VANCOUVER , March 16, 2020 – VanadiumCorp Resource Inc. (TSX-V: “VRB”) (“VanadiumCorp” or the “Company”), is pleased to announce the drilling results for the first three holes from the Company’s summer-fall 2019 infill and extension drilling program at its Lac Doré Vanadium property. 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 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.
- Complete assay results received for three (3) holes out of the 35 holes drilled in 2019 (Figure 1).
- All three holes intersected significant VTM mineralization.
- Best intercepts include:
- Mineralization occurs as layers of massive, semi-massive and disseminated magnetite, ranging from 20% to >50% magnetite content, based on visual estimates. V2O5:Fe2O3 ratios suggest potential for high-V2O5 magnetite concentrates with >1.5% V2O5, consistent with historical Davis Tube testwork results.
- Davis Tube magnetic separation testwork and assaying of concentrates have commenced on selected intervals from these three drill holes, and the results will confirm the grade of the vanadium in magnetite concentrates from each of the zones.
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 (35) 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 (7) 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.
SOURCE: VANADIUMCORP RESOURCE INC
DATE: MARCH 16, 2020