Vanadium One Energy Corp. (the “Company”) (TSXV:VONE) , is pleased to announce that it has shipped 738 samples for assaying from its Phase 2A Drilling Program on its Mont Sorcier Fe-V-Ti project near Chibougamau, Quebec.
Samples taken from eight (8) new NQ-core diamond drill holes, weighing approximately four (4) tonnes in total, were shipped to Actlabs in Ancaster, Ontario, for analysis. Phase 2A of our continuing drill program yielded 1,857 metres of core from the eight (8) new drill holes. See Table 1 below. The core was split in half using a diamond saw, producing 738 samples, each averaging two metres in length, totalling 1,447.8 metres for sampling. The remaining half of each core has been placed into secured storage for future verification where necessary at the Company’s own new core shack in Chibougamau.
The Company’s Phase 1 and Phase 2A drilling plans were intentionally designed to intersect specific vanadium rich targets inside the iron-vanadium-titanium formation previously outlined by historic drilling in 1966, as reported in 1975, and more specifically, drill holes FS-45 and FS-51, which indicated up to 1% V2O5 in the magnetite concentrates, i.e., Davis Tube.
Historical estimates of mineral resources in the vanadium bearing iron formation are based on 35 vertical drill holes on 11 sections and trenches, limited by 2 pits shells. “Iron Ore was the main target historically and we are very encouraged by the pervasiveness of the Iron Ore deposit and the grades we have seen so far. However, the real prize here at Mont Sorcier is the Vanadium associated with this iron ore as it continues to be consistent with the historical records. With the iron comes the Vanadium and our focus is on building a NI 43-101 mineral resource to make our mark as a significant player in the supply chain for this growing demand in Vanadium,” commented Priestner, President and CEO.
The iron formation hosting vanadium is divided between the North Zone (170 million tons, i.e., 154 million metric tonnes) and the South Zone (100 million tons, i.e., 91 million metric tonnes), about one kilometer apart, and both zones are located north of Lac Chibougamau. In 2013, Chibougamau Independent Mines Inc. drilled 2 holes, one in each zone, and reported 0.26% V2O5 over 221 meters in the North Zone and 0.44% V2O5 over 54 meters in the South Zone, all within the historical “ore zone”.
(NOTE: The resource cited above was made public in 1966, and again in 1975, by Campbell Chibougamau Mines. This data is historical, is not a current mineral resource under National Instrument 43-101 regulations, is not being considered by VONE as current resources or reserves, has not been reviewed by a VONE geologist and should not be relied upon.)
The Company will be performing Davis Tube Magnetic Concentrate tests on all the core samples available as well as Satmagan to measure magnetite content in the rock and potential recovery of vanadium from the mineralization within our Project. The Company has undertaken a review of all the historical drill logs describing the lithology intersected during Phase 1 and Phase 2A drilling. “Using historical data pays off. The work to compile all geological data is well underway. It will save drilling costs in the future and it will help support a NI 43-101 compliant mineral resource estimate” says Lafleur, Director of the Company.
With incoming results from Phase 2A drilling due in the next few weeks, management is already planning Phase 2B at Mont Sorcier, a program anticipated to include about 2,000 metres of diamond drilling.
Vanadium One’s Mont Sorcier project is strategically situated just 18 kilometers east, by paved highway and well maintained secondary roads, from the regional mining centre of Chibougamau, Quebec. The Fe-V-Ti project is comprised of 57 key mineral claims covering approximately 1,910 Ha (4,797.4 acres).
The technical information contained in this news release has been reviewed and approved by Pierre Jean Lafleur, P.Eng. (OIQ), who is a Qualified Person with respect to the Company’s Mont Sorcier Fe-V-Ti Project as defined under National Instrument 43-101.
About Vanadium One Energy Corp.:
Vanadium One Energy Corp. is a mineral exploration and development company with its registered office in downtown Toronto, Canada, and its operational office located in Burlington, Ontario, Canada. The Company is focused on developing exploration projects that reside in the “Strategic Minerals” domain, as defined by the USGS. Our goal is to ascertain the metallurgical characteristics of these strategic minerals on our projects, define the extent of the resource on each project and to demonstrate the economic viability of extraction. It is the intent of the Company to become an integral part of the supply chain for the traditional, but still expanding, HSLA steel industry and to gain its share of the new, and burgeoning, battery storage technology space. Vanadium One Energy Corp. is managed by an experienced team of mining professionals with extensive operating and financial experience.
ON BEHALF OF THE BOARD OF DIRECTORS OF VANADIUM ONE ENERGY CORP.
W. John Priestner
President and Chief Executive Officer
The Vanadium One Energy team invites the public to visit our website for further information about the company at www.vanadiumone.com
Cautionary Note Regarding Forward-Looking Statements:
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.
This news release contains “forward-looking information” including statements with respect to the future exploration performance of the Company. This forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements of the Company, expressed or implied by such forward-looking statements. These risks, as well as others, are disclosed within the Company’s filing on SEDAR, which investors are encouraged to review prior to any transaction involving the securities of the Company. Forward-looking information contained herein is provided as of the date of this news release and the Company disclaims any obligation, other than as required by law, to update any forward-looking information for any reason. There can be no assurance that forward-looking information will prove to be accurate and the reader is cautioned not to place undue reliance on such forward-looking information.