02.06.15 - 19:54 Uhr
Amended Report Filed & NI 43-101 Compliant:
Lac Doré Vanadium Project with First Resource Estimate
VANCOUVER, BRITISH COLUMBIA - June 2, 2015 VanadiumCorp Resource Inc. (TSX-V: "VRB")
(the "Company") is pleased to announce that the NI 43-101 Technical Report titled
"Lac Doré Vanadium Project with First Resource Estimate" ("The Report") is amended
and filed to reconcile any material differences between The Report and its February
26th news release as required under s. 4.2(5)(b) of the National Instrument 43-101.
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 Companys 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.
Influence of Market Price on the Lac Doré Resource Estimate:
Resource Sensitivity to Market Price
Market Price V2O5 ($USD/pound)
Mineralization (Metric Ton)
Waste (Metric Ton)
Magnetite Concentrate (Metric Ton)
V2O5 (Metric Ton)
Recoverable grade of the Concentrate (%V2O5)
Eq. grade of the mineralization in place (66.6% net recovery)
The parameters used for the resource estimation of the East Deposit included: usage
of ordinary Kriging method with omnidirectional variograms, a pit depth of 200m
with a 50o slope, a cut-off magnetite abundance of 15% with mining costs set at
$1.80/metric ton, magnetite concentration cost at $2.50/metric ton and roasting
cost set at $40/metric ton of magnetite based on industry standards. A market value
of $5.50USD per pound of V2O5 represents the last three year average, but is also
close to the stable average pricing for the last ten years.
The resource classification definitions used for this report are those published
by the Canadian Institute of Mining, Metallurgy and Petroleum in their latest document
"CIM Definition Standards for Mineral Resources and Reserves" dated May 10, 2014.
Procedures and classification used are outlined in the Report by Mr. DAmours and
Mr. Girard that is now filed on and available at
Resources were classified as "inferred" based on the fact they were calculated from
historic drill holes only with their intrinsic uncertainties.
The report describes in detail the market potential for Vanadium strengthened steel
and vanadium batteries in North America, the need for adequate domestic supply and
the potential for the Lac Doré to fulfill the growing need. The Report states, "The
increasing dependency of supply of vanadium demand in USA and Canada from unstable
or government oriented jurisdictions like Venezuela, South Africa, Russia and China
is of great concern." "Vanadium has long been considered as a strategic metal by
the American government. North American vanadium consumption out paces production
by 10,000 tons annually."
The report also offers a review of the extensive historic metallurgical testing,
with a description of the various recovery processes.
Adriaan Bakker, CEO of VanadiumCorp states, "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."
The full budget of the Lac Doré PEA is outlined in the Report.
Because of the filing date, the Report does not address the recent surge in vanadium
pricing due to two of the most significant global vanadium producers, Vanchem and
Evraz Highveld in South-Africa, abruptly halting production indefinitely due to
supply depletion and financial issues.
Mr. Christian DAmours, P. Geo., Geopointcom Inc., a Qualified Person as defined
by National Instrument 43-101, is responsible for the Lac Dore resource estimation
and has read and approved the technical information contained in this news release.
Mr. Rejean Girard, P. Geo. President of IOS Geoscientifiques Inc., a Qualified Person
as defined by National Instrument 43-101, is responsible for the NI 43-101 technical
report and has read and approved the technical information contained in this news
FOR MORE INFORMATION CONTACT:
Adriaan Bakker, President and Chief Executive Officer - Direct: 604-385-4485
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 Note - The information in this news release includes certain "forward-looking
statements" All statements, other than statements of historical fact, included herein
including, without limitation, plans for and intentions with respect to the companys
properties, statements regarding intentions with respect to obligations due for
various projects, strategic alternatives, quantity of resources or reserves, timing
of permitting, construction and production and other milestones, are forward looking
statements. Statements concerning Mineral Reserves and Mineral Resources are also
forward-looking statements in that they reflect an assessment, based on certain
assumptions, of the mineralization that would be encountered and mining results
if the project were developed and mined in the manner described. Mineral resources
that are not mineral reserves do not have demonstrated economic viability. This
preliminary assessment is preliminary in nature; it includes inferred mineral resources
that are considered too speculative geologically to have the economic considerations
applied to them that would enable them to be categorized as mineral reserves, and
there is no certainty that the results of the preliminary assessment will be realized.
Forward-looking statements involve various risks and uncertainties. There can be
no assurance that such statements will prove to be accurate, and actual results
and future events could differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ materially from VRBs
expectations include the uncertainties involving the need for additional financing
to explore and develop properties and availability of financing in the debt and
capital markets; uncertainties involved in the interpretation of drilling results
and geological tests and the estimation of reserves and resources; the need for
cooperation of government agencies and local groups in the exploration, and development
of properties; and the need to obtain permits and governmental approval. VRBs forward
looking statements reflect the beliefs, opinions and projections of management on
the date the statements are made. VRB assumes no obligation to update the forward
looking statements if managements beliefs, opinions, projections, or other factors
should they change.
NI 43-101 Technical Report: Lac Dore Vanadium Project With First Resource Estimate
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