VanadiumCorp Closes $1 Million Private Placement
VANCOUVER, BRITISH COLUMBIA – 2013-05-06
Dr. Christian Derosier reports
ASSAY RESULTS ON LAC DORE VANADIUM-IRON-TITANIUM DEPOSIT
PacificOre Mining Corp. has received all the assays from drilling of the four twin diamond drill holes bored 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 will permit 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 corporation) in the eastern part of the Lac Dore deposit. The new PacificOre drill hole was set up based on the old co-ordinates. Results of PacificOre’s drill hole LD-13-01 are listed in the attached hole LD-13-01 drill results table.
LD-13-01 DRILL RESULTS LD-13-01 From To Core length Fe2O3 TiO2 V2O5 m m m % % % 17.93 24.07 6.14 52.50 11.52 0.59 30.53 37.47 6.94 65.14 14.28 0.83 92.89 138.00 45.11 51.90 10.11 0.71 143.0 150.0 7.00 50.69 8.99 0.74 Drilling of the hole was stopped in mineralization. In comparison, Soquem’s S-79-31 hole had returned the results listed in the attached Soquem S-79-31 drill results table.
SOQUEM S-79-31 DRILL RESULTS S-79-31 From To Core length Fe2O3 TiO2 V2O5 m m m % % % 6.10 15.10 9.00 30.83 8.87 0.38 8.50 29.00 10.50 45.98 14.29 0.67 72.95 151.50 78.55 37.91 10.07 0.61 163.80 183.60 20.00 29.96 6.02 0.52 The PacificOre results show higher iron and vanadium values over similar core length.
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.
LD-13-02 AND SOQUEM DRILL RESULTS LD-13-02 From To Core length Fe2O3 TiO2 V2O5 m m m % % % 77.00 111.00 34.00 52.27 11.80 0.61 124.35 150.00 25.65 54.16 11.14 0.70 S-79-38 79.60 109.60 30.00 42.10 13.58 0.58 124.65 173.30 48.65 41.60 11.52 0.70 180.40 199.40 19.50 36.58 8.75 0.68 Results from the two holes are very similar. Once again, drilling of the hole was stopped in mineralization. With the casing being left in place, it will be easy to extend that hole if it becomes necessary.
Hole LD-13-03 intersected three mineralized zones, which returned the results listed in the attached LD-13-03 drill results table.
LD-13-03 DRILL RESULTS LD-13-03 From To Core length Fe2O3 TiO2 V2O5 m m m % % % 4.80 11.90 7.10 48.93 11.72 0.50 47.00 51.78 4.78 31.33 6.35 0.33 61.84 150.00 88.16 36.62 5.87 0.48 In comparison, Soquem’s hole S-79-20 gave the intersections listed the attached Soquem S-79-20 results table.
SOQUEM S-79-20 RESULTS S-79-20 From To Core length Fe2O3 TiO2 V2O5 m m m % % % 52.33 73.33 21.00 36.66 10.38 0.61 73.33 83.10 9.77 30.50 7.84 0.51 94.00 116.10 22.10 27.70 6.37 0.50 125.50 137.50 12.00 23.95 5.05 0.42 145.50 151.60 6.10 28.01 5.93 0.49 41.50 151.50 110.10 21.12 5.38 0.36 This last hole intersected lower-grade mineralized zones, which are very similar to the three PacificOre’s mineralized zones.
Finally, the drill rig was moved 200 metres southwest onto the site of historical diamond drill hole S-58-02, which was bored in 1958 by Jones & Laughlin Steel Corp. (Jalore). 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. With the present equipment not being able to drill holes with an angle below minus 45 degrees, the rig was set up with this last angle. The same geology and mineralized zones have been intersected. 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 and S-58-02 drill results table.
LD-13-04 and S-58-02 DRILL RESULTS LD-13-04 From To Core length Fe2O3 TiO2 V2O5 m m m % % % 0.00 17.76 17.76 44.14 10.27 0.36 47.83 71.14 23.31 45.32 10.69 0.48 78.54 97.20 18.66 34.85 7.81 0.40 102.00 150.00 48.00 32.52 5.83 0.42 S-58-02 From To Core length Fe2O3 TiO2 V2O5 m m m % % % 6.10 214.57 208.47 18.57 n/a* n/a* * Not assayed All drill core is logged in PacificOre’s core shack in Chibougamau, Que. Once logged, the intersections retained for analysis are sawn, bagged and shipped to the ALS-Chemex laboratory in Val d’Or, Que., for processing.
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. Dr. Derosier, PGeo and QP, logged the core and supervised the field operations.
The target is now to confirm the extension at depth and to the northeast of the mineralized zones and to fill some gaps in the previous drilling pattern. A minimum of 16 holes have been planned for this purpose. These holes will permit to increase the tonnage of the historical mineral resources and will bring a large part of them to measured mineral resource.
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 43-101.