First Vanadium Step‐out Drilling Expands the Carlin Vanadium Deposit
First Vanadium Step‐out Drilling Expands the Carlin Vanadium Deposit
November 7, 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
that it has expanded the Carlin Vanadium Deposit with the result s f r o m 1 0 s t e p ‐ o u t h o l e s f r o m t h e 6 9
reverse circulation drill holes from its Phase 2 drilling on th e Carlin Vanadium Project, located 6 miles south
of Carlin, Nevada. The objectives of this drill program are both to infill and expand the Carlin Vanadium
deposit. There were 33 step‐out holes of the 69 holes drilled t hat were aimed at expanding the deposit. Only
results from 10 of those step‐out holes are available and reported below.
Holes RCC18‐11 through RCC18‐14, RCC18‐27 through RCC18‐29 and RCC18‐34 focused in a 300m x 220m
untested area beyond the known limits of the deposit. This dril ling proved continuity of shallow near
horizontal mineralization, connecting to the nearest previous d rill holes R‐33, R‐63, and DDC17‐003 through
DDC17‐005. The average thickness of the zone in this new area i s 18.7m (61ft) thick with an average grade of
0.60% V2O5. A figure has been placed on the Company website to demonstrate the location of these holes
and this new area (https://firstvanadium.com/images/projects/Figure_for_News_release_Nov_7.jpg).
“This is an excellent start to the deposit expansion, with inter c e p t s o f g o o d g r a d e a n d t h i c k n e s s s o n e a r
surface in a flat valley. This new area of mineralization, still o p e n t o t h e n o r t h , i s a p o s i t i v e i m p a c t t o t h e
project and will factor into a resource estimate expected to be completed before the end of the year”, said
First Vanadium President and Chief Executive Officer Paul Cowley. “There are pending assay results on a
further 23 step‐out holes that aimed at expanding the deposit.”
Expansion Drilling Highlights:
Drillhole ID From (m) To (m) Length (m) From (ft) To (ft) Length (ft) V2O5 (%)
RCC18‐11 6.10 33.53 27.43 20 110 90 0.44
RCC18‐12 15.24 30.48 15.24 50 100 50 0.45
RCC18‐13 3.05 9.14 6.09 10 30 20 0.32
RCC18‐14 0.00 7.62 7.62 0 25 25 0.25
RCC18‐27 16.76 22.86 6.10 55 75 20 0.55
RCC18‐28 9.14 41.15 32.01 30 135 105 0.81
RCC18‐29 21.34 28.96 7.62 70 95 25 0.52
RCC18‐34 6.10 24.38 18.28 20 80 60 0.40
R‐33* 1.52 30.48 28.96 5 100 95 0.95
R‐63* 0.00 28.96 28.96 0 95 95 0.55
DDC17‐003* 15.85 30.50 14.65 52 100 48 0.68
DDC17‐004* 0.00 20.50 20.50 0 67.25 67.25 0.75
DDC17‐005* 1.52 30.48 28.96 5 100 95 1.12
*Previously reported
Holes RCC18‐07 and RCC18‐10 located south of the area described above (see figure) returned multiple near
surface flat‐lying mineralized intervals from 6m (20ft) to 20m (65ft) thick grading between 0.2 and 0.25%
V2O5.
All holes reported here are vertical; thus, drill intercepts are considered true thickness.
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 I SO 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$33/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.