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VanadiumCorp (TSXV:VRB) announced that its technical report for its first resource estimate for the Lac Dore project has been amended and filed. The resource estimate was adjusted from the company’s February 26 news release, as indicated on April 13.
As quoted in the press release:
IOS Geoscientifique Inc. and Geopointcom Inc., the authors, have completed amendments to the NI 43-101 technical report (the “Report”) disclosing the first resource estimate for the Lac Doré Vanadium Project. (“Lac Doré”). Calculations indicate the presence of an inferred resource at 99,104,000 tons grading 0.43% V2O5. This resource represents 26,067,000 tons of magnetite concentrate grading 1.08% V2O5. The estimation is based on assay results from the magnetite concentrate by Davis tube testing, rather than more conventional headgrade assays. The Lac Doré is comprised of 100% owned mining claims spanning 45km2 located 30 km southeast of the mining town of Chibougamau, in central Québec, Canada.
The resource estimate was adjusted from disclosure in The Company’s February 26, 2015 news release, as indicated in the news release dated April 13. Other material changes include the removal of any references in regards to mining rates and recommendation on processing methods as this discussion is reserved for the ongoing preliminary economic assessment. Additional vanadium pricing data was also added to the Report providing clarity for the selected pricing used for the resource estimation.
VanadiumCorp CEO, Adriaan Bakker, said:
This is a landmark step in advancement for the Lac Doré Vanadium Project. Nearby infrastructure coupled with strong community and government alliances support the development of the Lac Doré Project. High quality mineralization truly distinguishes the Lac Doré as it is devoid of superficial oxidation with amenability to produce clean magnetite concentrate. Most existing Vanadium producers worldwide struggle with significant production costs from metallurgical difficulties directly attributed to highly oxidized ore and high levels of residual silica in the concentrate. The positive metallurgy of Lac Doré was further demonstrated by the Davis Tube method used for calculating the current resource. Size and grade of resource, positive metallurgy, near surface access, location, infrastructure and burgeoning global demand all provide VanadiumCorp the confidence to proceed with a preliminary economic assessment “PEA” as its next stage of development.
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