First Vanadium Corp. Files NI 43‐101 Technical Report for the Carlin Vanadium Project, Nevada
First Vanadium Corp. Files NI 43‐101 Technical Report for the Carlin Vanadium Project, Nevada
April 10, 2019 ‐ Vancouver, British Columbia – First Vanadium Corp. (TSX‐V: FVAN) (OTCQX: FVANF) (FSE:
1PY) (“First Vanadium” o r t h e “Company”) is pleased to announce that a National Instrument 43‐101
Technical Report titled “NI 43‐ 101 Technical Report, Carlin Van adium Project, Carlin, Nevada” has been filed
on SEDAR (www.sedar.com).
The report documents a maiden mineral resource estimate (Table 1) completed by SRK Consulting (U.S.), Inc.
(“SRK”) on the Carlin Vanadium Deposit located 6 miles south of Elko, Nevada, as initially reported by way of
the Company’s news release dated February 27, 2019.
Table 1. Carlin Vanadium Mineral Resource Statement at 0.3% V 2O5 Cut‐off grade (CoG) (Effective January 31,
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.
T h i s i s t h e f i r s t t i m e I n d i c a t e d m i n e r a l r e s o u r c e s h a v e b e e n e stablished for the deposit. The resource as
defined within the pit shell has a defined strike length of approximately 1,830 metres (6,000 ft) and width
averaging 610 metres (2,000 ft), starting at surface to depths of 120 metres (395 ft). The average thickness of
the main mineralized zone is 35 metres (115 ft).
The Independent Technical Report was authored by Dr. Bart Stryh as, PhD, CPG., and Ms. Brooke Miller
Clarkson, CPG, of SRK and Mr. Frank Wright, P.Eng., of F. Wrigh t Consulting Inc. Messrs. Stryhas and Wright
and Ms. Clarkson are Qualified Persons as defined by National I nstrument 43‐101 – Standards of Disclosure
for Mineral Projects of the Canadian Securities Ad ministrators (“NI 43‐101”). The r eport is filed on SEDAR and
is available on First Vanadium’s website (click here to view full report).
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.
Technical disclosure in this news release has been reviewed and approved by Paul Cowley, PGeo., a Qualified
Person as defined by National Instrument 43‐101, and President and CEO of the Company.
About First Vanadium Corp.
First Vanadium has an option to earn a 100% interest in the Car lin Vanadium Project, located in Elko County, 6
miles south of a major rail hub and mining community of Carlin, Nevada, a major highway (I‐80) and power.
The Carlin Vanadium Project host s the Carlin Vanadium deposit w hich is a black shale‐hosted flat to shallow
dipping vanadium resource at shallow depths.
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.