First Vanadium Drills 48.77m (160ft) of 1.02% V2O5 at the Carlin Vanadium Deposit, Nevada
First Vanadium Drills 48.77m (160ft) of 1.02% V2O5 at the Carlin Vanadium Deposit, Nevada
November 27, 2018 - 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
results from an additional 1 1 confirmation in -fill drill holes along a 500m (1640ft) corridor of the Carlin
Vanadium Deposit . The project is 6 miles south of Carlin, Nevada. A highlight interval from this drilling
encountered 48.77m (160ft) grading 1.02% V 2O5 starting at surface. The average grade of these 1 1 holes is
0.64% V2O5 as compared with the 2010 historic Inferred Resource average grade of 0.515% V2O5 (see Historic
Inferred Resource below).
Holes RCC18-08, RCC18-09, RCC18-15 through RCC18-20, and RCC18-24 through RCC18-27 lie along the main
corridor of the Central Zone. This drilling continues to prove continuity of a thick, shallow, near horizontal bed
of high-grade vanadium mineralization, connecting to the nearest previous drill holes. The average thickness
of the zone in these 11 holes is 31.9m (104ft). In the majority of these holes the high-grade mineralized zone
lies within 10m (32ft) of surface. A figure has been placed on the Company website to demonstrate the location
of these holes (https://firstvanadium.com/images/newsrelease/Figure%20for%20News%20release_Nov%20
27_summary.jpg).
“The drilling continues to yield solid thicknesses and good high grades near surface. These in-fill holes provide
valuable information and confidence to support a new resource estimate”, said First Vanadium President and
Chief Executive Officer Paul Cowley. “There are pending assay results on a further 19 in-fill holes and 23 step-
out holes from the Phase 2 RC summer program and those results will be reported as they become available.
However, we are still experiencing slower than typical turnaround times due to laboratory volume backlog.”
Confirmation Drilling Highlights:
Drillhole ID From (m) To (m) Length (m) From (ft) To (ft) Length (ft) V2O5 (%)
RCC18-08 0.00 48.77 48.77 0 160 160 1.02
RCC18-09 0.00 51.82 51.82 0 170 170 0.65
RCC18-15 10.67 47.24 36.57 35 155 120 0.65
RCC18-16 0.00 25.91 25.91 0 85 85 0.78
RCC18-17 50.29 67.06 16.77 165 220 55 0.62
RCC18-18 6.10 54.86 48.76 20 180 160 0.37
RCC18-19 56.39 74.68 18.29 185 245 60 0.71
RCC18-20 50.29 76.2 25.91 165 250 85 0.50
RCC18-24 10.67 38.1 27.43 35 125 90 0.62
RCC18-25 18.29 41.15 22.86 60 135 75 0.53
RCC18-26 9.14 36.58 27.43 30 120 90 0.54
Hole RCC18-17 encountered excessive water that prohibited continued RC drilling. However, the last 5 -foot
sample in this hole grade d 0.96% V2O5. Holes RCC18-17, RCC18-20 and RCC18-25 also returned 6m (20ft) to
50m (60ft) thick near surface , flat-lying mineralized intervals above the main high -grade zone that graded
between 0.2% and 0.28% V2O5.
All holes reported here are vertical; thus, drill intercepts are considered true thickness.
Historic Inferred Resource
The Carlin Vanadium Deposit has a historic Inferred mineral resource of 28 million tons at 0.515% vanadium
pentoxide (V2O5), having a total metal content of 289 million pounds V2O5, based on a 0.3% V2O5 cut-off grade
(“CoG”), as calculated by Dr. Bart Stryhas of SRK Consulting (U.S.), Inc. for Energy Metal Corp in 2010, and was
NI43-101 compliant at that time, based on 152 rotary drill holes completed by Union Carbide in the late 1960s.
The 0.3% V2O5 CoG was chosen in 2010 for resource reporting based on the reasonable potential for economic
extraction under a conceptual open pit mining and milling scenario using US$2.30/st mining cost, US$35/st
milling cost, US$0.50/st admin cost, 65% recovery, 95% selling pay -for, 1% freight charge, 0% royalty and a
US$10.46/lb V 2O5 value. The results of the resource estimation provided a CIM classified Inferred Mineral
Resource. The quality of the historical data was good and the Mineral Resource was classified as inferred
mainly due to the fact that the rotary drilling has not been verified by a modern program.
A current mineral resource has not been delineated on the property. The Company is not treating this historical
estimate as a current mineral resource. The work needed to upgrade the historical estimate as current mineral
resources is to use current costs , metal prices, new recoveries and results from the Company’s 89 new drill
holes.
The Carlin Vanadium deposit is considered the largest, highest grade primary vanadium deposit in North
America (USGS Professional Paper 1802 Critical Mineral Resources of the United States —Economic and
Environmental Geology and Prospects for Future Supply dated December 18, 2017).
Vanadium prices for 98% flake V 2O5 have steadily risen from under US$3.00/lb less than 3 years ago to
US$33/lb, reflecting the higher demand for vanadium over its tight supply, globally.
Vanadium is growing in importance for key industrial manufacturing sectors most notably steel and renewable
energy. Today, more than 85 percent of the world’s vanadium is used in steel manufacturing applications. Its
importance to the energy sector is also growing rapidly with more than 10 percent of vanadium production
used in energy storage where its substantial cost and performance benefits make it an alternative choice to
lithium ion in several areas.
About First Vanadium Corp.
First Vanadium (formerly Cornerstone Metals Inc.) has an option to earn a 100% interest in the Carlin Vanadium
Project, located in Elko County 6 miles south from the town of Carlin, Nevada on Highway I -80. The Carlin
Vanadium Project hosts the Carlin Vanadium Deposit which is flat to shallow dipping and at shallow depths, 0-
60 m (0-200 ft) below surface.
ON BEHALF OF FIRST VANADIUM CORP.
per: "Paul Cowley"
CEO & President
(604) 340-7711
www.firstvanadium.com
Technical disclosure in this news release has been reviewed and approved by Paul Cowley, P.Geo., a Qualified
Person as defined by National Instrument 43-101, and President and CEO of 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 to meet the conditions
required to exercise in full its option to acquire the Carlin Vanadium project and with respect to current and
planned drill programs, the results of exploration programs, metallurgical test work, and changes in mineral
resources. All such statements involve substantial known and unknown risks, uncertainties and other factors
which may cause the actual results to vary from those expressed or implied by such 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 will not necessarily be accurate indications of whether or not such
results will be achieved. 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 pre ss release are made as of the date hereof and the
Company disclaims any intention 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 secur ities
regulations.