VanadiumCorp is pleased to announce a non-brokered flow-through financing of up to $1 million and non-flow-through financing of up to $3 million for a total aggregate of up to $4 million. And announces new Quebec director.
VANCOUVER, BRITISH COLUMBIA, December 14th, 2020 – VanadiumCorp Resource Inc. (TSX VENTURE: “VRB”) (OTCBB:”APAFF”) (FRANKFURT:”NWN”) (the “Company”) is pleased to announce that it has filed a National Instrument 43-101 (“NI 43-101″) Technical Report entitled the ” Lac Doré Project, Chibougamau, Québec, Canada” with an effective date of December 10, 2020 (the “Technical Report”). The Technical Report is available for review on SEDAR (www.sedar.com) and on the Company’s website (www.vanadiumcorp.com).
The Technical Report discloses the results of a Mineral Resource Estimate (MRE) for the Company’s 100% owned Lac Doré Vanadium Project. The total Measured and Indicated Mineral Resources for the Lac Doré project are estimated at 214.93 million tonnes (Mt) of mineralized material contained in the Lac Doré Main Zone with the potential to produce 52.97 million tonnes of magnetite concentrate grading 1.3% Vanadium Pentoxide (V2O5), 62% Iron (Fe) and 8.7% Titanium Dioxide (TiO2).
In addition, the Lac Doré project hosts 86.91 Mt grading 0.4% V2O5, 28.0% Fe, 7.6% TiO2 and 25.9% magnetite concentrate in the Inferred category which are estimated to contain 22.55 Mt of magnetite concentrate grading 1.2% V2O5, 62% Fe and 9.2% TiO2.
VanadiumCorp now has sufficient Mineral Resources in the appropriate categories to progress with a preliminary economic assessment or prefeasibility study. The Company plans to independently validate its 100% owned VanadiumCorp Electrochem Process Technology (“VEPT”) for use in future economic studies.
Summary of the Mineral Resource Estimate:
- Measured and Indicated Mineral Resources of 214.93 Mt at 0.4% V2O5, 27.1% Fe, 7.1% TiO2 and 24.6% magnetite.
- Measured and Indicated Mineral Resources estimated to contain 52.97 Mt of magnetite concentrate grading 1.3% V2O5, 62% Fe and 8.7% TiO2.
- Measured and Indicated Mineral Resources estimated to contain 1.49 billion pounds of V2O5 in the magnetite concentrate.
- Additional Inferred Mineral Resources of 86.91 Mt, grading at 4% V2O5, 28.0% Fe, 7.6% TiO2 and 25.9% magnetite.
- Inferred Mineral Resources estimated to contain 22.55 Mt of magnetite concentrate, with the concentrate grading 1.2% V2O5, 62% Fe and 9.2% TiO2.
- Inferred Mineral Resources estimated to contain an additional 0.61 billion pounds of V2O5 in the magnetite concentrate.
- Significant stratigraphic unit with higher magnetite content delineated within the resource (Unit P2-A) with:
- Measured & Indicated Mineral Resources of 78.1 Mt at 0.6% V2O5, 33.4% Fe, 9.3% TiO2 and 33.9% magnetite, with 1.3% V2O5, 62.0% Fe and 9.3% TiO2 in magnetite concentrate.
- Inferred Mineral Resources totaling 29.2 Mt at 0.6% V2O5, 32.7% Fe, 8.8% TiO2 and 32.8% magnetite with 1.3% V2O5, 62% Fe and 8.1% TiO2 in magnetite concentrate.
- 100.86 Mt in the Measured and Indicated category with magnetite concentrate grades > 1.4% V2O5.
The Company is focused on the commercial development of its 100% owned green and efficient chemical recovery process invented by Dr. Francois Cardarelli, that addresses the recovery of vanadium, iron, titanium, and silica from feedstocks such as vanadiferous titano-magnetite, iron ores and other industrial by-products containing vanadium. Furthermore, VanadiumCorp’s mandate is to become a strategic supplier of renewable, Next Generation vanadium electrolyte for redox flow batteries and other high purity applications that benefit most from exclusively green and cost-effective vanadium. VanadiumCorp Resource Inc. plans to license VEPT globally and integrate VEPT into the development of the 100% owned Lac Doré vanadium-titanium-iron flagship project adjacent to Blackrock Metals Inc.’s property, which is currently permitted to build a mine and mill to produce a vanadium-rich magnetite concentrate product. VanadiumCorp provides investors with leverage to vanadium, titanium and iron in the mining-friendly and geopolitically stable jurisdiction of Québec, Canada. Green recovery technology, primary vanadium resource size, superior grades, and well-developed infrastructure, puts VanadiumCorp in a valuable strategic position to take advantage of the strong vanadium market driven by supply shortages and growing demand from the Chinese and global steel industries, as well as the fast-emerging renewable use of vanadium in sustainable energy storage for stationary to unlimited scale applications. Nearby infrastructure at Lac Dore includes a 161kV Hydro Power at approximately $.02 kWh, CN Rail Line, available water, local airport, and a mining community of over 7,000 people in the city of Chibougamau.
The technical information contained in this news release has been reviewed and approved by Dr. Luke Longridge, P.Geo (BC, OGQ), CSA Global Senior Structural Geologist, an independent Qualified Person with respect to the Company’s Lac Doré Project as defined under National Instrument 43-101. Dr. Adrian Martinez, P.Geo (ON), OGQ Special Authorization, CSA Global Senior Resource Geologist, is the independent Qualified Person with respect to the MRE.
On behalf of the board of VanadiumCorp:
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.
Cautionary & Forward-Looking Statements
This release contains forward-looking statements. All statements other than statements of present or historical fact are forward-looking statements, including statements with respect to the anticipated use of Private Placement proceeds and anticipated receipt of final TSX Venture Exchange acceptance for the Private Placement. Forward-looking statements include words or expressions such as “will”, “subject to”, “expect” and other similar words or expressions. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include general business, economic, competitive, political and social uncertainties; the state of capital markets and risks that may impact the Company’s business, operations and financial condition. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Additional information on these and other factors that could affect the Company’s operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). We disclaim any obligation to update or revise these forward-looking statements, except as required by applicable law.