First Vanadium Reports Initial Phase 2 Drill Results from its Carlin Vanadium Project
First Vanadium Reports Initial Phase 2 Drill Results from its Carlin Vanadium Project
October 10, 2018 ‐ Vancouver, British Columbia – First Vanadium Corp. (formerly Cornerstone Metals Inc.)
(TSX‐V: FVAN) (OTCQX: CCCCF) (FSE: 1PY) (“First Vanadium” or the “ Company”) is pleased to announce the
results from the first 6 of 69 reverse circulation drill holes from its Phase 2 drilling on the Carlin Vanadium
Project, located 6 miles south of Carlin, Nevada. The objectives of this drill program were to infill and expand
the Carlin Vanadium deposit.
The first 6 reverse circulation drill holes were focused within the South Zone to infill the drill pattern in an
area of 120m by 160m. All holes hit mineralization as expected and where expected. The table below
provides the highlights of these first 6 holes.
Drillhole ID From (m) To (m) Length (m) From (ft) To (ft) Length (ft) V2O5 (%)
RCC18‐01 7.62 18.29 10.67 25 60 35 0.414
RCC18‐02 21.34 57.91 36.57 70 190 120 1.020
RCC18‐03 0.00 21.34 21.34 0 70 70 0.651
RCC18‐03 38.10 50.29 12.19 125 165 40 0.428
RCC18‐04 82.30 118.87 36.58 270 390 120 0.720
RCC18‐05 0.00 18.29 18.29 0 60 60 0.635
RCC18‐05 28.96 68.58 41.15 95 225 135 1.070
RCC18‐06 0.00 51.82 51.82 0 170 170 0.626
The reported holes were drilled vertically except RCC18‐04 whic h was angled at ‐60 o. True thickness
estimates of mineralization are approximately 95% of the drill intercept length, except RCC18‐04 which is
60% of the intercept length.
Hole RCC18‐02 was a twinned hole of a previous Union Carbide rotary hole R‐95 to compare and further
verify old data. The table below compares the two holes with th e same depths of their intercept. The First
Vanadium hole returned 26% better V2O5 grade than the Union Carbide hole.
Drillhole ID From (m) To (m) Length (m) From (ft) To (ft) Length (ft) V2O5
RCC18‐02 21.35 57.91 36.57 70 190 120 1.02
R‐95 21.34 57.91 36.57 70 190 120 0.81
“We continue to deliver solid drill results that meet and excee d expectations”, said First Vanadium President
and Chief Executive Officer Paul Cowley. “The higher grades in a second twinned hole are very promising
indicators for our project.”
Combining the 1960’s Union Carbide drilling with the Company’s winter 2018 diamond drilling program and
its Phase 2 summer reverse circulation drilling, the Carlin Van adium deposit is now defined by 216 drill holes.
The program was supervised by the Company’s Qualified Person, Paul Cowley, P.Geo., and President and CEO
of the Company. Industry standard QAQC practices were followed. A n a l y s e s w e r e p e r f o r m e d b y M S
Analytical of Langley, BC, an ISO 17025 Accredited laboratory. Further results will be forthcoming. Once all
drill results have been received, the Company will initiate a new resource estimate.
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 V2O5 have steadily risen from und er US$3.00/lb less than 3 years ago. Last
week’s prices reached over US$27/lb, reflecting the higher dema nd for vanadium over its tight supply,
globally.
Vanadium is growing in importanc e for key industrial manufactur ing 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 growi ng rapidly with more than 10 percent of
vanadium production used in energy storage where its substantia l 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 6miles south from the town of Carlin, Nevada. The Carlin Vanadium
Project hosts the Carlin Vanadium Deposit which is flat to shal low 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‐loo king" statements. These statements relate to
future events or the Company's f uture performance and include t he Company’s ability to meet the conditions
required to exercise in full its option to acquire the Carlin V anadium project and with respect to current and
planned drill programs, the results of exploration programs, me tallurgical test work, and changes in mineral
resources. All such statements i nvolve substantial known and un known 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 no t n e c e s s a r i l y b e a c c u r a t e i n d i c a t i o n s o f
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 reasonab le 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 pr ess 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
securities regulations.