VanadiumCorp wishes to announce a Cease Trade Order (CTO) has been issued by the British Columbia Securities Commission (BCSC)), as principal regulator, as a result of the Company’s failure to file its annual audited financial statements for the year ended October 31, 2020.
VANCOUVER, BRITISH COLUMBIA, May 21, 2020 – VanadiumCorp Resource Inc. (TSX-V: “VRB”) (“VanadiumCorp” or the “Company”), is pleased to release the latest assay results for an additional ten drill holes from the Company’s summer-fall 2019 infill and extension drilling program at its Lac Doré Vanadium property, as well as new Davis Tube magnetic separation testwork results for 33 additional composite core samples from eight drill holes. Assay results are reported for holes LD-19-003, LD-19-004, LD-19-005, LD-19-008, LD-19-013, LD-19-015, LD-19-018, LD-19-021, LD-19-032 and LD-19-035, bringing the total number of holes with complete assay results received to 24 out of 37 holes drilled in 2019. 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 property to the North (Vanadium One Iron Corp).
The 2019 drill program targeted the Company’s Lac Doré Vanadium Main 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.
- Complete assay results received for an additional ten drill holes (Figure 1).
- All ten holes intersected significant VTM
- Best intercepts include:
- Hole LD-19-003 intersected 4 m* grading 0.69% V2O5, including 3.50 m* grading 0.91% V2O5 (Table 2; Figure 2);
- Hole LD-19-004 intersected 6.3 m* grading 0.97% V2O5 (Table 2; Figure 2);
- Hole LD-19-005 intersected 27.6 m* grading 0.69% V2O5 (Table 2; Figure 3);
- Hole LD-19-008 intersected 37.1 m* grading 0.69% V2O5, including 4.8 m* grading 0.81% V2O5 (Table 2; Figure 4)
- Hole LD-19-013 intersected 32.7 m* grading 0.73% V2O5 (Table 2; Figure 5);
- Hole LD-19-015 intersected 41.7 m* grading 0.68% V2O5 (Table 2; Figure 6);
- Hole LD-19-018 intersected 40.7 m* grading 0.62% V2O5, including 6.0 m* grading 0.72% V2O5 (Table 2; Figure 7);
- Hole LD-19-021 intersected 36.4 m* grading 0.62% V2O5, including 10.2 m* grading 0.73% V2O5 (Table 2; Figure 8);
- Hole LD-19-032 intersected 29.1 m* grading 0.62% V2O5 (Table 2; Figure 9);
- Hole LD-19-035 intersected 36.6 m* grading 0.65% V2O5 (Table 2; Figure 10);
- Mineralization occurs as layers of massive, semi-massive and disseminated magnetite.
- Davis Tube magnetic separation testwork on composite samples of VTM mineralized core from drill holes LD-19-003, LD-19-004, LD-19-016, LD-19-017, LD-19-025, LD-19-029, LD-19-33, and LD-19-034 (Table 1) show magnetite contents ranging from ~6% to 65%, and included the following results:
- 3 m* containing 28.6% magnetics with 1.48% V2O5 (LD-19-016)
- 0 m* containing 21.0% magnetics with 1.62% V2O5; (LD-19-017)
- 2 m* containing 33.6% magnetics with 1.31% V2O5 (LD-19-033)
- 3 m* containing 22.9% magnetics with 1.5% V2O5 (LD-19-034)
- 9 m* containing 26.39% magnetics with 1.42% V2O5 (LD-19-003)
- 0 m* containing 60.93% magnetics with 1.42% V2O5 (LD-19-004)
- 4 m* containing 41.67% magnetics with 1.42% V2O5 (LD-19-025)
- 4 m* containing 42.08% magnetics with 1.54% V2O5 (LD-19-029)
- Davis Tube magnetic separation testwork results are consistent with previous 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).
1 High-grade V2O5 intercepts in drill core are defined by the Company as a minimum of 0.6 % V2O5 over a minimum true thickness of 0.5 m.
*True thickness is 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-19-003, LD-19-004, LD-19-016, LD-19-017, LD-19-33, and LD-19-034, -60° for LD-19-025 and LD-19-029).
Adriaan Bakker, President and CEO of VanadiumCorp, states: “These latest drill core assay and of Davis Tube test results from our Lac Doré Vanadium Main prospect continue to show consistent zones where VTM mineralization grades a minimum of 0.6% V2O5 and magnetite concentrate grades exceed 1.5% V2O5. We look forward to more positive results from our ongoing drill core assays and Davis Tube testwork programs over the coming weeks.”
Davis Tube testwork results
Results from the first batch of samples submitted for Davis Tube testwork is shown in Table 1 below.
Table 1: Summary of Davis Tube results for drill holes LD-19-003, LD-19-004, LD-19-016, LD-19-017, LD-19-025, LD-19-029, LD-19-33, and LD-19-034, with percentages of magnetics and magnetite concentrates grades for Fe2O3, V2O5, TiO2, 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 (%)|
Estimated true thickness is 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-19-003, LD-19-004, LD-19-016, LD-19-017, LD-19-33, and LD-19-034, -60° for LD-19-025 and LD-19-029).
Davis Tube tests were carried out at SGS Canada Inc’s facilities in Val d’Or, Quebec. Samples were composited over the intervals in Table 1 using pulp rejects from 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). The composite was further pulverized to 80% passing 38 μm, and a 20g subsample of the composite was taken for the Davis Tube testing. Samples were added to the Davis tube and the tube was allowed to agitate for a period of four 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), as per the procedure outlined below. QAQC protocol was for two samples to be subject to repeat tests.
Table 2: Summary of the significant intersections, with weighted average grades for V2O5, Fe2O3 and TiO2, intersected core lengths, and estimated true thicknesses.
|CORE LENGTH (m)||ESTIMATED TRUE THICKNESS
* True thickness is 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-19-003, LD-19-004, LD-19-005, LD-19-008, LD-19-018, LD-19-021 and LD-19-32, -50° for LD-19-015, -55º for LD-19-035 and -60º for LD-19-013).
- LD-19-003 drilled at -45o to a depth of 375 m
- LD-19-004 drilled at -45o to a depth of 240 m
- LD-19-005 drilled at -45o to a depth of 270 m
- LD-19-008 drilled at -45º to a depth of 246 m
- LD-19-013 drilled at -60º o to a depth of 231 m
- LD-19-015 drilled at -50o to a depth of 252 m
- LD-19-018 drilled at -45o to a depth of 180 m
- LD-19-021 drilled at -45º to a depth of 246 m
- LD-19-032 drilled at -45o to a depth of 201 m
- LD-19-035 drilled at -55o to a depth of 279 m
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 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 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 2: Section LD-19-003 and LD-19-004
Figure 3: Section LD-19-005
Figure 4: Section LD-19-008
Figure 5: Section LD-19-013
Figure 6: Section LD-19-015
Figure 8: Section LD-19-021
The details of the results received from the laboratory are presented in the table. (Lengths are expressed along drill core axis. The true thickness was not determined.)
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 an exclusive clean energy storage supply chain with XRG® vanadium redox flow battery technology, jointly owned process technology and it’s wholly owned and strategic vanadium resource base in mining friendly Quebec, Canada. The Company’s key mining assets contain vanadium, titanium and iron in VTM and include the Lac Doré Project adjacent to Blackrock Metals Inc. and the 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) accept 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.