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, August 11, 2020 – VanadiumCorp Resource Inc. (TSX-V: “VRB”) (“VanadiumCorp” or the “Company”), is pleased to release the final results from Davis Tube magnetic separation testwork carried out on composite drill core samples from the Company’s summer-fall 2019 infill and extension drilling program at its Lac Doré Vanadium property. The results are for 53 composite samples of vanadiferous titanomagnetite (VTM) mineralization taken from 21 drill holes. Vanadium grades in the magnetite concentrates extracted from the composite samples range from 0.79% V2O5 over 14.2 m* in sample DTS-30 which contains 42.6% magnetics to 1.68 % V2O5 over 4.5 m* in sample DTS-25 which contains 14.7% magnetics (Table 1).
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 deposits, including the Southwest and Armitage deposits on the adjacent Blackrock property (BlackRock Mining 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.
- Davis Tube magnetic separation testwork on composite samples of VTM mineralized core from drill holes LD-19-006, LD-19-007, LD-19-008, LD-19-009, LD-19-010, LD-19-011, LD-19-012, LD-19-013, LD-19-014, LD-19-015, LD-19-018, LD-19-020, LD-19-021, LD-19-026, LD-19-027, LD-19-028, LD-19-030, LD-19-031, LD-19-032, LD-19-035, LD-19-036 (Table 1) show magnetite contents ranging from ~4% to 62%;
- Vanadium grades of magnetite concentrates obtained from Davis Tube magnetic separation range from 0.79% V2O5 to 1.68 % V2O5
- Davis Tube results are consistent with previously reported results, showing that lower (P1 or P0) stratigraphic units have elevated V2O5 in the magnetite concentrate (typically >1.5% V2O5) whereas the upper unit (P3) has lower V2O5 in the concentrate (typically <1.0%V2O5).
* 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-19-006, LD-19-007, LD-19-008, LD-19-010, LD-19-012, LD-19-014, LD-19-018, LD-19-021, LD-19-032 and LD-19-036, -50 for LD-19-009 and LD-19-015, -55 for LD-19-011, LD-19-031, LD-19-035, and -60 for LD-19-013, LD-19-020, LD-19-026, LD-19-027, LD-19-028 and LD-19-030).
Adriaan Bakker, President and CEO of VanadiumCorp, states: “We’re pleased to announce these final Davis Tube test results from our 2019-2020 program at the Lac Doré Main vanadium prospect, which continue to show consistent VTM-bearing zones where magnetite concentrate grades exceed 1.5% V2O5 over. We look forward to completing the maiden Mineral Resource Estimate for the project in the coming months, which is the next important milestone in the development of this exciting vanadium opportunity.”
Davis Tube testwork results
Results from the final two (5th and 6th) batches of samples submitted for Davis Tube Testwork is shown in Table 1 below.
Table 1: Summary of Davis Tube results for drillholes LD-19-006, LD-19-007, LD-19-008, LD-19-009, LD-19-010, LD-19-011, LD-19-012, LD-19-013, LD-19-014, LD-19-015, LD-19-018, LD-19-020, LD-19-021, LD-19-026, LD-19-027, LD-19-028, LD-19-030, LD-19-031, LD-19-032, LD-19-035 and LD-19-036, with percentages of magnetics and magnetite concentrates grades for Fe2O3, TiO2, V2O5, SiO2 and Al2O3, intersected core lengths, estimated true thicknesses, and magnetite-bearing stratigraphic zones.
|Sample||BHID||FROM||TO||CORE LENGTH (m)||ESTIMATED TRUE THICKNESS (m)||Zone||Mag %||Fe2O3 (%)||TiO2 (%)||V2O5 (%)||SiO2 (%)||Al2O3 (%)|
Note: Estimated true thicknesses have been calculated 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-19-006, LD-19-007, LD-19-008, LD-19-010, LD-19-012, LD-19-014, LD-19-018, LD-19-021, LD-19-032 and LD-19-036, -50 for LD-19-009 and LD-19-015, -55 for LD-19-011, LD-19-031, LD-19-035, and -60 for LD-19-013, LD-19-020, LD-19-026, LD-19-027, LD-19-028 and LD-19-030).
Davis Tube tests were carried out at SGS Canada Inc’s facilities in Val-d’Or, Québec. Samples were composited over the intervals listed in Table 1 using pulp rejects from drill core samples previously prepared for assay. The samples had already been pulverized to 85% passing 75 μm. Composites were prepared using relative proportions based on weights of the core samples submitted (i.e. these are weighted-average composites). Each composite was further pulverized to 80% passing 38 μm, and a 20g subsample was taken for Davis Tube testing. Samples were added to the Davis tube and the tube was agitated for a period of four (4) minutes, after which the magnets were interrupted, and the magnetic concentrate was collected. The tailings were collected in a pail. Both the magnetic concentrate and non-magnetic tailings were filtered, dried, and weighed. The two products were analyzed for Major elements SiO2, Al2O3, Fe2O3, MgO, CaO, Na2O, K2O, TiO2, P2O5, MnO, Cr2O3, V2O5, and LOI by 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. QAQC protocol was for two samples to be subject to repeat tests.
The scientific and technical information disclosed in this news release has been prepared, reviewed and approved by Dr. Luke Longridge, PhD., P.Geo. (BC, Québec) from CSA Global, 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 owns 100% of two of the most coveted, undeveloped primary vanadium-rich magnetite resources rich in iron and titanium. The company has also co-developed process technology that can unlock maximum metal value with renewable energy from most vanadium bearing feedstocks as well as flow battery technology that can utilize vanadium indefinitely. VanadiumCorp’s key vanadium mining assets are located in mining-friendly Quebec, Canada including the 100% owned Lac Doré Project adjacent to Blackrock Mining Inc. and the 100% owned Iron-T Project located near the Glencore (Bracemac-McLeod) Matagami Copper-Zinc Mine.
On behalf of the board of VanadiumCorp:
President and Chief Executive Officer
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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.