VanadiumCorp has arranged a non-brokered private placement of up to 1,400,000 flow-through common shares at a price of $0.07 cents per share for total proceeds of up to $98,000.
VANCOUVER, BRITISH COLUMBIA – December 19, 2014 – Vanadiumcorp Resource Inc. (TSX-V: “VRB”) (the “Company”) is pleased to announce that the Company has successfully completed its Lac Dore SIDEX funded Lac Dore field program.
VanadiumCorp has successfully completed all of the objectives set forth in the previously announced SIDEX’s program “Field Action 2014”. In November, 2014, management coordinated aspects of the program and assisted the field crew in a site visit to the Lac Dore Project. Proceeds from the SIDEX financing, completed in September, 2014, were utilized for the program.
The successfully completed objectives included:
- Exact location of the majority of 26 historical drill holes collars or pads for integration into the resource calculation. These holes were drilled by the Québec Government in 1970, SOQUEM in 1979 and McKenzie Bay Resources in 1999 and 2002. Of the historic holes, only nine were not pinpointed.
- Sampling of trenches previously dug to create continuity in the sampling pattern. All the trenches dug in 1997 were revisited, and previously unsampled mineralized intervals were sampled wherever accessible. A total of 28 samples for 28 meters was collected, which are currently being assayed and tested by Davis tube magnetic separation.
- Geological mapping and sampling of the trenches excavated over the Lac Doré North portion of the deposit, which were excavated approximately 5 years ago by the Company. Special care was taken for structural analysis.
- Re-sampling (101 samples) and re-assaying (128 samples) of drill core for drilling completed by the Company, including Davis tube testing to ensure proper quality assurance and control for comparisons with historic assay results from previous operators.
SIDEX Limited Partnership was created in 2001 by the government of Québec and the Solidarity Fund QFL. The mission of SIDEX is to invest in companies engaged in mineral exploration in order to diversify Quebec’s mineral base and open new territories to exploration and investment. “Field Action 2014” is a $3-Million financing program launched in the spring by SIDEX to encourage junior mineral exploration companies to pursue field work during the summer and fall 2014, employ young professionals and service companies and make way for new discoveries.
VanadiumCorp is a rapidly growing strategic metals company with projects in Quebec, Canada. VanadiumCorp has a vision to be the first primary producer of Vanadium in North America. The current growth strategy is focused on development of its most advanced project in mining friendly Quebec, Canada, the Lac Dore Project. This project encompasses the Lac Dore deposit that was historically subject to over $20M of completed work, a completed NI 43-101 report and is adjacent to various infrastructure. The Lac Dore deposit has the potential supply and scale for North America to make vanadium-strengthened steel and vanadium batteries, a reality for years to come. VanadiumCorp is targeting production of metallurgical grade Vanadium Pentoxide as well as high purity Vanadium chemicals for the battery industry. Regarded as a “super metal,” vanadium is the number-one steel strengthener in the world and is internationally acclaimed as the “ultimate energy storage solution.” The Lac Dore Project, coupled with the Company’s Iron-T Vanadium-Titanium-Iron Project positions VanadiumCorp at the forefront of global vanadium exploration and development. VanadiumCorp’s experienced management and technical teams are dedicated to project development and building shareholder value.
(This release was approved by Mr. Rejean Girard, P. Geo. Mr. Girard is a qualified person as defined by National Instrument 43-101.)
For more information, contact Vanadiumcorp:
Adriaan Bakker, President, CEO
By phone: 604-385-4489
By email: email@example.com
On behalf of the board:
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.