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, September 3, 2019 – VanadiumCorp Resource Inc. (TSX-V: “VRB”) (“VanadiumCorp” or the “Company”) is pleased to report that a 8,500m drilling program has commenced at the Company’s wholly owned Lac Doré property located 27 km east-southeast from the city of Chibougamau in Eeyou Istchee James Bay Territory, Northern Québec. The drill program targets the Company’s flagship Lac Doré Vanadium Project where historical drilling and mechanical trenching and channel sampling conducted between 1958 and 2013 have revealed the presence within property limits of a 2 km-long by 200 m wide and minimum 200 m deep zone of banded vanadiferous titanomagnetite (VTM) mineralization.
A total of 34 drill holes are planned, comprising infill and extension drilling together with select twinning of historical holes. Concurrent to the drilling, the Company will resample select historical trenches. VTM mineralized intersections will be then be tested using a combination of major and trace element assays, Davis Tube testing and other magnetic tests to assess the head grades and concentrate grades for vanadium, titanium and iron, as well as magnetite content and magnetite proportions relative to ilmenite. Conditional to the success of the exploration program, the Company aims to use the results of the drilling and trench resampling to prepare a Mineral Resource Estimate for the Lac Doré Vanadium Project in accordance with National Instrument 43-101 and CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines.
Adriaan Bakker, President and CEO of VanadiumCorp states: “This new round of systematic drilling at our Lac Doré Vanadium Project, the first comprehensive drill program to be implemented on the property since 1979, demonstrates VanadiumCorp’s commitment to advance the Lac Doré Vanadium Project to the Mineral Resources appraisal phase. By carrying out this drilling, the Company is targeting confirmation of a globally significant VTM resource.”
The summer-fall exploration program at the Lac Doré Vanadium Project has been designed by the Company with the aid of mining industry consultants CSA Global of Vancouver and InnovExplo of Val-d’Or, Québec. The exploration program will be managed by InnovExplo, under the supervision of the Table jamésienne de Concertation Minière (TJCM) of Chibougamau, northern Québec, a non-profit regional development organization which provides on demand contractor monitoring, quality control and technical support services to mining companies active in Eeyou Istchee James-Bay territory.
The Company has awarded the drill contract to Miikan Drilling Ltd of Chibougamau, northern Québec, a joint venture between Chibougamau Diamond Drilling Ltd of Chibougamau, Eskan Company of Mistissini and Nimsken Corp. of Ouje-Bougoumou, northern Québec.
Assays will be completed at SGS Laboratories in Val-d’Or, Québec. Details of the metallurgical test work program will be finalized following assessment of the drilling results.
Current drilling is utilizing two drill rigs on the property, with drilling scheduled for completion by the end of October 2019.
The scientific and technical information in this release has been prepared, reviewed and approved by Mr. Carl Pelletier, B.Sc., P.Geo. (OGQ) from InnovExplo, a consultant to the Company and an Independent Qualified Person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects and is responsible for the technical content contained in this document.
About VanadiumCorp Resource Inc.
VanadiumCorp Resource Inc. 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 Dore 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:
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.