First Vanadium Drilling Identifies Gold System Stretching 1.4km at its Gold Target on the Carlin Gold Trend, Nevada; Drilling Ongoing
First Vanadium Drilling Identifies Gold System Stretching 1.4km at its Gold Target on the Carlin Gold
Trend, Nevada; Drilling Ongoing
November 30, 2020 ‐ Vancouver, British Columbia – First Vanadium Corp. (TSX‐V: FVAN) (OTCQX®: FVANF)
(FSE: 1PY) (“First Vanadium” or the “Company”) is pleased to summarize results from drillholes RC20‐02 and
RC20‐03 from the on‐going first reverse circulation drill campaign on the north‐south trending gold target
corridor within the Carlin Vanadium‐Gold Property on the Carlin Gold Trend of Nevada. Results from RC20‐
0 2 a n d R C 2 0 ‐ 0 3 , 1 . 4 k i l o m e t r e s s o u t h f r o m p r e v i o u s l y r e p o r t e d RC20‐01, also display Carlin‐style gold
system alteration and metal signatures, interpreting the gold sy s t e m t o b e i n e x c e s s o f 1 . 4 k i l o m e t r e s i n
length. The gold target opportunity was identified by renowned geologist and mine‐finder Dave Mathewson,
a former Newmont Regional Exploration Manager who is the Compan y’s Geological Advisor and is the
Qualified Person spearheading and supervising the gold drilling program.
Dave Mathewson states, “Results from RC20‐01 and now RC20‐02 an d RC20‐03 are providing some sense of
dimensions to this large‐scale Carlin‐type gold system, early o n. Hole RC20‐01 shows a nearly 500m vertical
dimension while holes RC20‐02 and RC20‐03 provide a 1.4 kilometre length. Drilling is on‐going. In our
efforts to vector to hot spots in the gold system, our current drilling campaign is progressing well, now on
hole RC20‐06.”
On November 2, 2020, the Company announced results from its fir st reverse circulation drill hole, RC20‐01,
identifying the presence of a large‐scale Carlin‐type gold syst em at this location on the property. The hole
exhibited 487m (1600ft) of favourable altered and mineralized lower plate rocks from 275m (900ft) depth, to
the bottom of the hole at 762m (2500ft). Holes RC20‐02 (vertical) and RC20‐03 (‐55o eastward), from the
same pad 1.4 kilometres south of RC20‐01, were drilled on the b ases of the north‐south trending gold target
corridor and presence of nearby gold values with associated ars enic and mercury pathfinder metals in
surface exposures and previous shallow drilling. As reported No vember 2, 2020 holes RC20‐02 and RC20‐03
were abandoned at 1160ft and 820ft, respectively, due to artesi an conditions, and failed to penetrate much
of the more favorable lower plate Rodeo Creek and none of the u pper Popovich target units as hole RC20‐01
had. However, the holes did display Carlin‐style gold system alteration and metal signatures within the upper
p l a t e r o c k s a n d u p p e r m o s t l o w e r p l a t e o f p r o b a b l e R o d e o C r e e k rocks in RC20‐02, confirming the gold
system to also be present at this location. Hole RC20‐02 exhibi ted moderate dolomite alteration with pyrite
from 61m (200ft) depth, to the bottom of the hole. There were e levations in gold, silver, arsenic, mercury
and zinc. Nearly continuous weakly elevated gold values were encountered in the intervals 56.4‐153.9m
(185‐505ft), 283.5‐309.4m (930‐1015ft) and 326.1‐353.6m (1070‐1 160ft), generally with associated elevated
arsenic values. These metal elevations were not, in comparison, e n c o u n t e r e d i n t h e u p p e r p l a t e r o c k s i n
RC20‐01, suggesting that perhaps the system may be stronger in this southern location. Hole RC20‐03
showed similar elevations in alteration, sulfides and metals as in RC20‐02. The Company is planning to
deepen RC20‐03 with diamond drilling during milder weather conditions so that artesian water can be better
managed.
On‐going Drilling
The Company announced the continuation of the drilling campaign a mere 4 days following the RC20‐01
announcement, with hole RC20‐06 now in progress. Hole RC20‐04, drilled eastward at a 55 o angle, is located
830m south of hole RC20‐01. RC20‐05, drilled eastward at a 75o angle, is located 430m south of RC20‐01.
Hole RC20‐06 is located from the same drill pad as RC20‐05, dri lling eastward but at a shallower angle of 60o.
Hole RC20‐06 will thus add a third dimension and begin the vect oring process and improve the
understanding of the architecture and width of the system. The drilling will apply Mr. Mathewson’s gold
model shown in the November 2, 2020 press release. Samples from holes RC20‐04, 05 and a portion of 06
are in the ALS Global lab in Elko with results pending.
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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 from the town of Carlin, Nevada and Highway I‐80. The Carlin Vanadium Project hosts the
Carlin Vanadium deposit. A positive PEA on the vanadium resource was announced May 11, 2020.
Approximately 9 million ounces comprised of multiple gold deposits, including past producing mines, are
present near the FVAN property (5‐15km). The Gold Target on the FVAN property is supported by
compelling science: a north‐south structure with coincident gra vity high and a 2km x 600m Carlin deposit‐
type hydrothermal alteration system (dolomite, gold, pathfinder metals, silicification) on FVAN property ‐ all
very typical of Carlin deposit‐type plumbing system and gold deposits.
ON BEHALF OF FIRST VANADIUM CORP.
per: "Paul Cowley"
CEO & President
(778) 655‐4311
[email protected] www.firstvanadium.com
Technical disclosure in this news release has been reviewed and approved by Dave Mathewson, a Qualified Person
as defined by National Instrument 43‐101, and Geological Advisor to the Company.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in 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‐looking" statements. These statements relate to future events or the
Company's future performance and include the Company’s ability t o m e e t i t s o b l i g a t i o n s u n d e r t h e A c c e s s a n d M i n e r a l L e a s e
Agreement and the conditions required to exercise in full its o ption to acquire the Carlin Vanadium project, to finance and drill test
the interpreted gold target model and to encounter potential gol d z o n e s s h o w n i n t h e g o l d m o d e l . All such statements involve
substantial known and unknown risks, uncertainties and other factors which may cause the actua l r e s u l 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 f o r w a r d ‐ l o o k i n g s t a t e m e n t s . F o r w a rd‐looking statements involve significant risks and uncertainties,
they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of
whether or not such results will be achieved. Actual results co uld 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 statement s. The forward‐looking statements contained in this press relea se are
made as of the date hereof and the Company disclaims any intent ion or obligation to update or revise any forward‐looking
statements whether as a result of new information, future events or otherwise, except as required under applicable securities
regulations.