VANCOUVER, Dec. 19, 2019 /CNW/ - Vanadian Energy Corp.
(the "Company") (TSXV: VEC) is pleased to announce the commencement
of a ground geophysics program consisting of magnetic and 3 channel
electromagnetic surveys on the Huzyk Creek Vanadium Property ("the
Property") in Manitoba. The ground geophysical program is
planned to follow up anomalies outlined by the Spring 2019 airborne
geophysics program carried out in April 2019.
A total of 6 EM and magnetic targets coincident with historic
drill holes that intersected graphitic metasediments and sulphide
mineralization, were outlined by the 2019 airborne survey. The
geophysical trends are interpreted to have strike lengths ranging
from 0.6 km to 6.7 km. These trends are thought to be
prospective for both vanadium and base metal
mineralization.
The ongoing ground geophysics program is focussed on better
defining the 6.7 km southwest oriented conductive trend occurring
within the claims and adjacent Mineral Exploration License ("MEL")
1093A. This detailed geophysical survey will assist in future
diamond drill targeting on the Property. The data from this
work is expected to be received by the Company before the end of
2019.
Marc Simpson, P.Geo., the
Company's President, CEO and Director is the Qualified Person
that has reviewed and approved the contents of this news release on
behalf of the Company.
Amendment to Option Agreement
The Company also announces an amendment to the definitive
agreement (the "Agreement") with Rocas del Norte Incorporated
("Rocas del Norte" or the "Vendor") whereby the Company has the
right to earn up to a 100% interest in the Huzyk Creek Vanadium
Property, revised to update the terms of the first anniversary
payment.
The new terms of the first anniversary payment are as
follows:
- $25,000 in cash and 1,000,000
common shares of the Vendor at a deemed price of $0.05, payable in December
2019;
- $7,500 of shares at a price per
share of $0.05 payable upon Exchange
approval; and
- $25,000 cash payment on or before
June 9th, 2020.
The issuance of the additional common shares equal to
$7,500 is subject to receipt of the
prior written approval of the TSX Venture Exchange at time of
issuance.
ABOUT VANADIAN ENERGY CORP.
Vanadian Energy Corporation is an energy minerals focused
company headed by an experienced team, well versed in mineral
exploration and capital markets. The company is focused on the
strategic acquisition, exploration, and development of high quality
energy mineral properties in Canada and around the world. Vanadian Energy
Corporation is building a leading vanadium focused resource
company.
ON BEHALF OF VANADIAN ENERGY CORP.
"Marc
Simpson"
Marc Simpson
President and CEO
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
Neither 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. The foregoing information may contain
forward-looking information relating to the future performance of
the Company. Forward looking information is subject to a
number of known and unknown risks, uncertainties and other factors
that may cause actual results to differ materially from those
anticipated in our forward looking
statements. Such risks and other factors
include, among others, the actual results of exploration
activities, changes in world commodity markets or equity markets,
the risks of the mining industry including, without
limitation, those associated with the environment, delays in
obtaining governmental approvals, permits or financing or in the
completion of development or construction activities, title
disputes, change in government and changes to regulations affecting
the mining industry, and other risks and uncertainties detailed
from time to time in the Company's filings with the Canadian
securities administrators (available at www.SEDAR.com).
Forward-looking statements are made based on various assumptions
and on management's beliefs, estimates and opinions on the date the
statements are made. Should one or more of these risks and
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those described
in the forward-looking information contained herein. The
Company undertakes no obligation to update forward-looking
statements if these assumptions, beliefs, estimates and opinions or
other circumstances should change, except as required by applicable
law.
SOURCE Vanadian Energy Corp.