VANCOUVER, Oct. 15, 2019 /CNW/ - VanadiumCorp Resource Inc.
(TSX-V: "VRB") ("VanadiumCorp" or the "Company"), further to its
news release dated September 20,
2019, is pleased to report that on October 7, 2019, the Company completed its
planned 32 hole (8,500 m) infill and
extension drilling program plus an additional five (5) drill holes
for a total of 37 holes drilled (9,598
m) at the Company's wholly owned Lac Doré Vanadium property.
The Lac Doré Vanadium property is located 27 km east-southeast from
the city of Chibougamau, in Eeyou
Istchee James Bay Territory, Northern Québec. The 2019 drill
program targeted the Company's Lac Doré Vanadium prospect where
historical drilling and surface channel sampling conducted between
1958 and 2013 have revealed the presence within property limits of
a 2 km long by 200 m wide and minimum
200 m deep corridor hosting massive,
semi-massive and disseminated bands of vanadium-bearing
titanomagnetite (VTM) mineralization.
Highlights
- 35 holes drilled (total: 9,196 m)
within the outline of the corridor hosting banded VTM
mineralization that was the focus of historic drilling,
including:
-
- 28 holes drilled to map the continuity of VTM mineralization
between historic holes (7,642 m)
- 7 holes drilled to twin historic holes (total: 1,554 m)
- 2 holes drilled test the extensions of VTM mineralization to
the northeast (total: 402 m)
- Banded semi-massive to massive titanomagnetite mineralization
observed in all drill holes
The 2019 exploration program at the Lac Doré Vanadium property
has been designed by the Company with the aid of mining industry
consultant InnovExplo of Val-d'Or,
Québec. The exploration program is being managed by InnovExplo
under the supervision of the Table Jamésienne de Concertation
Minière (TJCM) of Chibougamau,
Québec. The drilling was carried out by Miikan Drilling Ltd of
Chibougamau.
Ongoing Work at Lac Doré
Core logging and core sampling activities are currently underway
by InnovExplo in Chibougamau. A
first batch of core samples (including 26 batches of core samples
and 2 batch of chips samples) has been expedited to SGS Canada
Laboratories, an independent ISO 90001:2015 accredited laboratory
facility located in Val-d'Or,
Québec, for assaying and for selective Davis Tube testing. Strict
QA/QC protocols for the 2019 drill program, designed by InnovExplo,
are being implemented in accordance with industry standards to
ensure that upcoming core assay results are relevant and reliable
and comply with National Instrument (NI) 43-101 requirements and
follow CIM Definition Standards for Mineral Resource Estimates.
Analytical results from the 2019 drill program at Lac Doré will be
disclosed by the Company once received and validated by a Qualified
Person (QP), per NI 43-101 standards of disclosure for mineral
projects.
The Company is also nearing the completion of its previously
announced duplicate outcrop channel sampling program targeting 12
historic trenches excavated across strike of the Lac Doré Vanadium
prospect. To date, 483 m of repeat
channel sampling (total: 593 m) have
been completed and 154 samples have been collected.
The resampling of select core from available historical drill
holes will also be executed this fall. 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.
Results from the duplicate channel sampling program and
resampling of historical core will be integrated along with results
from the 2019 drill program into the global database for the Lac
Doré Vanadium project in preparation for future Mineral Resource
estimation.
All new and historic drill hole collars, historic drill hole
collars and historic trenches will be surveyed by a professional
surveyor. A Lidar survey will be performed during the fall to have
an accurate 3D surface image of the property.
Qualified Persons
The scientific and technical information disclosed in this news
release has been prepared, reviewed and approved by Mr.
Carl Pelletier, B.Sc., P.Geo.
(Québec) from InnovExplo, a consultant to the Company and an
Independent Qualified Person under NI 43-101 – Standards of
Disclosure for Mineral Projects.
About VanadiumCorp Resource Inc.
VanadiumCorp is developing a dedicated supply chain for
clean energy storage with clean energy resources and clean energy
technologies. The VanadiumCorp resource base includes the 100%
owned Lac Doré and Iron-T Vanadium Project both located in mining
friendly Quebec, Canada.
VanadiumCorp's active projects are strategically located in
jurisdictions like Quebec where
access to low cost clean power, vanadium supply, workforce and
infrastructure support the potential for a new vanadium based
battery industry to lead the transition to renewable energy and
modernization of the power grid.
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.