VanadiumCorp Closes First Tranche of $1 Million Private Placement
VANCOUVER, BRITISH COLUMBIA – 2013-04-02
Mr. Patrick O’Brien reports
DRILLING COMPLETED ON LAC DORE VANADIUM-IRON-TITANIUM DEPOSIT
PacificOre Mining Corp. has completed the drilling of the four diamond drill holes planned on the Lac Dore vanadium-iron-titanium deposit (Chibougamau mining camp in Quebec).
Dr. Christian Derosier, PGeo, PacificOre’s consulting geologist and qualified person for the Lac Dore and Lac Dore North vanadium-iron-titanium projects, reports that the holes were set up close to previously drilled historical holes to confirm the geological and mineralogical context, as well as the thickness and grade of the mineralization intersected in the past. This twinning also permitted the geological team to qualify the previous non-compliant NI 43-101 resources calculated by Allard and Girard (1998) and SNC-Lavalin (2003). As PacificOre progresses at Lac Dore, those historical resources will then be classified as indicated and measured mineral resources.
The first drill hole LD-13-01 was set up close to the hole S-31 drilled in 1979 by Soquem (Quebec government Crown company) in the eastern part of the Lac Dore deposit. The new PacificOre drill hole was set up based on the old co-ordinates. Preliminary results of PacificOre’s drill hole LD-13-01 are listed in the attached hole LD-13-01 preliminary results table, along with Soquem’s results.
LD-13-01 PRELIMINARY RESULTS PacificOre hole LD-13-01 Soquem drill hole S-31 From To Visual estimate From To Visual estimation Assays m m of % oxide m m of % oxide Fe% TiO2% V2O5% 6.10 15.10 43.33% 30.83 8.87 0.38 17.93 25.00 45% 18.50 29.00 58.57% 45.98 14.29 0.67 30.00 37.47 46% 35.50 38.50 40.00% 28.96 7.04 0.39 46.63 47.63 15% 73.62 74.45 25% 72.95 151.50 43.33% 30.83 8.87 0.38 92.89 138.00 42% 143.00 150.00 39.06% 163.80 183.60 34.50% 29.96 6.02 0.52 PacificOre’s drill hole LD-13-01 was stopped at 150 metres. The hole bored by Soquem was 188.92 metres long and had flattened from minus 50 degrees to minus 44 degrees while the PacificOre’s hole has much less deviation due to the bigger piping used.
The second PacificOre drill hole LD-13-02 was set up at 400 metres southwest, close to Soquem’s historical drill hole S-38. In this instance, Soquem’s historical tubage was found and recorded. Drill hole LD-13-02 was stopped at 150 metres while Soquem’s drill hole was 256 metres long.
The attached LD-13-02 results table shows the comparison between the two drill holes.
LD-13-02 RESULTS PacificOre hole LD-13-02 Soquem drill hole S-38 From To Visual estimate From To Visual estimation Assays m m of % oxide m m of % oxide Fe% TiO2% V2O5% 48.00 49.10 45% 77.00 111.00 45% 79.60 109.60 53.83% 42.10 13.57 0.58 124.35 150.00 36.80% 124.65 173.30 45.68% 41.60 11.52 0.70 180.40 199.00 52.83% 42.50 13.58 0.58 208.85 213.00 45.00% 35.18 8.42 0.66 222.10 225.25 55.00% 43.87 9.97 0.84 Dr. Derosier noted, “Based on the comparison, PacificOre’s visual estimation of the oxides appears conservative.”
The tubages of the PacificOre diamond drill holes have been left in place. Consequently, the drill holes can be extended at any time when budget will permit it.
PacificOre diamond drill hole LD-13-03 was set up close to Soquem’s historical drill hole S-20 bored in 1979 with the same direction and dip. Dr. Derosier reported, “Once again, the intersections look almost the same, with, however, a slight difference in the visual estimation of the oxide percentages.”
The attached LD-13-03 preliminary results table gives the preliminary results of PacificOre drill hole LD-13-03.
LD-13-03 PRELIMINARY RESULTS PacificOre hole LD-13-03 Soquem drill hole S-20 From To Visual estimate From To Visual estimation Assays m m of % oxide m m of % oxide Fe% TiO2% V2O5% 4.80 11.90 44.37% 1.00 3.00 45.00% 40.70 13.84 0.50 41.50 45.80 54.00% 40.30 13.29 0.64 47.00 51.78 30.00% 52.23 73.33 47.50% 36.70 10.38 0.61 61.84 129.00 30.70% 94.00 116.10 39.00% 27.70 6.37 0.50 or 125.50 137.50 35.00% 24.00 5.65 0.42 61.84 150.00 28.00% 145.50 151.60 35.00% 28.00 5.93 0.49 Finally, the field team moved the drill rig 200 metres southwest on to the site of historical diamond drill hole DDH-S-2, which was bored in 1958 by Jones & Laughlin Steel Corp., which, at that time, was looking for iron ore. This previous drill site had been identified and recorded by PacificOre with a GPS during the 2012 spring program. The Jalore drill hole was bored with an AX core size and with a dip of minus 37 degrees. The present equipment being not able to drill holes with angles below minus 45 degrees, the rig was set up with this last angle. The same geology and mineralized zones have been intersected in PacificOre’s program. The Jalore drill record gives the iron content only. The titanium and vanadium were not yet known at that time in the Lac Dore complex. Results are presented in the attached LD-13-04 results table.
LD-13-04 RESULTS PacificOre hole LD-13-04 Jalore drill hole S-2 From To Visual estimate From To Visual estimation Assays m m of % oxide m m of % oxide Fe% TiO2% V2O5% 0 17.76 41.27% 6.40 32.92 35.00% 24.35 n/a n/a 47.83 71.14 35.12% 39.62 41.76 40.00% 37.15 n/a n/a 78.54 97.20 29.54% 60.66 93.88 30.00% 26.58 n/a n/a 102.00 150.00 29.20% 119.48 141.12 35.00% 32.61 n/a n/a 141.12 193.55 20.00% 9.58 n/a n/a N/a means not assayed. To date, results obtained are confirming the previous descriptions and the presence of the historical mineralized zones. The 2012 surveying program carried out by PacificOre has been very useful, and it permitted the field crew to locate most of the previous drill holes better with the exception of drill hole S-38.
The drill core has now been sawn and prepared for assaying. The samples will be sent to ALS Global’s laboratory in Val d’Or. In addition to the regular sampling and assaying of samples, additional quality control protocols were initiated by PacificOre requiring the preparation of various duplicate samples to evaluate the precision (that is, reproducibility) and accuracy (that is, correctness) of the reported values. Each batch of 25 samples included a certified standard and a blank. The blank samples come from the same source and have a known chemical composition, which is certified. Field duplicates have not been included at this stage due to the lack of samples from that property. They will be inserted during the next phase of exploration. Internally, ALS Global also conducts quality control protocols by systematically conducting a duplicate for every 25th sample within the batch sent to the lab.
The company expects to receive the first assay results during the second half of April, 2013.
This press release has been reviewed by Dr. Derosier, PGeo, consulting geologist and qualified person for the Lac Dore and Lac Dore North vanadium-iron-titanium projects under National Instrument NI 43-101.
We seek Safe Harbor.