22km Strike-length Vanadium-Titanium-Iron “VTM” Project 3km from Glencore Matagami (Copper-Zinc) Mine…
Located adjacent to the mining center of Matagami, Quebec, 350km west of Lac Dore. The current NI 43-101 VTM resource, titled the “Genesis Zone” measures 14,376,000 tonnes inferred at 0.42% V2O5. VTM mineralization is at surface, open at depth and along strike. Consistent drill results, trench samples and geophysics along the entire 22km strike-length indicate remarkably similar geology to the Lac Doré Vanadium Project including virtually no impurities and exceptional metallurgical recoveries.
VANCOUVER, BRITISH COLUMBIA, May 29, 2019 – VanadiumCorp Resource Inc. (TSX-V: “VRB”) (the “Company”) is pleased to announce that on May 15, 2019, it entered into a letter of intent (the “LOI”) whereby a private Company may earn a 100% interest in the Company’s Iron-T Vanadium-Titanium-Iron Project through a three stage option (“The Option”) with a Private Company. Should the project reach production, a first right of refusal is granted, allowing VanadiumCorp to acquire up to 200,000 metric tonnes per annum “Mtpa” of vanadiferous titanomagnetite “VTM” concentrate as an offtake valid for up to 15 years.
With the possible closure of Glencore’s Bracemac-McLeod Copper-Zinc mine in the next 5 years, the mining town of Matagami needs to develop a new long-term mining project in order to survive and flourish. The Iron-T encompasses the majority of at surface V-Ti-Fe mineralization of the Bell River layered intrusive complex. VanadiumCorp is committed to development of this project for the benefit and future prosperity of the mining town of Matagami.
Iron-T Project Highlights:
- 3,500 Hectares encompasses the NI 43-101 resource titled “The Genesis Zone”
- Remarkably similar geology to the prolific Bushveld Complex and Lac Doré Complex
- Open at depth and along a 22 km Strike
- Consistent drill results along the entire 22km strike-length
- NI 43-101 technical report indicates positive metallurgy and high recovery rates
- 3km from Glencore Matagami (Copper-Zinc) Mine