VANCOUVER, Sept. 20, 2019 /CNW/ - VanadiumCorp Resource Inc.
(TSX-V: "VRB") ("VanadiumCorp" or the "Company"), further to its
news release dated September 3, 2019,
is pleased to report that the 8,500 m
infill and extension drilling program currently underway at the
Company's wholly owned Lac Doré Vanadium Project has passed the 50
% completed mark. The company is also pleased to report that a
review of historic drill data by mining industry consultants CSA
Global Consultants Canada Ltd. (CSA Global) of Vancouver has outlined the potential for
elevated V2O5 grades* in two of the three
stratigraphic units that host vanadiferous titanomagnetite (VTM)
mineralization.
Highlights
- 16 holes completed to date for a total of 4,346 m of drilling, including:
-
- 13 holes drilled to map the continuity of VTM mineralization
between historic holes (3,722 m)
- 2 holes drilled to test the extensions of VTM mineralization to
the northeast of the Lac Doré Vanadium project (402 m)
- 1 hole which is drilled as a twin of a historic hole
(222 m)
- Banded semi-massive to massive titanomagnetite mineralization
observed in all drill holes
- Potential for elevated V2O5 grades in the
P1 stratigraphic unit and in the lower parts of the P2 unit, both
of which contain moderate magnetite grades relative to the upper
part of the P2 unit which hosts the main bands of massive to
semi-massive vanadium bearing magnetite.
* Elevated vanadium grades are defined as > 1.7 %
V2O5 in magnetite concentrate obtained by
Davis Tube testing.
Adriaan Bakker, President and CEO
of VanadiumCorp states: "With 4,346 m
now drilled, the 8,500 m drill
program should be completed on schedule, in less than 4
weeks. We are also excited by the results of the reprocessing
of historic drill data which indicates potential for elevated V2O5
grades* in two previously overlooked stratigraphic units
intercepted by drilling, the P1 and lower P2 units. The
targeting of new zones of elevated vanadium content in magnetite
below the main VTM bearing zones could potentially prove important
for future processing options and project economics."
The Lac Doré Vanadium project is 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 Lac Doré Main Vanadium prospect where
historic drilling and outcrop channel sampling conducted between
1958 and 2013 have revealed the presence of a 2 km-long by
200 m wide and at least 200 m deep zone of banded VTM mineralization
within property limits.
At Lac Doré, the geology has historically been subdivided into
four stratigraphic units, namely, from bottom to top, the P0, P1,
P2 and P3 units. This subdivision is based largely on connecting
continuous zones of magnetite that can be correlated laterally
along strike.
The exploration program at the Lac Doré Vanadium property 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 drill program is being
managed by InnovExplo, under the supervision of the Table
jamésienne de Concertation Minière of Chibougamau, Québec. The drilling is being
carried out by Miikan Drilling Ltd. of Chibougamau. InnovExplo is also in charge of
core logging and core sampling which are being carried out in
Chibougamau. All core samples will
be sent for assaying and for selective Davis Tube testing to SGS
Canada Laboratories in Val-d'Or,
Québec an independent ISO 90001:2015 accredited laboratory
facility. The results of the drilling program will be disclosed
once received and validated by the Qualified Person. Details of the
metallurgical test work program will be finalized following the
assessment of the drilling results.
Strict QA/QC protocols designed by InnovExplo and CSA Global
will be 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. All new
and historical drill hole collars will be surveyed by a
professional surveyor at the end of the drill program. A
Lidar survey will be performed during the fall to obtain a
high-resolution 3D image of the property's topography.
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
Analysis and Validation of Historical Drill and Outcrop
Channel Sampling Data
With the objective of preparing the dataset for a future Mineral
Resource Estimate, additional validation and verification of
historic data will be carried out over the next weeks as part of
the current program in order to ensure that the project data is in
accordance with CIM Exploration Guidelines (2018), CIM Definition
Standards on Mineral Resources and Reserves (CIM Definition
Standards, 2014) and NI 43-101 disclosure requirements. This work
will include the resampling of channel samples in historical
trenches, the surveying of historical drill holes collars where
they can be located, along with the resampling of select core from
historical drill holes still available. The same assaying and
QA/QC protocols used in the current drilling will be used for the
re-assaying of historical holes and outcrop channels.
Metallurgical Testing
Following logging and sampling of the drill core, VTM
mineralized intersections will be tested using a combination of
major and trace element assays, size-grading analysis, 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.
More details on this program will be presented when the analytical
results are received and disclosed.
Note on Historical Vanadium Grades in Magnetite
The identification of magnetite concentrates with grades
>1.7% V2O5 in several historic drill holes
(Table 1 and Table 2) suggests the potential for elevated vanadium
grades in magnetite from the P1 unit or the lower parts of the P2
unit, both of which contain moderate magnetite contents (15-40%
magnetite). In typical layered magmatic magnetite deposits,
stratigraphically lower units contain higher concentrations of
vanadium in magnetite, with the vanadium content in magnetite
decreasing and titanium content moving upward in the stratigraphy.
This pattern is seen in results from previous drilling. The samples
with elevated V2O5 contents generally do not
contain magnetite concentrations as rich as the massive
accumulations found in the upper part of the P2 and in the P3 units
and have therefore not been the focus of previous exploration
efforts on the property. However, the identification of areas with
elevated concentrations of vanadium in magnetite could potentially
prove important for future processing options and project
economics.
Table 1: Historical drill hole collar information
(coordinates are NAD83 Zone 18)
Historic
Drillhole
|
UTM
E
|
UTM
N
|
Elev
|
Azimuth
|
Dip
|
LD-13-03
|
571565
|
5519690
|
497.7
|
321
|
45
|
S-12
|
571799
|
5519951
|
492.0
|
324
|
60
|
S-18
|
572177
|
5520218
|
493.8
|
324
|
40
|
S-24
|
572125
|
5520145
|
498.4
|
324
|
50
|
S-26
|
572153
|
5520192
|
495.3
|
324
|
50
|
S-29
|
572244
|
5520237
|
493.8
|
324
|
45
|
S-30
|
572021
|
5520179
|
487.0
|
324
|
45
|
S-32
|
572146
|
5520252
|
497.5
|
324
|
45
|
S-37
|
572045
|
5520050
|
495.1
|
324
|
65
|
S-79-31
|
572266
|
5520279
|
493.0
|
324
|
50
|
Table 2: Samples** from historic drilling with
V2O5 grades in magnetite concentrates of
>1.7% V2O5, and magnetite concentrations
of >20%.
Historic
Drillhole
|
From
(m)
|
To
(m)
|
Core Length
(m)
|
%
Magnetite
|
Conc
Fe2O3 (%)
|
Conc
TiO2
(%)
|
Conc
V2O5 (%)
|
LD-13-03
|
138.00
|
141.00
|
3.00
|
26.38
|
95.70
|
1.81
|
1.78
|
LD-13-03
|
147.00
|
150.00
|
3.00
|
15.24
|
91.50
|
3.07
|
1.81
|
S-12
|
82.85
|
84.13
|
1.28
|
41.13
|
97.22
|
1.90
|
1.78
|
S-12
|
85.35
|
86.63
|
1.28
|
24.07
|
94.93
|
2.30
|
1.71
|
S-12
|
88.39
|
91.47
|
3.08
|
38.27
|
96.65
|
2.80
|
1.75
|
S-12
|
93.18
|
95.10
|
1.92
|
31.47
|
95.36
|
2.70
|
1.73
|
S-18
|
88.09
|
89.80
|
1.71
|
29.40
|
93.50
|
3.60
|
1.90
|
S-18
|
91.90
|
94.49
|
2.59
|
34.60
|
94.36
|
3.80
|
1.80
|
S-18
|
118.87
|
121.13
|
2.26
|
35.67
|
91.93
|
6.80
|
1.71
|
S-24
|
110.95
|
119.95
|
9.00
|
32.18
|
88.21
|
7.58
|
1.70
|
S-24
|
152.44
|
164.44
|
12.00
|
30.05
|
94.36
|
4.04
|
1.87
|
S-26
|
79.90
|
94.90
|
15.00
|
33.67
|
95.65
|
2.91
|
1.85
|
S-26
|
94.90
|
106.90
|
12.00
|
33.83
|
94.93
|
3.36
|
1.89
|
S-26
|
167.40
|
175.40
|
8.00
|
40.58
|
92.65
|
1.90
|
1.90
|
S-26
|
171.75
|
177.75
|
6.00
|
21.02
|
94.65
|
2.52
|
1.72
|
S-29
|
138.25
|
158.25
|
20.00
|
36.26
|
93.93
|
4.90
|
1.73
|
S-30
|
31.15
|
45.30
|
14.15
|
25.12
|
95.22
|
3.30
|
1.79
|
S-30
|
51.30
|
60.30
|
9.00
|
26.56
|
92.65
|
5.67
|
1.71
|
S-79-31
|
133.50
|
142.50
|
9.00
|
39.71
|
93.65
|
4.89
|
1.81
|
S-32
|
27.90
|
35.90
|
8.00
|
22.97
|
94.36
|
1.97
|
1.79
|
S-32
|
35.90
|
45.90
|
10.00
|
39.22
|
93.65
|
3.46
|
1.80
|
S-37
|
201.00
|
210.30
|
9.30
|
26.33
|
91.07
|
6.05
|
1.71
|
Note: Thicknesses presented are drill core length. True
thicknesses are estimated to be approximately 80% of core
length.
The historical samples and assays for drill holes with prefix
"S-" in Table 2 were completed by previous operators SOQUEM on the
Property. Sample preparation and analytical techniques employed by
previous operators SOQUEM are as follows: BQ size diamond drill
core was split using a core splitter, milled to a size of 150 µm,
concentrated using a Davis Tube at 1000 Gauss. Concentrates were
assayed by Chimitec using Atomic Absorption spectroscopy.
For samples from drill hole LD-13-03 (drilled by the Company in
2013), NQ drill core was split with a diamond saw, and samples were
milled to a size of and concentrated by IOS Services
Géoscientifiques using a Davis Tube at 1000 Gauss. Concentrates
were assayed by COREM using XRF on fused borate glass beads.
No details regarding Quality Assurance and Quality Control have
been reviewed, and the Qualified Person has not verified the data
disclosed as holes drilled by SOQUEM are no longer available, and
samples from drill hole LD-13-03 have not yet been re-assayed. For
this reason, it is the Company's opinion that historic analytical
results should be viewed for historical reference only and should
not be relied upon.
The Company notes that as part of its current drill program, it
will be surveying historical drill hole collar locations where
possible and resampling select archived core from available
historical drill holes as well as resampling historical trenches in
order to verify the historical data. The same assaying and QA/QC
protocols used in the current drilling program will be used for the
re-assaying of historical core.
Mineral Resource Estimate
Conditional to the success of the summer-fall 2019 exploration
program at Lac Doré, 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 NI
43-101.
Qualified Persons
The scientific and technical information on the current
exploration programme and validation work in this release has been
prepared, reviewed and approved by Mr. Carl
Pelletier, B.Sc., P.Geo. (OGQ) from InnovExplo and the
scientific and technical information on historical data in this
release has been prepared, reviewed and approved by Mr.
Luke Longridge from CSA Global
both consultant to the Company and Independent Qualified Person
under National Instrument 43-101 – Standards of Disclosure for
Mineral Projects.
About VanadiumCorp Resource Inc.
VanadiumCorp is developing dedicated vanadium supply and
disruptive vanadium technologies for energy storage with a 100%
green mandate. VanadiumCorp also holds a significant
vanadium-titanium-iron bearing resource base in mining friendly
Quebec, Canada including the 100%
owned Lac Doré Vanadium Project adjacent to Blackrock Metals Inc.
and the 100% owned Iron-T Vanadium 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.