MAGNETITE CONCENTRATE (EQUIVALENT TO 1.49 BILLION POUNDS OF VANADIUM PENTOXIDE CONTAINED) AT LAC DORÉ, QUÉBEC. ADDITIONAL INFERRED MINERAL RESOURCES OF 86.91 MILLION TONNES GRADING 25.9% MAGNETITE AND 1.2% V2O5 IN MAGNETITE CONCENTRATE (EQUIVALENT TO 0.61 BILLION POUNDS OF VANADIUM PENTOXIDE CONTAINED)
VANCOUVER, BRITISH COLUMBIA
October 29, 2020 – VanadiumCorp Resource Inc. (TSX VENTURE: “VRB”) (OTCBB:”APAFF”) (FRANKFURT:”NWN”) (the “Company”) is pleased to report the results of a Mineral Resource Estimate (MRE) for the Company’s 100% owned Lac Doré Vanadium Project. The total Measured and Indicated Mineral Resources for the Lac Doré project are estimated at 214.93 million tonnes (Mt) of mineralized material contained in the Lac Doré Main Zone with the potential to produce 52.97 million tonnes of magnetite concentrate grading 1.3% Vanadium Pentoxide (V2O5), 62% Iron (Fe) and 8.7% Titanium Dioxide (TiO2).
In addition, the Lac Doré project hosts 86.91 Mt grading 0.4% V2O5, 28.0% Fe, 7.6% TiO2 and 25.9% magnetite concentrate in the Inferred category which are estimated to contain 22.55 Mt of magnetite concentrate grading 1.2% V2O5, 62% Fe and 9.2% TiO2.
VanadiumCorp now has sufficient Mineral Resources in the appropriate categories to progress with a preliminary economic assessment or prefeasibility study. The Company plans to independently validate its green jointly owned VanadiumCorp Electrochem Process Technology (“VEPT”) for use in future economic studies.
Summary of the Mineral Resource Estimate:
• Measured and Indicated Mineral Resources of 214.93 Mt at 0.4% V2O5, 27.1% Fe, 7.1% TiO2 and 24.6% magnetite.
• Measured and Indicated Mineral Resources estimated to contain 52.97 Mt of magnetite concentrate grading 1.3% V2O5, 62% Fe and 8.7% TiO2.
• Measured and Indicated Mineral Resources estimated to contain 1.49 billion pounds of V2O5 in the magnetite concentrate.
• Additional Inferred Mineral Resources of 86.91 Mt, grading at 0.4% V2O5, 28.0% Fe, 7.6% TiO2 and 25.9% magnetite.
• Inferred Mineral Resources estimated to contain 22.55 Mt of magnetite concentrate, with the concentrate grading 1.2% V2O5, 62% Fe and 9.2% TiO2.
• Inferred Mineral Resources estimated to contain an additional 0.61 billion pounds of V2O5 in the magnetite concentrate.
• Significant stratigraphic unit with higher magnetite content delineated within the resource (Unit P2-A) with:
o Measured & Indicated Mineral Resources of 78.1 Mt at 0.6% V2O5, 33.4% Fe, 9.3% TiO2 and 33.9% magnetite, with 1.3% V2O5, 62.0% Fe and 9.3% TiO2 in magnetite concentrate.
o Inferred Mineral Resources totaling 29.2 Mt at 0.6% V2O5, 32.7% Fe, 8.8% TiO2 and 32.8% magnetite with 1.3% V2O5, 62% Fe and 8.1% TiO2 in magnetite concentrate.
• 100.86 Mt in the Measured and Indicated category with magnetite concentrate grades > 1.4% V2O5.
The Lac Doré Vanadium Project is comprised of 115 mining claims (100% Company-owned) spanning an area of 45 km2 located 27 km southeast from the mining city of Chibougamau, in Eeyou Istchee James Bay Territory, Northern Québec. The Chibougamau area is host to several vanadiferous vanadium bearing titanomagnetite (VTM) deposits, including the adjacent Southwest and Armitage deposits owned by BlackRock Metals Inc. and the Mont Sorcier deposits owned by Vanadium One Iron Corp. which are located on the north rim of the Lac Doré Complex.
Vanadium at the Lac Doré Vanadium Project is hosted in layered zones of VTM that crop out at surface and dip at approximately 60° to the southeast. The Lac Doré MRE was completed and reported by CSA Global in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards. The MRE includes recent infill drilling conducted at the Lac Doré Vanadium Project successfully completed on October 15th, 2019 (Click here for News Release) by independent mining industry consultants, InnovExplo Inc. Detailed sampling (generally at 1.5 m or less) of the various magnetite-bearing stratigraphic units in the layered portion of the Lac Doré Complex allowed the delineation of magnetite layers with higher vanadium grades.
Grades and tonnages are reported for both the head grade of total mineralized material as in-situ rock containing VTM and other minerals, as well as for the magnetite concentrates (i.e. for material where VTM has been concentrated by magnetic separation, as estimated using Davis Tube testing and previously reported by the Company). Results are summarised in Table 1.
Adriaan Bakker, President and CEO of VanadiumCorp, states: “The results of the Mineral Resource estimate for our Lac Doré Vanadium project have exceeded our expectations. We can state Lac Doré is one of the largest undeveloped deposits of vanadiferous magnetite in the world, with an excess of 1.4 billion Lbs of vanadium pentoxide contained in magnetite concentrate. The favorable metallurgy/Davis Tube results demonstrate the potential of the Lac Doré deposit to yield magnetite concentrates with high vanadium grades, with a significant proportion of the resources exceeding 1.4% V2O5 in magnetite concentrate. The significant tonnage of the Measured and Indicated mineral resources highlights the excellent continuity of the VTM mineralization at Lac Doré and sets the stage for more advanced technical studies on the project, including metallurgical testing.”
DATE: 29 October, 2020