VANCOUVER, Sept. 3, 2019 /CNW/ - 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.
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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.
Qualified Persons
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:
Adriaan Bakker
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.
SOURCE VanadiumCorp Resource Inc.