VanadiumCorp Intercepts 0.66% V2O5 Over 29.4 Metres at Lac Doré, Québec

TSX-V: “VRB”

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VANCOUVER, BRITISH COLUMBIA, March 16, 2020 – VanadiumCorp Resource Inc. (TSX-V: “VRB”) (“VanadiumCorp” or the “Company”), is pleased to announce the drilling results for the first three holes from the Company’s summer-fall 2019 infill and extension drilling program at its Lac Doré Vanadium property. The Lac Doré Vanadium property is located 27 km east-southeast from the city of Chibougamau, in Eeyou Istchee James Bay Territory, Northern Québec. The Chibougamau area is host to several vanadiferous titanomagnetite (VTM) deposits, including the Southwest and Armitage deposits on the adjacent Blackrock property (BlackRock Metals Inc.) and the South and North Zone deposits on the Mont Sorcier project to the North (Vanadium One Iron Corp).

The 2019 drill program targeted the Company’s Lac Doré Vanadium prospect where historical drilling and surface channel sampling conducted between 1958 and 2013 have revealed the presence within property limits of massive, semi-massive and disseminated bands of VTM mineralization along a 2 km long by 200 m wide and minimum 200 m deep corridor.

The Lac Doré Vanadium property lies on the southern flank of the Lac Doré anorthosite complex of Chibougamau and straddles the layered magmatic zone, which hosts the VTM mineralization. This layered magmatic zone has been traced by historical geophysics, drilling and mapping over a linear distance of 20 km.

Highlights:

• Complete assay results received for three (3) holes out of the 35 holes drilled in 2019 (Figure 1).
• All three holes intersected significant VTM
• Best intercepts include:
  • Hole LD-19-002 drilled at -45^o to a depth of 222 m intersected 4 m* grading 0.66% V₂O₅ (from 119.9 m to 152.3 m, core-length; Table 1; Figure 2), including 9.1 m* grading 0.73% V₂O₅ (from 122.8 to 132.8 m, core-length);
  • Hole LD-19-022 drilled at -45^o to a depth of 282 m intersected 26.8 m* grading 0.59% V₂O₅ (from 102.9 m to 132.5 m, core-length; Table 1; Figure 3), including 4.8 m* grading 0.73% V₂O₅ (from 118.4 m to 123.7 m core-length; Table 1; Figure 3);
  • Hole LD-19-24 drilled at -60^o to a depth of 240 m intersected 10.7 m* grading 0.72% V₂O₅ (from 172.3 to 186.3 core-length; Table 1; Figure 2) and 12 m* grading 0.72 % V₂O₅ (from 203.7 m to 219.4 m core-length; Table 1; Figure 2).
• Mineralization occurs as layers of massive, semi-massive and disseminated magnetite, ranging from 20% to >50% magnetite content, based on visual estimates. V₂O₅:Fe₂O₃ ratios suggest potential for high-V₂O₅ magnetite concentrates with >1.5% V₂O₅, consistent with historical Davis Tube testwork results.
• Davis Tube magnetic separation testwork and assaying of concentrates have commenced on selected intervals from these three drill holes, and the results will confirm the grade of the vanadium in magnetite concentrates from each of the zones.

* True thickness. True thicknesses have been estimated by assuming a dip of the layering of 70° to the SE, and the plunge of the drill hole towards the NW (-45° for LD-19-002 and LD-19-022 or -60° for LD-19-024).

Adriaan Bakker, President and CEO of VanadiumCorp, states: “We are extremely pleased with the results of the first three drill holes on our Lac Doré Vanadium prospect. Our strategy to try to identify potential high-grade vanadium zones within the VTM-bearing stratigraphy through detailed systematic sampling is starting to pay-off with 12 intercepts grading a minimum of 0.5% V₂O₅ over at least 5 m* identified in the first three holes, culminating in a 29.4 m* intercept grading 0.66% V₂O₅ in hole LD-019-002. While we await the assay results for the remaining 32 holes, InnovExplo is building the drill database and geological sections needed to prepare the maiden mineral resources statement for the Lac Doré Vanadium prospect. ”

Table 1: Summary of the significant intersections, with weighted average grades for V₂O₅, Fe₂O₃ and TiO₂, intersected core lengths, and estimated true thicknesses.

2019 exploration program

The summer-fall 2019 exploration program conducted at the Lac Doré Vanadium property was designed by the Company with the aid of mining industry consultants InnovExplo of Val-d’Or, Québec and CSA Global of Vancouver, BC. The exploration program was managed by InnovExplo of Val-d’Or, Québec under the supervision of the Table Jamésienne de Concertation Minière (TJCM) of Chibougamau, Québec.

• The infill and extension drilling program was the main component of the 2019 exploration program. Thirty-five (35) holes were drilled (total: 9,196 m) within the outline of the corridor hosting banded VTM mineralization that was the focus of historic drilling, including 28 holes drilled to map the continuity of VTM mineralization between historic holes (7,642 m) and seven (7) holes drilled to twin historic holes (total: 1,554 m). The drilling was carried out by Miikan Drilling Ltd of Chibougamau.
• Drill core samples (half-core) are submitted to SGS Canada Inc.’s facilities in Val d’Or and Quebec City, Quebec for preparation. The entire sample is dried as required and crushed to 75% passing 2 mm. A 1000-1500 g subsample is then split out and pulverized to 85% passing 75 μm and ~150 g subsample taken for head assays.
• Samples are then shipped to SGS Canada Inc.’s facility at Lakefield, Ontario for Whole Rock Analysis (WRA) performed by X-Ray Fluorescence spectroscopy (XRF). The SGS facilities are ISO/IEC 17025 standard certified for the methods used, and all analytical methods include quality control materials at set frequencies with established data acceptance criteria. The suite of elements analysed includes SiO₂, Al₂O₃, Fe₂O₃, MgO, CaO, Na₂O, K₂O, TiO₂, P₂O₅, MnO, Cr₂O₃, V₂O₅, and Loss on Ignition (LOI).
• Strict QA/QC protocols designed by InnovExplo and CSA Global was implemented to ensure the assay results are relevant, reliable and in accordance with industry standards, CIM Mineral Exploration Best Practice Guidelines (CIM Exploration Guidelines, 2018) and National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101) disclosure requirements.
• The QAQC Protocol is as follows:
• Minimum 5% appropriate VTM standards to be inserted into the sample stream (i.e. 1 standard per 20 samples);
• Minimum 5% blanks to be inserted into the sample stream;
• All coarse rejects and pulps to be collected from the laboratory
• 5% of pulps to be resubmitted to SGS in later batches as duplicates with new sample numbers
• 5% of pulps to be submitted to an umpire laboratory

Figure 1: Drill hole locations for the 2019 drilling program

Figure 2: Section LD-19-002 and LD-19-024

Figure 3: Section LD-19-022

The details of the first results received from the laboratory are presented in table below (Lengths are expressed along drill core axis. The true thickness was not determined):

Qualified Persons

The scientific and technical information disclosed in this news release has been prepared, reviewed and approved by Mr. Carl Pelletier, B.Sc., P.Geo. (Québec) from InnovExplo, a consultant to the Company and an Independent Qualified Person under NI 43-101 – Standards of Disclosure for Mineral Projects.

About VanadiumCorp Resource Inc.

VanadiumCorp is an integrated technology and mining company focused on developing the exclusive supply chain for vanadium-based energy storage and emerging technologies that utilize vanadium. VanadiumCorp is focused on commercializing the most efficient and sustainable recovery method to produce vanadium with jointly developed process technology. VanadiumCorp also holds a significant vanadium-titanium-iron bearing resource base in mining friendly Quebec, Canada including the 100% owned Lac Doré Project adjacent to Blackrock Metals Inc. and the 100% owned Iron-T Project near the Glencore (Bracemac-McLeod) Matagami Copper-Zinc Mine.

On behalf of the board of VanadiumCorp:

Adriaan Bakker
President and Chief Executive Officer

For more information:

Adriaan Bakker,
President and CEO, VanadiumCorp Resource Inc.
(TSX-V: “VRB”)
By phone: 1-604-385-4489
By email: moc.procmuidanavobfsctd@ba
Website: www.vanadiumcorp.com

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.