First Vanadium Corp. Announces Maiden Mineral Resource Estimate at Carlin Vanadium Project, Nevada
First Vanadium Corp. Announces Maiden Mineral Resource Estimate at Carlin Vanadium Project, Nevada
February 27, 2019 ‐ Vancouver, British Columbia – First Vanadium Corp. (formerly Cornerstone Metals Inc.)
(TSX‐V: FVAN) (OTCQX: FVANF) (FSE: 1PY) (“First Vanadium” or the “Company”) is pleased to announce that
SRK Consulting (U.S.), Inc. (“SRK”) has completed an independen t National Instrument 43‐101 (“NI 43‐101”)
compliant mineral resource estimate (Table 1) on the Carlin Van adium deposit located 6 miles south of Elko,
Nevada. The mineral resource estimate replaces the 2010 SRK historic mineral resource estimate.
T a b l e 1 . C a r l i n V a n a d i u m M i n e r a l R e s o u r c e S t a t e m e n t a t 0 . 3 % V2O5 Cut‐off grade (CoG) (Effective Feb. 1,
2019)
Classification CoG (% V2O5) Grade (% V2O5 ) Tons (in millions) V2O5 lb (in millions)
Indicated 0.3 0.615 24.64 303
Inferred 0.3 0.520 7.19 75
1. Mineral Resources are not Mineral Reserves. Mineral resources which are not mineral reserves do not
have demonstrated economic viability. There has been insufficie nt exploration to define the Inferred
Resources tabulated above as an Indicated or Measured Mineral Resource. There is no guarantee
that any part of the mineral resources discussed herein will be converted into a mineral reserve in the
future.
2. The Mineral Resources in this estimate were calculated using th e Canadian Institute of Mining,
Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resour ces and Reserves, Definitions and
Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM
Council.
3. The mineral resources listed in Table 1 are confined within a W hittle Pit Shell with a 45⁰ pit slope and
a strip ratio of 2.6:1 waste to ore including all categories. The following parameters were used to
construct the Whittle pit shell and to derive the mineral resou rce cut‐off grade of 0.3% V 2O5: Metal
prices: US$12.50/lb V 2O5 flake, Mining: US$2.50/t, Proce ssing: US$52.50/t, G&A: US$1.50 /t, Product
Transport: $2.00/t, Process Recovery: 85%.
4. Contained pounds may not add due to rounding.
This is the first time Indicated mineral resources have been established for the deposit, justified by the
Company’s two drill campaigns totaling 89 holes which verified historic drilling, twinned 6 historic holes either
replicating or demonstrating improved grade, and in‐filled to tightened the previous drill pattern.
T h e r e s o u r c e a s d e f i n e d w i t h i n t h e p i t s h e l l h a s a d e f i n e d s t r ike length of approximately 1,800 metres and
width averaging 600 metres, starting at surface to depths of 12 0 metres. The thickness of the main
mineralized zone ranges from 15 metres to 50 metres. As noted i n the Company’s press release of January 31,
2019, the recent acquisition of adjoining lands via a mineral l ease has had a positive impact on the overall pit
shell design.
First Vanadium President and Chief Executive Officer, Paul Cowl ey stated, “Our Maiden resource estimate far
exceeds our expectations. Approximately 77% of the estimation r eports to the Indicated category, grades are
higher than expected in the Indicated category, and the contained pounds of V2O5 metal in the deposit in both
Indicated and Inferred categories are higher than expected.”
The Carlin Vanadium deposit mineral resource was estimated by D r. Bart Stryhas of SRK Consulting (U.S.), Inc.
based on 216 rotary, reverse circulation and diamond drill holes completed by Union Carbide in the late 1960s
and First Vanadium in 2018. The grade estimation utilizes an Inverse Distance Squared algorithm and is
confined by a 0.2% V2O5 grade shell. The raw sample data was capped at 2.5% V 2O5 prior to being composited
t o 1 0 f t l e n g t h s . A d y n a m i c s a m p l e s e a r c h o r i e n t a t i o n w a s e m p l o yed which follows the trends of the
mineralized horizons.
The 0.3% V 2O5 cut‐off grade was chosen for resource reporting based on the r easonable potential for
economic extraction under a conceptual open pit mining and milling scenario using US$2.50/t mining cost,
US$52.50/t milling cost, US$1.50/t admin cost, US$2.00/t produc t transport cost, 85% recovery, and a
US$12.50/lb V2O5 value. The results of the resource estimation provided a CIM c lassified Indicated and
Inferred Mineral Resource. The SRK Technical Report will be pre pared and filed on SEDAR ( www.sedar.com)
under the Company’s profile, in accordance with NI 43‐101 Standards of Disclosure for Mineral Projects within
45 days of this news release.
The Carlin Vanadium deposit is considered the largest, highest grade primary vanadium deposit in North
America and now exceeds the numbers quoted in USGS Professional Paper 1802 Critical Mineral Resources of
the United States‐Economic and Environmental Geology and Prospe cts for Future Supply dated December 18,
2017.
Sensitivity Table
Sensitivity analysis of the Carlin Vanadium Project’s NI 43‐101 mineral resource estimate for V2O5 at various
cutoff grades (CoG):
Classification CoG (% V2O5) Grade (% V2O5) Tons (in millions) V2O5 lb (in millions)
Indicated*1
0.2 0.539 31.26 337
0.3*2 0.615 24.64 303
0.4 0.702 18.64 262
0.5 0.776 14.44 224
0.6 0.849 10.92 185
0.7 0.929 7.80 145
0.8 1.012 5.32 108
Inferred*1
0.2 0.450 9.72 87
0.3*2 0.520 7.19 75
0.4 0.596 4.94 59
0.5 0.677 3.18 43
0.6 0.745 2.08 31
0.7 0.847 1.05 18
0.8 0.959 0.53 10
*1 Mineral Resources are not Minera l Reserves. Mineral resources w hich are not mineral reserves do not have
demonstrated economic viability. There has been insufficient exploration to define the Inferred Resources
tabulated above as an Indicated or Measured Mineral Resource. There is no guarantee that any part of the
mineral resources discussed herein will be converted into a mineral reserve in the future.
*2 The Base Case reported resources are highlighted in bold and h ave been constrained within a US$12.50/lb
V2O5 optimized pit shell described above.
Vanadium prices have been on a steady rise again since January 11, 2019 and now sit at US$17.60/lb for V 2O5
flake.
First Vanadium President and Chief Executive Officer, Paul Cowley stated, “Our Maiden resource estimate
provides a base for an economic study on the project.”
Technical disclosure on the mineral resource estimate in this n ews release has been reviewed and approved
b y D r . B a r t S t r y h a s , P h D , C P G . , a Q u a l i f i e d P e r s o n a s d e f i n e d by National Instrument 43‐101. Technical
disclosure excluding the mineral resource estimate in this news release has been reviewed and approved by
Paul Cowley, PGeo., a Qualified Person as defined by National I nstrument 43‐101, and President and CEO of
the Company.
About First Vanadium Corp.
First Vanadium (formerly Corners tone Metals Inc.) has an option to earn a 100% interest in the Carlin
Vanadium Project, located in Elko County 6 miles south of a maj or rail hub and mining community of Carlin,
Nevada, a major highway (I‐80) and power. The Carlin Vanadium P roject hosts the Carlin Vanadium Deposit
which is a black shale‐hosted flat to shallow dipping vanadium deposit at shallow depths, 0‐60 m (0‐200 ft)
below surface.
ON BEHALF OF FIRST VANADIUM CORP.
per: "Paul Cowley"
CEO & President
(778) 655‐4311
www.firstvanadium.com
Neither 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.
Forward‐looking information
Certain statements in this news release constitute "forward‐loo king" statements. These statements relate to future
events or the Company's future performance. All such statements involve substantial known and unknown risks,
uncertainties and other factors which may cause the actual resul t s t o v a r y f r o m t h o s e e x p r e s s e d o r i m p l i e d b y s u c h
forward‐looking statements. Forward‐looking statements involve significant risks and uncertainties, they should not be
read as guarantees of future performance or results, and they w ill not necessarily be accurate indications of whether or
not such results will be achieve d. Actual results could differ materially from those anticipated due to a number of factors
and risks. Although the forward‐looking statements contained in this news release are based upon what management of
the Company believes are reasonable assumptions on the date of this news release, the Company cannot assure investors
that actual results will be consistent with these forward‐looking statements. The forward‐looking statements contained in
this press release are made as of the date hereof and the Company disclaims any intention or obligation to update or
r e v i s e a n y f o r w a r d ‐ l o o k i n g s t a t e m e n t s w h e t h e r a s a r e s u l t o f n ew information, future events or otherwise, except as
required under applicable securities regulations.