Update on drilling at Lac Doré
Update on drilling at Lac Doré
VANCOUVER
,
Sept. 20, 2019
/CNW/ - VanadiumCorp Resource Inc. (TSX-V: "VRB")
("VanadiumCorp" or the "Company"), further to its news release dated
September 3, 2019
, is
pleased to report that the
8,500 m
infill and extension drilling program currently underway at the
Company's wholly owned Lac Doré Vanadium Project has passed the 50 % completed mark. The
company is also pleased to report that a review of historic drill data by mining industry consultants
CSA Global Consultants Canada Ltd. (CSA Global) of
Vancouver
has outlined the potential for
elevated V
2
O
5
grades* in two of the three stratigraphic units that host vanadiferous titanomagnetite
(VTM) mineralization.
Highlights
16 holes completed to date for a total of
4,346 m
of drilling, including:
13 holes drilled to map the continuity of VTM mineralization between historic holes (
3,722
m
)
2 holes drilled to test the extensions of VTM mineralization to the northeast of the Lac Doré
Vanadium project (
402 m
)
1 hole which is drilled as a twin of a historic hole (
222 m
)
Banded semi-massive to massive titanomagnetite mineralization observed in all drill holes
Potential for elevated V
2
O
5
grades in the P1 stratigraphic unit and in the lower parts of the P2
unit, both of which contain moderate magnetite grades relative to the upper part of the P2 unit
which hosts the main bands of massive to semi-massive vanadium bearing magnetite.
* Elevated vanadium grades are defined as > 1.7 % V
2
O
5
in magnetite concentrate obtained by
Davis Tube testing.
Adriaan Bakker
, President and CEO of VanadiumCorp states: "With
4,346 m
now drilled, the
8,500
m
drill program should be completed on schedule, in less than 4 weeks. We are also excited by the
results of the reprocessing of historic drill data which indicates potential for elevated V2O5 grades*
in two previously overlooked stratigraphic units intercepted by drilling, the P1 and lower P2 units.
The targeting of new zones of elevated vanadium content in magnetite below the main VTM bearing
zones could potentially prove important for future processing options and project economics."
The Lac Doré Vanadium project is located 27 km east-southeast from the city of
Chibougamau
in
Eeyou Istchee James Bay Territory, Northern Québec. The drill program targets the Company's Lac
Doré Main Vanadium prospect where historic drilling and outcrop channel sampling conducted
between 1958 and 2013 have revealed the presence of a 2 km-long by
200 m
wide and at least
200
m
deep zone of banded VTM mineralization within property limits.
At Lac Doré, the geology has historically been subdivided into four stratigraphic units, namely, from
bottom to top, the P0, P1, P2 and P3 units. This subdivision is based largely on connecting
continuous zones of magnetite that can be correlated laterally along strike.
The exploration program at the Lac Doré Vanadium property has been designed by the Company
with the aid of mining industry consultants CSA Global of
Vancouver
and InnovExplo of
Val-d'Or
,
Québec. The drill program is being managed by InnovExplo, under the supervision of the Table
jamésienne de Concertation Minière of
Chibougamau
, Québec. The drilling is being carried out by
Miikan Drilling Ltd. of
Chibougamau
. InnovExplo is also in charge of core logging and core sampling
which are being carried out in
Chibougamau
. All core samples will be sent for assaying and for
selective Davis Tube testing to SGS Canada Laboratories in
Val-d'Or
, Québec an independent ISO
90001:2015 accredited laboratory facility. The results of the drilling program will be disclosed once
received and validated by the Qualified Person. Details of the metallurgical test work program will be
finalized following the assessment of the drilling results.
Strict QA/QC protocols designed by InnovExplo and CSA Global will be implemented to ensure the
assay results are relevant, reliable and in accordance with industry standards, CIM Mineral
Exploration Best Practice Guidelines (CIM Exploration Guidelines, 2018) and National Instrument 43-
101 – Standards of Disclosure for Mineral Projects (NI 43-101) disclosure requirements. All new
and historical drill hole collars will be surveyed by a professional surveyor at the end of the drill
program. A Lidar survey will be performed during the fall to obtain a high-resolution 3D image of the
property's topography.
The QAQC Protocol is as follows:
Minimum 5% appropriate VTM standards to be inserted into the sample stream (i.e. 1 standard
per 20 samples);
Minimum 5% blanks to be inserted into the sample stream;
All coarse rejects and pulps to be collected from the laboratory
5% of pulps to be resubmitted to SGS in later batches as duplicates with new sample numbers
5% of pulps to be submitted to an umpire laboratory
Analysis and Validation of Historical Drill and Outcrop Channel Sampling Data
With the objective of preparing the dataset for a future Mineral Resource Estimate, additional
validation and verification of historic data will be carried out over the next weeks as part of the
current program in order to ensure that the project data is in accordance with CIM Exploration
Guidelines (2018), CIM Definition Standards on Mineral Resources and Reserves (CIM Definition
Standards, 2014) and NI 43-101 disclosure requirements. This work will include the resampling of
channel samples in historical trenches, the surveying of historical drill holes collars where they can
be located, along with the resampling of select core from historical drill holes still available. The
same assaying and QA/QC protocols used in the current drilling will be used for the re-assaying of
historical holes and outcrop channels.
Metallurgical Testing
Following logging and sampling of the drill core, VTM mineralized intersections will be tested using a
combination of major and trace element assays, size-grading analysis, Davis Tube testing and other
magnetic tests to assess the head grades and concentrate grades for vanadium, titanium and iron,
as well as magnetite content and magnetite proportions relative to ilmenite. More details on this
program will be presented when the analytical results are received and disclosed.
Note on Historical Vanadium Grades in Magnetite
The identification of magnetite concentrates with grades >1.7% V
2
O
5
in several historic drill holes
(Table 1 and Table 2) suggests the potential for elevated vanadium grades in magnetite from the P1
unit or the lower parts of the P2 unit, both of which contain moderate magnetite contents (15-40%
magnetite). In typical layered magmatic magnetite deposits, stratigraphically lower units contain
higher concentrations of vanadium in magnetite, with the vanadium content in magnetite decreasing
and titanium content moving upward in the stratigraphy. This pattern is seen in results from previous
drilling. The samples with elevated V
2
O
5
contents generally do not contain magnetite concentrations
as rich as the massive accumulations found in the upper part of the P2 and in the P3 units and have
therefore not been the focus of previous exploration efforts on the property. However, the
identification of areas with elevated concentrations of vanadium in magnetite could potentially prove
important for future processing options and project economics.
Table 1: Historical drill hole collar information (coordinates are NAD83 Zone 18)
Historic Drillhole
UTM E
UTM N
Elev
Azimuth
Dip
LD-13-03
571565
5519690
497.7
321
45
S-12
571799
5519951
492.0
324
60
S-18
572177
5520218
493.8
324
40
S-24
572125
5520145
498.4
324
50
S-26
572153
5520192
495.3
324
50
S-29
572244
5520237
493.8
324
45
S-30
572021
5520179
487.0
324
45
S-32
572146
5520252
497.5
324
45
S-37
572045
5520050
495.1
324
65
S-79-31
572266
5520279
493.0
324
50
Table 2: Samples** from historic drilling with V
2
O
5
grades in magnetite concentrates of >1.7%
V
2
O
5
, and magnetite concentrations of >20%.
Historic Drillhole
From (m)
To (m)
Core Length (m)
% Magnetite
Conc
Fe
2
O
3
(%)
Conc
TiO
2
(%)
Conc
V
2
O
5
(%)
LD-13-03
138.00
141.00
3.00
26.38
95.70
1.81
1.78
LD-13-03
147.00
150.00
3.00
15.24
91.50
3.07
1.81
S-12
82.85
84.13
1.28
41.13
97.22
1.90
1.78
S-12
85.35
86.63
1.28
24.07
94.93
2.30
1.71
S-12
88.39
91.47
3.08
38.27
96.65
2.80
1.75
S-12
93.18
95.10
1.92
31.47
95.36
2.70
1.73
S-18
88.09
89.80
1.71
29.40
93.50
3.60
1.90
S-18
91.90
94.49
2.59
34.60
94.36
3.80
1.80
S-18
118.87
121.13
2.26
35.67
91.93
6.80
1.71
S-24
110.95
119.95
9.00
32.18
88.21
7.58
1.70
S-24
152.44
164.44
12.00
30.05
94.36
4.04
1.87
S-26
79.90
94.90
15.00
33.67
95.65
2.91
1.85
S-26
94.90
106.90
12.00
33.83
94.93
3.36
1.89
S-26
167.40
175.40
8.00
40.58
92.65
1.90
1.90
S-26
171.75
177.75
6.00
21.02
94.65
2.52
1.72
S-29
138.25
158.25
20.00
36.26
93.93
4.90
1.73
S-30
31.15
45.30
14.15
25.12
95.22
3.30
1.79
S-30
51.30
60.30
9.00
26.56
92.65
5.67
1.71
S-79-31
133.50
142.50
9.00
39.71
93.65
4.89
1.81
S-32
27.90
35.90
8.00
22.97
94.36
1.97
1.79
S-32
35.90
45.90
10.00
39.22
93.65
3.46
1.80
S-37
201.00
210.30
9.30
26.33
91.07
6.05
1.71
Note: Thicknesses presented are drill core length. True thicknesses are estimated to be
approximately 80% of core length.
The historical samples and assays for drill holes with prefix "S-" in Table 2 were completed by
previous operators SOQUEM on the Property. Sample preparation and analytical techniques
employed by previous operators SOQUEM are as follows: BQ size diamond drill core was split
using a core splitter, milled to a size of 150 µm, concentrated using a Davis Tube at 1000 Gauss.
Concentrates were assayed by Chimitec using Atomic Absorption spectroscopy.
For samples from drill hole LD-13-03 (drilled by the Company in 2013), NQ drill core was split with a
diamond saw, and samples were milled to a size of and concentrated by IOS Services
Géoscientifiques using a Davis Tube at 1000 Gauss. Concentrates were assayed by COREM using
XRF on fused borate glass beads.
No details regarding Quality Assurance and Quality Control have been reviewed, and the Qualified
Person has not verified the data disclosed as holes drilled by SOQUEM are no longer available, and
samples from drill hole LD-13-03 have not yet been re-assayed. For this reason, it is the Company's
opinion that historic analytical results should be viewed for historical reference only and should not
be relied upon.
The Company notes that as part of its current drill program, it will be surveying historical drill hole
collar locations where possible and resampling select archived core from available historical drill
holes as well as resampling historical trenches in order to verify the historical data. The same
assaying and QA/QC protocols used in the current drilling program will be used for the re-assaying
of historical core.
Mineral Resource Estimate
Conditional to the success of the summer-fall 2019 exploration program at Lac Doré, the Company
aims to use the results of the drilling and trench resampling to prepare a Mineral Resource Estimate
for the Lac Doré Vanadium Project in accordance with NI 43-101.
Qualified Persons
The scientific and technical information on the current exploration programme and validation work in
this release has been prepared, reviewed and approved by Mr.
Carl Pelletier
, B.Sc., P.Geo. (OGQ)
from InnovExplo and the scientific and technical information on historical data in this release has
been prepared, reviewed and approved by Mr.
Luke Longridge
from CSA Global both consultant to
the Company and Independent Qualified Person under National Instrument 43-101 – Standards of
Disclosure for Mineral Projects.
About VanadiumCorp Resource Inc.
VanadiumCorp is developing dedicated vanadium supply and disruptive vanadium technologies for
energy storage with a 100% green mandate. VanadiumCorp also holds a significant vanadium-
titanium-iron bearing resource base in mining friendly
Quebec, Canada
including the 100% owned
Lac Doré Vanadium Project adjacent to Blackrock Metals Inc. and the 100% owned Iron-T
Vanadium Project near the Glencore (Bracemac-McLeod) Matagami Copper-Zinc Mine.
On behalf of the board of VanadiumCorp:
Adriaan Bakker
President and Chief Executive Officer
Neither the 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
.
Cautionary & Forward-Looking Statements
This release contains forward-looking statements. All statements other than statements of present
or historical fact are forward-looking statements, including statements with respect to the
anticipated use of Private Placement proceeds and anticipated receipt of final TSX Venture
Exchange acceptance for the Private Placement. Forward-looking statements include words or
expressions such as "will", "subject to", "expect" and other similar words or expressions. Factors
that could cause future results or events to differ materially from current expectations expressed or
implied by the forward-looking statements include general business, economic, competitive,
political and social uncertainties; the state of capital markets and risks that may impact the
Company's business, operations and financial condition. Although the Company believes that the
expectations reflected in these forward-looking statements are reasonable, undue reliance should
not be placed on them because the Company can give no assurance that they will prove to be
correct. Since forward-looking statements address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Additional information on these and other
factors that could affect the Company's operations and financial results are included in reports on
file with Canadian securities regulatory authorities and may be accessed through the SEDAR
website (
www.sedar.com
). We disclaim any obligation to update or revise these forward-looking
statements, except as required by applicable law.
SOURCE
VanadiumCorp Resource Inc.
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%SEDAR: 00005245E
For further information:
Adriaan Bakker, President and CEO, VanadiumCorp Resource Inc., (TSX-
V: "VRB"), By phone: 1-604-385-4489, By email: [email protected], Website:
www.vanadiumcorp.com
CO: VanadiumCorp Resource Inc.
CNW 11:30e 20-SEP-19