Vanadium One Iron Corp., Toronto, Canada, (TSXV:VONE), has commenced its 2020 drill program at Mont Sorcier iron and vanadium project located just outside of Chibougamau, Quebec, Canada. This program is targeting to expand the current resource at Mont Sorcier and deliver a new Mineral Resource Estimate by Q1 2021.
The aim of the drill program is to increase the current resources to a minimum of between 900 million to 1.1 billion tonnes at grades of between 24-34% magnetite. This is similar to the grade of the current resource shown in the table below. Investors are cautioned that this resource target is conceptual in nature at this time and there has been insufficient exploration to define a new mineral resource.
The drill program and associated work is based in part on the recommendations suggested in the NI 43- 101 Preliminary Economic Assessment dated April 9, 2020 with an effective date of February 27, 2020. The drilling contract was awarded to Mikkan Drilling Ltd. for a program of approximately 3,500 metres in 8-10 holes.
The drill program will focus on the eastern half of the North Zone and will cover more than 1.5 kilometers along strike. The drill program has used the results of the 2010 MAG survey and geology mapping in its planning, which highlight the continuation of ultramafic host rocks. The program will include standard core logging, assaying and Davis tube analysis to determine ore grades and expected concentrate grades.
Cliff Hale-Sanders, President and CEO of Vanadium One Iron commented “We are pleased to be going back into the field to enhance the overall potential we see in the Mont Sorcier project. We believe an expanded resource base in conjunction with the robust economics outlined in the PEA earlier this year should be very supportive in our efforts to enter into a strategic partnership to develop Mont Sorcier into a long life, highly profitable iron and vanadium mine.”
The drill results are expected to enhance the value presented in the PEA as outlined in the Technical Report entitled “NI 43-101 Technical Report – Preliminary Economic Assessment (PEA) of the Mont Sorcier Project, Province of Quebec, Canada”. The report was completed by CSA Global Consultants Canada Ltd, an ERM Company (CSA Global) and has an effective date of February 27, 2020.
About Vanadium One Iron Corp.
Vanadium One Iron Corp. is a mineral exploration company headquartered in Toronto, Canada. The company is focused on advancing its Mont Sorcier, vanadium-rich, magnetite iron ore project, in Chibougamau, Quebec.