TORONTO, CANADA, April 9, 2020 – Vanadium One Iron Corp. (“Vanadium One” or the “Company”) (TSXV:VONE), announces the filing of the Technical Report entitled “NI 43-101 Technical Report – Preliminary Economic Assessment (PEA) of the Mont Sorcier Project, Province of Quebec, Canada”. The report was completed by CSA Global Consultants Canada Ltd, an ERM Company (CSA Global) and has an effective date of February 27, 2020. The report was prepared in accordance with Canadian Securities Administrators’ National Instrument 43-101 (“NI 43-101“) Standards of Disclosure for Mineral Projects. A summary of the results is highlighted below:
The PEA was prepared by CSA Global incorporating contributions from Vulcan Technologies for the Iron and Vanadium Market Pricing Study. The PEA is preliminary in nature, as it includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the preliminary economic assessment will be realized.
The Technical Report is available for review under the Company’s profile on SEDAR and on the Company’s website.
The reader is advised that the PEA summarized in this press release is intended to provide only an initial, high-level review of the project potential and design options. The PEA mine plan and economic model include numerous assumptions and the use of Inferred Mineral Resources. Inferred Mineral Resources are considered to be too speculative to be used in an economic analysis except as allowed for by National Instrument 43-101 in PEA studies. There is no guarantee the project economics described herein will be achieved.
Qualified Persons Statements
The PEA and other scientific and technical information contained in this news release were prepared by CSA Global, in accordance with the Canadian regulatory requirements set out in National Instrument 43-101, Standards of Disclosure for Mineral Projects (“NI 43-101”), and has been reviewed and approved by, as it relates to geology, sampling, drilling, exploration, and QAQC : Dr. Luke Longridge, Ph.D., P.Geo, Senior Geologist (CSA Global); as it relates to mineral resources: Dr. Adrian Martinez Vargas, Ph.D., P.Geo, Senior Resource Geologist (CSA Global); as it relates to metallurgy, processing and related infrastructure: Georgi Doundarov, M.Sc., P. Eng., PMP, CCP, (Magemi Mining Inc.) and Associate Metallurgical Engineer (CSA Global); as it relates to mining, related infrastructure, and mining costs: Karol Bartsch, BSc Mining (Hons), MAusIMM, Principal Mining Engineer (CSA Global); and as it relates to financial modelling and economic analysis: Bruce Pilcher, B.E. (Mining), Eur Ing, CEng, FIMMM, FAusIMM CP, Principal Mining Engineer (CSA Global) and Alex Veresezan, M.Sc., P.Eng., Manager – Mining (Americas). Dr. Luke
Longridge, Dr. Adrian Martinez Vargas, Georgi Doundarov, Karol Bartsch, Bruce Pilcher and Alex Veresezan are all independent Qualified Persons (“QP”), as defined under NI 43-101.
The technical information contained in this news release has been reviewed and approved by Pierre-Jean Lafleur, P.Eng. (OIQ), who is a Qualified Person with respect to the Company’s Mont Sorcier Project as defined under National Instrument 43-101.
About Vanadium One Iron Corp:
Vanadium One Iron Corp. is a mineral exploration company headquartered in Toronto, Canada. The Company is focused on advancing its Mont Sorcier vanadium-rich magnetite iron Project, near
ON BEHALF OF THE BOARD OF DIRECTORS OF VANADIUM ONE IRON CORP.
Cliff Hale-Sanders, President & CEO
SOURCE: VANADIUM ONE
DATE: APRIL 9, 2020