (%)   (tonnes)       (Mt)       (Mt)      (Mlb)

P1                 31.9        0.3       18.7        3.7       12.6    104,600        6.0        1.2        231
P2-LOW             68.3        0.4       23.3        5.1       18.9    286,100       15.9        3.5        631
P2-A               59.4        0.6       33.0        9.1       33.2    333,900       19.6        5.4        736
P2-PART             4.3        0.3       22.0        5.9       17.3     13,100        0.9        0.3         29
P2-B               16.6        0.4       29.7        9.5       28.3     62,800        4.9        1.6        138
P2-HW               4.6        0.3       25.7        7.6       22.2     15,300        1.2        0.4         34
P3                  5.8        0.4       29.1        9.4       27.2     20,800        1.7        0.5         46

                MINERAL RESOURCE ESTIMATE FOR LAC DORE WITH AN EFFECTIVE DATE OF OCT. 27, 2020,
                                        BROKEN DOWN BY STRATIGRAPHIC ZONE
                                        Magnetite concentrate -- indicated

           Magnetite           V2O5            Fe         TiO2         V2O5             Fe       TiO2   V2O5 contained
               conc.          grade         grade     grade in     in conc.       in conc.   in conc.         in conc.
Zone             (Mt)   in conc. (%)  in conc. (%)    conc. (%)     (tonnes)           (Mt)       (Mt)            (Mlb)

P1              4.03            1.4          62.0          7.0       58,000            2.5        0.3              128
P2-LOW         12.89            1.4          62.0          7.1      184,300            8.0        0.9              406
P2-A           19.74            1.3          62.0          8.5      256,200           12.2        1.7              565
P2-PART         0.74            1.1          62.0         10.5        8,200            0.5        0.1               18
P2-B            4.68            1.0          62.0         11.7       46,100            2.9        0.6              102
P2-HW           1.03            1.0          62.0         11.5       10,400            0.6        0.1               23
P3              1.59            0.9          62.0         12.1       15,000            1.0        0.2               33

                MINERAL RESOURCE ESTIMATE FOR LAC DORE WITH AN EFFECTIVE DATE OF OCT. 27, 2020,
                                        BROKEN DOWN BY STRATIGRAPHIC ZONE
                                        In situ mineralization -- inferred

          Mineralized       V2O5         Fe       TiO2                                                   V2O5
             material      grade      grade      grade  Magnetite       V2O5         Fe       TiO2  contained
Zone              (Mt)        (%)        (%)        (%)        (%)   (tonnes)       (Mt)       (Mt)      (Mlb)

P1                3.3        0.3       19.1        3.8       13.2     10,800        0.6        0.1         24
P2-LOW           24.1        0.4       22.2        4.8       17.4     94,900        5.3        1.2        209
P2-A             29.2        0.6       32.7        8.8       32.8    167,000        9.6        2.6        368
P2-PART           4.6        0.3       23.7        6.8       19.6     15,100        1.1        0.3         33
P2-B             12.1        0.4       31.4       10.0       30.8     50,700        3.8        1.2        112
P2-HW             5.9        0.3       28.2        8.5       26.1     20,500        1.7        0.5         45
P3                7.8        0.4       29.7        9.5       28.1     28,500        2.3        0.7         63


                MINERAL RESOURCE ESTIMATE FOR LAC DORE WITH AN EFFECTIVE DATE OF OCT. 27, 2020,
                                        BROKEN DOWN BY STRATIGRAPHIC ZONE
                                        Magnetite concentrate -- inferred

            Magnetite           V2O5             Fe       TiO2       V2O5         Fe       TiO2   V2O5 contained
                conc.          grade          grade   grade in   in conc.   in conc.   in conc.         in conc.
Zone              (Mt)   in conc. (%)   in conc. (%)  conc. (%)   (tonnes)       (Mt)       (Mt)            (Mlb)

P1               0.43            1.4           62.0        7.4      6,100        0.3        0.0               13
P2-LOW           4.19            1.4           62.0        7.2     59,500        2.6        0.3              131
P2-A             9.60            1.3           62.0        8.1    127,700        5.9        0.8              281
P2-PART          0.90            1.1           62.0       10.6      9,800        0.6        0.1               22
P2-B             3.73            1.0           62.0       11.3     38,200        2.3        0.4               84
P2-HW            1.53            1.0           62.0       12.0     14,600        1.0        0.2               32
P3               2.18            1.0           62.0       12.0     20,800        1.4        0.3               46

Notes: See identical notes from the "Mineral resource estimate at Lac Dore with an effective date of Oct. 27, 
       2020" table.

The technical information contained in this news release has been reviewed and approved by Dr. Luke Longridge, PGeo (BC, OGQ), CSA Global senior structural geologist, an independent qualified person with respect to the company's Lac Dore project as defined under National Instrument 43-101. Dr. Adrian Martinez, PGeo (Ontario), OGQ special authorization, CSA Global senior resource geologist, is the independent qualified person with respect to the MRE. CSA Global is finalizing a technical report in accordance with National Instrument 43-101 in support of the MRE as disclosed in this news release. It is expected that the report will be filed on SEDAR within 45 days.

About Vanadiumcorp Resource Inc.

Vanadiumcorp plans to develop its 100-per-cent-owned Lac Dore vanadium-titanium-iron flagship project adjacent to Blackrock Metals Inc. property, which is currently permitted to build a mine and mill to produce a vanadium-rich magnetite concentrate product. Vanadiumcorp provides investors with leverage to vanadium, titanium and iron in the low political risk and geopolitically stable jurisdiction of Quebec, Canada. Superior vanadium grades, size and well-developed infrastructure with the nearby mining town of Chibougamau is a valuable strategic position to take advantage of the strong vanadium market driven by supply shortages and growing demand from the Chinese steel industry, as well as the fast-emerging use of vanadium in energy storage. Nearby infrastructure includes a 161-kilovolt hydropower at approximately two cents per kilowatt-hour, Canadian National rail line, available water, local airport and a mining community of over 7,000 people in the city of Chibougamau. The company is also developing its jointly owned Vanadiumcorp Electrochem processing technology, VEPT, a novel chemical process invented by Dr. Francois Cardarelli, that addresses the recovery of vanadium, iron, titanium and silica from feedstocks such as vanadiferous titano-magnetite, iron ores and other industrial byproducts containing vanadium.

We seek Safe Harbor.

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