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Regional Summary and Company Mandate

VanadiumCorp is confident that the Chibougamau camp holds exceptional opportunities for world-class mineral discoveries. Deep exploration in the Chibougamau district is relatively un-applied when compared to the renowned Sudbury, Timmins, Kirkland Lake, Noranda, Bousquet, and Cadillac districts where significant deeper extensions to resources have been made in recent decades, compels VanadiumCorp’s team to feel the Chibougamau camp provides an even further advantage. Field-testing of VanadiumCorp’s theories and model for the region is complete and the company is confident in proceeding with plans to partner these projects for the economic benefit of the region as it has with Dore Copper in recent years.

The primary targets for VanadiumCorp’s exploration at Chibougamau is near-surface significant mineralization and indicators of potential mineralization at depth. The latest techniques and technologies will be utilized throughout the programs. A recent marked increase in exploration activity in the Chibougamau region is confirmation that VanadiumCorp is not alone in identifying the merits of this exciting, historical copper-gold mining district. All Projects are accessible off of Highway 167 near Lac Chibougamau.

Mines of Chibougamau-640
Historic Mines of Chibougamau

Icon Copper-Gold Mine

The ICON SULLIVAN copper mine operated from 1968 to 1975, producing 2.1 million tonnes with an average grade of 1.95 % Cu. Following an agreement of February 1967, Merill Island Corporation Ltd. began to mine the deposits and treat the ore at its mill near Chibougamau. The project became known as the Icon Sullivan Joint Venture. The mine produced at a regular rate of some 540 tonnes daily until the installation of a preconcentrator in August 1970. Production increased to about 990 tonnes per day. Three main zones were mined by a combination of the open pit and underground methods. West of the mine, Opemisca Copper Mines (Quebec) Limited acquired two adjacent properties. The larger one known as the J property lied just to the west of the Apella’s property, and the J-1 property comprising 4 claims, was extending about 600 west of the No 3 Pit. On the J Property, in 1968-1969, Opemisca drilled 19 diamond drill holes totaling 669 m. Drilling suggests that the property is largely underlain by gneisses of the Superior province. No significant mineralization was intersected.

Former producing mine – Located at the south end of Lake Mistisinni, the Icon Project is comprised of a number of strategically assembled claims covering the former producing Icon Copper-Gold mine.

Icon

Merrill Copper-Gold Project

This project is currently optioned to Dore Copper Mining Corp.

Located immediately adjacent to the former producing Campbell Mine, Chib-Kayrand, and Merrill copper mines, the Merill Project is ideally located to contain along-strike and down-dip extensions of these vein systems. Recommended borehole pulse EM surveys remain to be carried out prior to further drilling.

Cornerback Copper-Gold Project

This project is currently optioned to Dore Copper Mining Corp.

CORNER_BAY_DEPOSITSurrounds the Dore Copper Cornerbay (former producing) Mine – Located at the south end of Chibougamau Lake, the key CornerBack claim package surrounds the mine formerly run by Campbell Resources as a producing mine. The project was entirely covered by the 2006 GSC-sponsored MEGATEM survey, which clearly indicated anomalies related to the Corner Bay mineralization. Deeper search geophysics and drilling are required to determine any continuation of the Corner Bay mineralization onto the CornerBack Project. For more information see www.dorecopper.com

The following is an excerpt from Dore Copper Mining Corp

The main Corner Bay vein is a north/south striking, dipping 75 degrees to the west vein, hosted within a strike/slip shear zone.  The Corner Bay deposit is considered to be the first economically significant copper discovery on the south flank of the Lac Doré complex. Twenty-six years of exploration, mainly by Corner Bay Exploration Ltd., resulted in the discovery of the Corner Bay deposit in 1982 by a joint venture between Corner Bay Exploration Ltd. and Rio Algom Inc. In 1995, the property was acquired by MSV Resources Inc. (MSV) who subsequently merged with Campbell Resources that carried out several exploration drilling programs up to 2008.

An initial Mineral Resource estimate was prepared in 2006.  In 2008, an underground bulk sample program was initiated and approximately 40,000 t was collected, trucked and milled at the Copper Rand concentrator with a copper recovery of 94.04%.

The 2017/2018 drilling program expanded known areas and identified additional resources and new targets. The main vein at Corner Bay was drilled in two locations: 1) at a depth around hole CB-95-02 and, 2) under the dyke at approximately 800 meters depth on the southern side of the main vein’s strike where three good historical high-grade intercepts occurred. Both programs confirmed the continuation of the mineralization with the results from the second area being the standout with all 8 intercepts intersecting economic mineralization.

The mineralization is focused within the main shear zone and the chalcopyrite ore along with other sulfides (Po & Py) exhibit replacement textures. Quartz veins are also present within the shear zones and seem to be syn-mineralization as they overprint the textures within the shear but are sometimes also replaced by the sulfides. The veins themselves do not seem to have an effect on mineralization as they do not host the sulfides exclusively but are present as part of the mineralized package.

Chalcopyrite content ranges from 5% where it occurs interstitially between clasts and along veinlets to around 90% as massive sulfides in several discreet zones.

Alteration extends up to 10 m away from the ore zone and comprises sericite and chlorite, the alteration is represented by slight bleaching of the host anorthosite and gradually dissipates away from the shear zone just as the shearing fabric.

A long section of the intercepts below the dyke is shown below
3D view of the veins at Corner Bay looking NE.

Because of the strike/slip movement along the main fault that hosts the mineralization, the open space created by jogs along the structure is vertical in nature, which enabled the formation of ore chutes that are very steeply dipping to sub-vertical. This is currently confirmed by the grade distribution in the upper part of the vein where drilling is most dense.

Current 43-101 resources (2019) Measured, Indicated, and Inferred– 3.01 Mt @ 3.47% Cu and 0.28 g/t Au.

There is the occurrence of other veins in the Corner Bay District and the focus of the company is to increase the resources at the Main vein but also to define economic parallel structures.

Nickel-PGM Claim Royalties Adjacent to the Raglan Mine, Quebec, Canada

In the Northern Quebec Raglan mining camp where Glencore operates the Raglan Mine, VanadiumCorp owns significant royalties pertaining to mineral claims owned by Jien Canada Mining Ltd. Interested parties may acquire further information under NDA.

 

Raglan Map and Claims NSR Page 1

Raglan Map and Claims NSR Page 2 small

Property Description

The large Raglan property is located in Nunavik, northern Quebec, Canada and located approximately 95 km south of the Northern Village of Salluit, a regional community on the Arctic coast. The eastern end of the contiguous part of the property is about 17 km west of Kangiqsujuaq, another Inuit community on the Arctic coast, and extends 200 km west, and is up to 50 km wide in a north-south direction. There are several smaller outlying claim blocks on the east end, west end and south side of the large contiguous block. The total area of the 8863 individual mineral claims  is 360,720.89 hectares or approximately 891,329 acres.

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Historic Map

Geological Setting

The Raglan Project area is underlain by rocks of the Cape Smith (Raglan) Belt that extends for 375 km across the Ungava Peninsula of Nunavik, northern Quebec, Canada. The Aphebian (Paleoproteozoic) Cape Smith Belt and the Thompson Belt, both hosting Ni-Cu-PGE deposits, are part of the Canadian Circum-Superior Belt that separates the Archean Superior and Archean-Proterozoic Churchill geologic provinces of the Canadian Shield.

Komatiite-associated and komatiitic basalt hosted Ni-Cu-PGE deposits occur in Aphebian greenstone belts in various locations around the world including the Cape Smith Belt, Thompson Belt and the Pechenga Belt, Kola Peninsula, Russia. The Cape Smith Belt is a foreland thrust-fold belt that records rifting of the Archean Superior Province (ca. 2.04 to 1.89 Ga), accumulation of sedimentary units and placement of volcanic rocks and associated intrusions on a continental margin represented by the Povungnituk and Chukotat Groups, and then accretion with the Archean-Proterozoic Churchill geologic province to the north or according to alternate interpretation, collision with an accumulation of suspect terranes to the north. The accretion occurred during the Hudsonian Orogeny (ca. 1.83 Ga).

In the Project area, the Cape Smith Belt consists of two major Proterozoic units, the Povungnituk Group and the Chukotat Group, and according to others also includes the Spartan and Watts Groups. The Povungnituk Group consists of a lower sedimentary sequence, a middle volcanic sequence, and an upper sedimentary sequence. The lower sequence consists of conglomerate, sandstone, iron formation, semipelite and dolomite in the base and sandstone, semipelite, pelite, minor basalt and mafic volcaniclastic sedimentary rocks in the top. The middle sequence of the Povungnituk Group consists of basalt, rhyolite and mafic volcaniclastic sedimentary rocks. The basalt is tholeiitic with continental affinity. The upper sequence of the Povungnituk consists of sandstone and shale with minor basalt. The Povungnituk Group represents a continental rifting sequence.

The Chukotat Group consists of massive and pillowed basalt, hypabyssal ultramafic and mafic intrusions, and discrete and interflow sedimentary rock units. The basalt ranges in composition from Mg-rich olivine-phyric komatiitic basalt at the base through pyroxene-phyric to plagioclase-phyric tholeiitic n-MORB equivalents at the top. The basalts are of oceanic affinity and record the change from continental rift volcanism to oceanic crust volcanism.

Pre-tectonic mafic and ultramafic sills of gabbro, pyroxenite and peridotite intrude the Povungnituk and Chukotat sequences along and adjacent to major structures that fed the overlying basalts. The intrusions within the upper Povungnituk and lower Chukotat host the Ni-Cu-PGE sulphide deposits important to the region. Regional structure is dominated by east-west oriented fabric. All the rock sequences and stratigraphic groups are interpreted to be bound by thrust faults. The Cape Smith Belt was subsequently deformed by east-west trending and north-northwest trending folds during the Hudsonian Orogeny. There remains some debate about the amount of deformation of the nickel sulphide hosting mafic and ultramafic intrusive rocks, some interpretations are that the intrusions have suffered little deformation.

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Historic Geophysical Map

Mineral Deposit Types

The ultramafic bodies of the Cape Smith Belt host many Ni-Cu-Co-PGE sulphide deposits. These deposits are of three types: 1) magmatic segregation deposits of massive to disseminated sulphides located at the base of ultramafic units; 2) stratiform, disseminated sulphide deposits (“reefs?) located within layered, differentiated mafic-ultramafic sills; and 3) remobilized sulphides in shear zones. The Ni-Cu-PGE mineralization has been previously described as mainly occurring within two currently defined geologic horizons. The first is the Raglan (or north) horizon, located at the base of the Chukotat Group and host of many of the known economic nickel deposits in the Cape Smith Belt. The second defined favourable horizon is the Delta-Belanger (or south) horizon, located within the Povungnituk Group. Ultramafic intrusions hosting nickel sulphide showings also occur elsewhere within the Povungnituk. A third horizon, the Rinfret horizon, is located to the north of the Raglan horizon and is underexplored.

The Goldbrook Ni-Cu-Co-PGE bearing deposits are comprised of disseminated, net textured and massive sulphide hosted in east-west elongate mafic and ultramafic bodies, most commonly occurring at basal margins of the intrusive bodies. Net textured sulphides that form the largest mass of the deposits in the South trend are very important economically. Much emphasis has been previously placed on the massive sulphide style of mineralization as the primary exploration target in the region, and in the execution of exploration programs themselves with geophysics in particular being focused on the detection of massive sulphides rather than on bodies of disseminated, net textured sulphides with or without massive sulphides.

Goldbrook Exploration Overview The first diamond drilling program occurred on the Goldbrook property in 1974 when Getty Mining Northeast Ltd. drilled four holes at the Getty Zone on the Belanger property. Significant intersections were made in 2004 with drilling on the Getty and Sylvie zones. Since 2003 to 2008, Goldbrook has conducted 5 years of exploration on its property (all years except 2005), and its previous option and JV agreement partner Anglo American Exploration (Canada) Ltd. (AAEC) conducted exploration in 2005 and 2006. Up to and including 2007, there has been 53,622.8 metres of drilling in 337 holes completed on Goldbrook held property.

During 2003 and 2004 Goldbrook contracted AeroQuest Ltd. of Vancouver BC to fly an AeroTEM airborne magnetic-time domain electromagnetic survey over the properties. These data were employed in the planning of field surveys and generation of drill targets on the Wakeham, Ungava and Belanger properties.

Goldbrook conducted a large program in 2007 consisting of drilling, borehole EM, airborne VTEM geophysics and regional geology, sampling and prospecting.

The 2008 exploration program consisted of 12,000 metres of BQ size core drilling, a remote sensing program that covered large parts of the Goldbrook property, a regional geology and sampling program, interpretation of VTEM geophysical data collected in 2007, and reclamation of two camp sites previously used for exploration in parts of the Goldbrook property.
The remote sensing program consisted of:

  • A LiDAR (light detection and ranging) survey that was completed over the most explored part of the Belanger trend of deposits in order to generate a digital model of the earth’s surface. Data was collected by an aircraft based laser over 53 linear-km and 760 sq km of the Belanger trend. The LIDAR survey resulted in production of a surface DEM and elevation contours with an accuracy of +/- 50 cm. These data were particularly useful to confirm differential GPS location of drill-hole collars, to provide an accurate representation of the surface in areas of drilling and will assist with selection of locations and alignments of various infrastructures during future exploration & development along the Belanger trend.
  • A VNIR (visible and near infrared) & SWIR (shortwave infrared) hyperspectral survey was completed of vast parts of the Goldbrook property to collect data for visible-thermal imaging of the earth surface – high resolution photography was also collected along with this survey. VNIR & SWIR hyperspectral surveys particularly identify various types of clay minerals and iron oxidation or gossan zones.
  • A ‘SEBASS’ (mid-long infrared) hyperspectral survey was completed over large parts of the eastern part of the property and strips over the western parts in order to generate thermal imaging. A SEBASS survey can be completed with the collection aircraft flying under cloud cover and does not require clear, sunny days as a VNIR & SWIR hyperspectral survey does. This data is especially useful in the identification of silicate minerals, and in combination with the rock spectral characterization work that was conducted in the field in 2008, should be helpful in geologic mapping exercises and interpretation.

The 2008 program was successful with the highlight discovery of the new Mystery Ni-Cu-Co-PGE deposit delineated over 175 metres of strike length and to depths exceeding 300 m on some sections, and with additional intersections at the Sylvie and Pad-1/R2 deposit areas. These results have provided more than sufficient data and evidence to support a continuing exploration program at the Goldbrook Raglan property.

There are numerous other areas of interest/showings that warrant analysis and search for specific drill targets. Some of these areas are also candidates for further geophysical surveys or tests with methods such as gravity, walking magnetics, ZTEM, and SQUID-sensor ground EM, and possibly for more detailed VTEM analysis. In addition, analysis of regional geochemical data (rock, soil, and till) may provide insights or support other evidence for drilling.

Overview of Raglan mine.

Information about the Adjacent Glencore Raglan Mine Highlights (from Glencore Raglan Mine Website)

“Raglan Mine is part of the Glencore Group. Our installations are located at the extreme limit of Northern Quebec, where we operate one of the richest base-metal mines in the world. Raglan Mine strives to become a model in the mining industry in human resource development, equity towards its multicultural workforce, and respect for the local communities and the environment. We employ more than 950 workers and we are committed to providing a safe, productive, healthy, and stable work environment for many years to come. ​Raglan Mine ensues from the signature of the Raglan Agreement in 1995 with the Nunavik Inuit, who were represented by the Makivik Corporation, the nearby communities of Salluit and Kangiqsujuaq, and their respective landholding corporation. We were then the first mining operation in Canada to have entered an impact and benefit agreement with an Aboriginal group. The project, however, was officially brought into production in December 1997, after obtaining the necessary authorizations from the government authorities and the approval of the Inuit communities concerned. More than $ 600 million have been invested initially to start the construction and launch the project. Over the years, we have also made many investments to build new infrastructures, improve current facilities (ex. seaport), and develop new projects. Still today, Raglan Mine has a bright future ahead, while our current mineral inventory is sufficient to pursue our mining activities for over 25 years”

Wind turbine goes up in Northern Quebec (Tugliq Energy) Time-lapse video of a wind turbine being constructed in Northern Quebec. The turbine was constructed as part of Nunavik’s Raglan Mine.

Previous News

Jien Canada Mining Ltd. completes $100 million Loan Agreement from Ressources Quebec

Jien Canada Mining Ltd., Jilin Jien Nickel Industry Co., Ltd. and Jilin HOROC Group Co., Ltd.

April 2015

On April 13, 2015, Jien Canada Mining Ltd. completed a $100 million Loan Agreement from Ressources Quebec.

Jilin Jien is a Hongqiling, China-based large-scale integrated non-ferrous metal enterprise with mining, processing, smelting, refining, and chemical production. Jilin Jien is one of the two largest nickel producers in China with over 50 years’ experience in the nickel industry and is listed on the Shanghai Stock Exchange. Jilin Jien has been growing rapidly around the world with assets and mining investments in China, Canada, Australia, Indonesia, Russia, Philippines, and Papua New Guinea.

Jilin Jien’s indirect, wholly-owned Canadian subsidiary, Canadian Royalties Inc., owns and operates the Nunavik Nickel Project Mine located in Nunavik, Quebec, Canada.

Jilin Jien was advised by Fasken Martineau with a team led by Michael Boehm, Lei Huang, and Martin Racicot, and including Svetlana Samochkine and Yufei Luo.

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