TSX-V: “VRB”
VANADIUMCORP REPORTS 87.3 M GRADING 0.64% V2O5 AND 53.37% FE2O3 AT LAC DORÉ, QUÉBEC − ADDITIONAL DAVIS TUBE TESTING RESULTS INCLUDE 9.2 M GRADING 24.6% MAGNETICS WITH 1.67% V2O5 VANCOUVER, BRITISH COLUMBIA, April 15, 2020 – VanadiumCorp Resource Inc. (TSX-V: “VRB”) (“VanadiumCorp” or the “Company”), is pleased to announce assay results for an additional seven (7) drillholes from the Company’s summer-fall 2019 infill and extension drilling program at its Lac Doré Vanadium property, as well as Davis Tube magnetic separation testwork results for 19 additional composite samples from six (6) drillholes. Assay results are reported for holes LD-19-016, LD-19-017, LD-19-020, LD-19-025, LD-19029, LD-19-034 and LD-19-036, bringing the total number of holes with complete results received to fourteen (14) out of 35 holes drilled in 2019. 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 Chibougamau area is host to several vanadiferous titanomagnetite (VTM) deposits, including the Southwest and Armitage deposits on the adjacent Blackrock property (BlackRock Metals Inc.) and the South and North Zone deposits on the Mont Sorcier project to the North (Vanadium One Iron Corp). 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 massive, semi-massive and disseminated bands of VTM mineralization along a 2-km long by 200-m wide and minimum 200 m deep corridor. The Lac Doré Vanadium property lies on the southern flank of the Lac Doré anorthosite complex of Chibougamau and straddles the layered magmatic zone, which hosts the VTM mineralization. This layered magmatic zone has been traced by historical geophysics, drilling and mapping over a linear distance of 20 km. Highlights: • • •
Complete assay results received for an additional seven (7) drill (Figure 1). All seven holes intersected significant VTM mineralization. Best intercepts include: o Hole LD-19-016 intersected 31.6 m* grading 0.66% V2O5 (Table 2; Figure 2), including 4.0 m* grading 0.73% V2O5; o Hole LD-19-017 intersected 39.5 m* grading 0.65% V2O5, including 6.0 m* grading 0.77% V2O5 (Table 2; Figure 3); o Hole LD-19-020 intersected 7.4 m* grading 0.81 % V2O5 (from 127.7 m to 135.1 m core-length; Table 2; Figure 4); o Hole LD-19-025 intersected 52.4 m* grading 0.69% V2O5, including 11.2 m* grading 0.74 % V2O5 o Hole LD-19-029 intersected 87.3 m* grading 0.64% V2O5 Table 2; Figure 6; o LD-19-034 intersected 31.0 m* grading 0.55% V2O5 including 10.1 m* grading 0.66 % V2O5 (Table 2; Figure 7); o Hole LD-19-036 intersected 19.1 m* grading 0.58% V2O5 including 8.7 m* grading 0.68 % V2O5 (Table 2; Figure 5);
•
Mineralization occurs as layers of massive, semi-massive and disseminated magnetite.
•
Davis Tube magnetic separation testwork on composite samples of VTM mineralized core from drillholes LD-19-001, LD-19-002, LD-19-005, LD-19-019, LD-19-023 and LD-19-037 (Table 1) show magnetite contents ranging from ~22% to 62%, and included the following results:
• •
o 13.7m* containing 41.9% magnetics with 1.40% V2O5 (LD-19-001) o 9.5m* containing 28.3% magnetics with 1.58% V2O5; (LD-19-002) o 9.2m* containing 24.6% magnetics with 1.67% V2O5 (LD-19-005) o 12.5m* containing 50.4% magnetics with 1.38% V2O5 (LD-19-019) o 10.6m* containing 61.5% magnetics with 1.10% V2O5 (LD-19-023) o 6.1m* containing 21.5% magnetics with 1.70% V2O5 (LD-19-037) Davis Tube magnetic separation testwork results are consistent with previous results and confirm the presence of magnetite concentrates with V2O5 > 1.5% in the lower (P1 or P0) stratigraphic units. High-vanadium concentrates have low TiO2 values, ranging from 1.21% to 6.33% in >1.5% V 2O5 samples * True thickness. True thicknesses have been estimated by assuming a dip of the layering of 70° to the SE, and the plunge of the drill hole towards the NW (-45° for LD-19-001, LD-19-002, LD-19-005, LD-19-023, and LD-19-037, -55° for LD-19-019).
Adriaan Bakker, President and CEO of VanadiumCorp, states: “We feel that these additional assay results are our best to date, and the second batch of Davis Tube tests continues to show consistent zones where magnetite concentrate grades exceed of 1.5% V2O5. We look forward to more results from drillcore assays and Davis Tube testwork over the coming weeks.” Davis Tube testwork results Results from the first batch of samples submitted for Davis Tube Testwork is shown in Table 2 below. Table 1: Summary of Davis Tube results for drillholes LD-19-001, LD-19-002, LD-19-005, LD-19-019, LD-19-23 and LD-19-037, with percentages of magnetics and magnetite concentrates grades for Fe2O3, V2O5, TiO2, SiO2 and Al2O3, intersected core lengths, estimated true thicknesses, and magnetite-bearing stratigraphic zones. Sample
BHID
FRO M
TO (m)
CORE LENGTH (m)
198.0
212.8
14.8
13.4
P2
41.9
91.40
7.79
1.40
0.84
0.80
272.8
278.5
5.7
5.2
P1
35.4
94.10
4.87
1.56
1.19
0.83
DT2-3
307.0
318.1
11.1
10.1
P1
28.1
92.70
6.33
1.55
0.89
0.76
DT2-4
91.3
104.3
13.0
11.8
P2
62.3
85.70
11.20
1.15
1.56
1.44
165.3
176.6
11.3
10.2
P1
28.3
93.00
4.95
1.58
1.18
1.10
181.0
185.9
4.8
4.4
P1
25.2
95.00
4.27
1.63
0.80
0.75
LD-19005
121.3
135.9
14.6
13.2
P2
33.6
97.20
3.14
1.49
0.53
0.56
243.0
254.0
11.0
10.0
P1
24.6
98.20
2.08
1.67
0.53
0.45
LD-19019
48.7
63.9
15.2
12.5
P2
50.4
92.70
7.22
1.38
0.40
0.58
134.3
145.4
11.1
9.1
P1
26.6
95.80
2.44
1.62
0.83
0.69
DT2-11
18.7
30.3
11.6
10.5
P3
60.9
86.60
13.10
0.98
0.67
0.60
DT2-12
69.0
80.8
11.8
10.7
P2
61.5
85.60
13.00
1.10
1.34
1.03
128.3
135.8
7.5
6.8
P2
27.1
96.20
2.64
1.52
0.81
0.91
DT2-14
199.5
204.5
5.0
4.5
P2
44.9
90.50
8.15
1.46
0.97
0.92
DT2-15
213.0
223.3
10.3
9.3
P2
38.9
89.90
8.71
1.39
0.95
0.86
DT2-16
99.2
105.4
6.2
5.6
P3
46.6
92.80
6.45
1.21
0.77
0.81
(m) DT2-1 DT2-2
DT2-5
LD-19001
LD-19002
DT2-6 DT2-7 DT2-8 DT2-9 DT2-10
DT2-13
LD-19023
ESTIMATED TRUE THICKNESS (m)
Zone
Mag %
Fe2O 3 (%)
TiO2 (%)
V2O5 (%)
SiO2 (%)
Al2O3 (%)
Sample
BHID
FRO M
TO (m)
CORE LENGTH (m)
(m) DT2-17 DT2-18 DT2-19
229.5 LD-19037
237.9
ESTIMATED TRUE THICKNESS (m)
8.4
Zone
Mag %
Fe2O 3 (%)
TiO2 (%)
V2O5 (%)
SiO2 (%)
Al2O3 (%)
7.6
P2
57.4
84.50
12.00
1.28
0.77
3.16
21.5
95.20
1.21
1.70
1.87
1.35
23.4
96.10
2.78
1.64
0.76
0.69
291.1
297.8
6.7
6.1
P2/P 1
303.7
315.9
12.2
11.1
P1
True thickness. True thicknesses have been estimated by assuming a dip of the layering of 70° to the SE, and the plunge of the drill hole towards the NW (-45° for LD-19-001, LD-19-002, LD-19-005, LD-19-023, LD-19-037 and -55 for LD-19-019). Davis Tube tests were carried out at SGS Canada Inc’s facilities in Val d’Or, Quebec. Samples were composited over the intervals in Table 1 using pulp rejects from samples previously prepared for assay. The samples had already been pulverized to 85% passing 75 μm. Composites were prepared using relative proportions based on weights of the core samples submitted (i.e. these are weighted-average composites). The composite was further pulverized to 80% passing 38 μm, and a 20g subsample of the composite was taken for the Davis Tube testing. Samples were added to the Davis tube and the tube was allowed to agitate for a period of four (4) minutes, after which the magnets were interrupted, and the magnetic concentrate was collected. The tailings were collected in a pail. Both the magnetic concentrate and non-magnetic tailings were filtered, dried, and weighed. The two products were analyzed for Major elements SiO2, Al2O3, Fe2O3, MgO, CaO, Na2O, K2O, TiO2, P2O5, MnO, Cr2O3, V2O5, and LOI by Whole Rock Analysis (WRA), as per the procedure outlined below. QAQC protocol was for two samples to be subject to repeat tests. Table 2: Summary of the significant intersections, with weighted average grades for V 2O5, Fe2O3 and TiO2, intersected core lengths, and estimated true thicknesses. HOLE-ID
FROM
TO
(m)
(m)
CORE LENGTH (m)
True Thickness (Luke)
V2O5 (%)
Fe2O3 (%)
TiO2 (%)
Zone
LD-19-016 LD-19-016 INCLUDING AND LD-19-016 INCLUDING AND AND LD-19-016 INCLUDING AND LD-19-016 LD-19-016 INCLUDING AND LD-19-016 LD-19-016
2.90 51.30 53.00 57.00 66.90 68.00 84.00 98.50 108.20 108.20 123.00 132.90 141.00 145.10 149.80 155.85 173.70
24.70 60.20 55.10 60.20 102.25 72.00 94.50 102.25 124.50 112.50 124.50 133.90 150.70 146.80 150.70 159.40 183.00
21.8 8.9 2.1 3.2 35.4 4.0 10.5 3.8 16.3 4.3 1.5 1.0 9.7 1.7 0.9 3.6 9.3
19.8 8.1 1.9 2.9 32.1 3.6 9.5 3.4 14.8 3.9 1.4 0.9 8.8 1.5 0.8 3.3 8.4
0.43 0.55 0.64 0.66 0.66 0.73 0.75 0.79 0.67 0.81 0.95 0.83 0.61 0.94 0.96 0.82 0.56
49.76 55.37 63.41 62.22 53.73 65.50 57.80 57.99 49.35 58.97 67.50 61.70 43.08 65.10 67.30 57.08 39.56
11.66 12.89 14.75 15.26 10.63 14.59 11.07 10.52 8.45 10.50 11.50 10.30 7.08 10.70 10.90 9.18 6.09
P3 P2
LD-19-017 INCLUDING AND AND LD-19-017 INCLUDING AND LD-19-017 INCLUDING AND
6.30 24.00 33.00 39.00 55.15 55.15 61.00 82.85 91.90 99.00
50.40 30.00 35.75 50.40 61.75 58.85 61.75 103.60 94.00 100.50
44.1 6.0 2.8 11.4 6.6 3.7 0.8 20.8 2.1 1.5
40.0 5.4 2.5 10.3 6.0 3.4 0.7 18.9 1.9 1.4
0.65 0.77 0.78 0.69 0.60 0.67 0.90 0.48 0.70 0.73
51.76 58.35 56.90 49.36 42.15 46.62 61.50 34.60 49.10 50.90
10.09 11.25 10.40 8.43 6.89 7.60 10.10 5.12 7.41 7.79
P2-A
115.30
137.20
21.9
16.8
0.72
55.31
10.93
P2
LD-19-020
P2
P2
P1 P1
P1 P0
P2
P1
HOLE-ID
FROM
TO
(m)
(m)
CORE LENGTH (m)
True Thickness (Luke)
V2O5 (%)
Fe2O3 (%)
TiO2 (%)
Zone
INCLUDING AND LD-19-020 INCLUDING AND LD-19-020 INCLUDING AND AND AND LD-19-020 INCLUDING AND AND
118.30 127.70 139.30 142.10 144.00 153.70 153.70 158.90 166.00 170.00 184.60 186.90 191.00 195.80
120.20 135.10 147.10 142.60 147.10 173.30 156.20 163.70 167.40 173.30 197.00 188.10 192.90 197.00
1.9 7.4 7.8 0.5 3.1 19.6 2.5 4.8 1.4 3.3 12.4 1.2 1.9 1.2
1.5 5.7 6.0 0.4 2.4 15.0 1.9 3.7 1.1 2.5 9.5 0.9 1.5 0.9
0.83 0.81 0.76 0.92 0.89 0.68 0.80 0.82 0.89 0.90 0.60 0.94 0.87 0.95
62.93 60.48 55.38 65.50 63.77 49.48 56.82 58.63 64.40 64.13 43.39 66.50 63.07 67.60
13.22 11.81 10.46 12.60 11.90 8.59 10.31 10.38 10.90 10.78 6.98 10.80 10.09 11.10
LD-19-025 LD-19-025 LD-19-025 LD-19-025 LD-19-025 LD-19-025 LD-19-025 LD-19-025 INCLUDING LD-19-025 INCLUDING AND LD-19-025 LD-19-025 INCLUDING AND AND AND LD-19-025 LD-19-025 INCLUDING AND LD-19-025 INCLUDING AND AND
1.50 26.00 30.40 45.15 63.95 67.80 78.90 101.90 101.90 110.65 121.50 134.35 140.70 153.30 153.30 192.00 197.00 211.80 223.60 227.30 227.30 230.90 246.00 247.60 253.00 258.80
10.20 27.70 33.50 63.00 66.35 75.85 86.00 105.10 103.00 138.60 127.05 138.60 141.65 216.9 164.50 196.00 206.00 216.85 224.55 233.40 228.90 233.40 260.60 249.45 254.85 260.60
8.7 1.7 3.1 17.9 2.4 8.1 7.1 3.2 1.1 28.0 5.6 4.3 1.0 63.6 11.2 4.0 9.0 5.1 1.0 6.1 1.6 2.5 14.6 1.9 1.9 1.8
6.7 1.3 2.4 13.7 1.8 6.2 5.4 2.5 0.8 21.4 4.3 3.3 0.8 48.7 8.6 3.1 6.9 3.9 0.8 4.7 1.2 1.9 11.2 1.5 1.5 1.4
0.34 0.36 0.36 0.43 0.35 0.47 0.48 0.41 0.54 0.53 0.64 0.66 0.73 0.69 0.74 0.75 0.77 0.82 0.88 0.68 0.88 0.86 0.58 0.90 0.90 0.84
43.97 52.88 47.79 54.73 43.50 53.64 51.71 43.99 57.50 54.24 62.61 63.93 67.00 56.39 65.96 59.98 57.75 59.85 59.10 48.53 61.69 60.30 41.46 62.39 63.43 58.40
9.27 10.66 10.46 12.75 10.62 13.68 13.29 10.37 14.00 12.55 15.18 14.42 15.40 11.48 14.62 11.58 11.19 11.09 10.70 8.40 10.53 10.65 6.72 10.46 10.32 9.25
P2 P2 P2 P2 P2 P2 P2 P2 P2 P2
LD-19-029 INCLUDING LD-19-029 LD-19-029 INCLUDING AND AND AND AND AND AND AND AND AND AND LD-19-029 INCLUDING AND AND LD-19-029 INCLUDING
5.00 20.00 84.30 93.10 107.50 114.00 129.00 136.50 142.50 154.50 169.50 178.50 185.00 190.40 196.50 214.90 214.90 224.80 230.90 246.00 252.00
33.30 26.00 89.20 183.00 111.00 120.00 132.00 139.50 148.50 169.50 174.00 183.00 185.50 195.00 200.20 234.05 222.25 226.70 234.05 253.50 253.50
28.3 6.0 4.9 89.9 3.5 6.0 3.0 3.0 6.0 15.0 4.5 4.5 0.5 4.6 3.7 19.2 7.4 1.9 3.2 7.5 1.5
21.7 4.6 3.8 68.9 2.7 4.6 2.3 2.3 4.6 11.5 3.4 3.4 0.4 3.5 2.8 14.7 5.7 1.5 2.5 5.7 1.1
0.44 0.54 0.48 0.67 0.72 0.72 0.72 0.76 0.72 0.74 0.87 0.79 0.92 0.80 0.81 0.52 0.62 1.03 0.84 0.55 0.74
54.15 61.30 53.29 56.62 67.29 63.38 61.55 62.85 59.05 56.75 63.80 56.40 66.10 56.92 58.36 37.16 44.14 69.90 57.70 39.90 52.30
13.16 15.77 12.49 11.71 15.49 13.78 13.10 13.05 12.03 11.16 12.43 10.28 12.30 10.13 10.11 6.04 7.35 11.90 9.43 6.04 7.98
P3 P3 P2 P2
LD-19-034
101.15
107.00
5.9
5.3
0.43
56.85
13.91
P2
P2
P2
P1 P1 P1 P1
P2 P2
P1 P1
P1 P1 P1 P1
P2
P1
HOLE-ID
FROM
TO
(m)
(m)
CORE LENGTH (m)
True Thickness (Luke)
V2O5 (%)
Fe2O3 (%)
TiO2 (%)
INCLUDING LD-19-034 INCLUDING LD-19-034 INCLUDING LD-19-034 INCLUDING AND LD-19-034 INCLUDING AND AND AND LD-19-034 INCLUDING AND LD-19-034 LD-19-034 INCLUDING
101.15 130.60 134.30 142.40 146.20 156.40 156.40 162.90 180.80 180.80 193.80 201.00 210.60 221.50 224.40 229.00 235.20 248.30 253.30
102.50 139.00 139.00 149.10 149.10 175.50 158.50 175.50 215.25 190.90 195.10 206.90 215.25 230.30 226.00 230.30 237.90 255.40 255.40
1.4 8.4 4.7 6.7 2.9 19.1 2.1 12.6 34.5 10.1 1.3 5.9 4.7 8.8 1.6 1.3 2.7 7.1 2.1
1.3 7.6 4.3 6.1 2.6 17.3 1.9 11.4 31.3 9.2 1.2 5.3 4.3 8.0 1.5 1.2 2.4 6.4 1.9
0.50 0.40 0.49 0.49 0.55 0.60 0.72 0.68 0.55 0.66 0.87 0.67 0.70 0.55 0.67 0.73 0.81 0.57 0.70
64.90 44.05 50.53 52.55 57.46 52.69 65.80 57.78 41.90 48.99 62.60 47.99 49.58 40.05 47.60 51.30 55.91 40.01 48.89
16.40 10.21 12.09 12.03 13.03 11.69 16.00 12.88 7.29 9.35 11.70 8.48 8.54 6.43 8.02 8.30 8.97 6.08 7.42
LD-19-036 LD-19-036 LD-19-036 INCLUDING AND AND LD-19-036 INCLUDING AND AND LD-19-036 LD-19-036 INCLUDING LD-19-036 LD-19-036
4.80 17.75 27.60 27.60 39.20 46.00 50.65 52.00 56.50 60.30 83.50 97.40 99.00 113.00 154.35
6.05 24.20 48.90 36.30 45.00 48.90 63.35 54.00 59.40 63.35 91.70 100.50 100.50 124.60 158.00
1.3 6.5 21.3 8.7 5.8 2.9 12.7 2.0 2.9 3.1 8.2 3.1 1.5 11.6 3.7
1.2 5.9 19.3 7.9 5.3 2.6 11.5 1.8 2.6 2.8 7.4 2.8 1.4 10.5 3.4
0.70 0.63 0.58 0.68 0.72 0.69 0.66 0.81 0.73 0.72 0.51 0.62 0.81 0.49 0.50
63.10 56.21 48.93 55.82 55.30 52.83 48.30 58.25 54.04 49.95 37.88 45.51 56.30 35.19 34.68
14.30 12.25 9.02 11.31 10.40 9.29 8.21 10.44 9.32 8.53 5.85 6.84 8.95 5.38 4.99
Zone
P2 P2 P2
P2
P2
P2 P1 P2 P2 P2
P2
P2 P2 P1 P0
* True thickness. True thicknesses have been estimated by assuming a dip of the layering of 70° to the SE, and the plunge of the drill hole towards the NW (-45° for LD-19-016, LD-19-017, LD-19-034 and LD-19-036, -60° for LD-19-020, LD-19-025 and LD-19-029). • LD-19-016 drilled at -45o to a depth of 192 m • LD-19-017 drilled at -45o to a depth of 120 m • Hole LD-19-020 drilled at -60o to a depth of 201 m • LD-19-025 drilled at -60o to a depth of 270 m • Hole LD-19-029 drilled at -60o to a depth of 270 m • LD-19-034 drilled at -45o to a depth of 330 m • LD-19-036 drilled at -45o to a depth of 210 m
2019 exploration program The summer-fall 2019 exploration program conducted at the Lac Doré Vanadium property was designed by the Company with the aid of mining industry consultants InnovExplo of Val-d’Or, Québec and CSA Global of Vancouver, BC. The exploration program was managed by InnovExplo of Val-d’Or, Québec under the supervision of the Table Jamésienne de Concertation Minière (TJCM) of Chibougamau, Québec. The infill and extension drilling program was the main component of the 2019 exploration program. Thirtyfive (35) holes were 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) and seven (7) holes drilled to twin historic holes (total: 1,554 m). The drilling was carried out by Miikan Drilling Ltd of Chibougamau.
Drill core samples (half-core) are submitted to SGS Canada Inc.’s facilities in Val d’Or and Quebec City, Quebec for preparation. The entire sample is dried as required and crushed to 75% passing 2 mm. A 1000-1500 g subsample is then split out and pulverized to 85% passing 75 μm and ~150 g subsample taken for head assays. Samples are then shipped to SGS Canada Inc.’s facility at Lakefield, Ontario for Whole Rock Analysis (WRA) performed by X-Ray Fluorescence spectroscopy (XRF). The SGS facilities are ISO/IEC 17025 standard certified for the methods used, and all analytical methods include quality control materials at set frequencies with established data acceptance criteria. The suite of elements analysed includes SiO 2, Al2O3, Fe2O3, MgO, CaO, Na2O, K2O, TiO2, P2O5, MnO, Cr2O3, V2O5, and Loss on Ignition (LOI). Strict QA/QC protocols designed by InnovExplo and CSA Global was implemented to ensure the assay results are relevant, reliable and in accordance with industry standards, CIM Mineral Exploration Best Practice Guidelines (CIM Exploration Guidelines, 2018) and National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101) disclosure requirements. The QAQC Protocol is as follows: • Minimum 5% appropriate VTM standards to be inserted into the sample stream (i.e. 1 standard per 20 samples); • Minimum 5% blanks to be inserted into the sample stream; • All coarse rejects and pulps to be collected from the laboratory; • 5% of pulps to be resubmitted to SGS in later batches as duplicates with new sample numbers; • 5% of pulps to be submitted to an umpire laboratory.
Figure 1: Drill hole locations for the 2019 drilling program
Figure 2: Section LD-19-016
Figure 3: Section LD-19-017
Figure 4: Section LD-19-020
Figure 5: Section LD-19-025
Figure 6: Section LD-19-029
Figure 7: Section LD-19-034
Figure 8: Section LD-19-036
Fe2O3 (%)
High Grade interval Fe2O3 (>45%)
TiO2 (%)
High Grade interval TiO2 (>9%)
4.5
1.6
0.47
0.43 % over
56.70
49.76 % over
13.80
11.66 % over
4.5
6.0
1.5
0.46
21.8 m
55.40
21.8 m
13.70
21.8 m
6.0
7.5
1.5
0.57
64.40
16.20
7.5
9.0
1.5
0.45
53.30
12.60
9.0
10.5
1.5
0.44
53.50
11.90
10.5
12.0
1.5
0.39
46.90
10.70
12.0 13.5 15.0 17.6 19.8 21.0 22.5
13.5 15.0 17.6 19.8 21.0 22.5 24.7
1.5 1.5 2.6 2.2 1.3 1.5 2.2
0.31 0.51 0.49 0.08 0.46 0.55 0.46
37.90 58.80 54.20 14.90 49.40 58.90 52.60
8.05 13.40 13.00 1.96 11.90 14.30 12.70
51.3 53.0 54.0 55.1 55.9 57.0 58.5
53.0 54.0 55.1 55.9 57.0 58.5 60.2
1.7 1.0 1.1 0.8 1.2 1.5 1.7
0.47 0.68 0.61 0.11 0.52 0.68 0.64
66.9
68.0
1.1
0.54
0.64 % over 2.1 m
0.55 % over 8.9 m
0.66 % over 3.2 m 0.66 % over
51.40 67.50 59.70 14.70 54.00 64.40 60.30 53.20
63.41 % over 2.1 m
55.37 % over 8.9 m
62.22 % over 3.2 m 53.73 % over
11.50 15.80 13.80 2.53 11.70 15.10 15.40 11.50
14.75 % over 2.1 m
Grade interval TiO2 (>5%)
V2O5 (%)
2.9
Grade interval Fe2O3 (>30%)
Core length
Grade interval V2O5 (>0.3%)
To
High Grade interval V2O5 (>0.6%)
From
LD-19-016
Hole Id
The details of the first results received from the laboratory are presented in table below (Lengths are expressed along drill core axis. The true thickness was not determined):
12.89 % over 8.9 m
15.26 % over 3.2 m 10.63 % over
0.82 0.81 0.79 0.60 0.77 0.77 0.22 0.80 0.27 0.65
0.81 % over 4.3 m
123.0 124.5
1.5
0.95
132.9 133.9
1.0
0.83
141.0 142.6 142.6 145.1
1.6 2.5
0.79 0.42
145.1 146.8 146.8 148.3 148.3 149.8
1.7 1.5 1.5
0.94 0.31 0.44
149.8 150.7 155.9 158.0 158.0 159.4
0.9 2.2 1.4
0.96 0.77 0.89
173.7 175.5 177.0 178.5 180.0 181.5
175.5 177.0 178.5 180.0 181.5 183.0
1.8 1.5 1.5 1.5 1.5 1.5
0.57 0.37 0.60 0.54 0.56 0.73
6.3 8.0 9.0 10.5 12.0 13.5
8.0 9.0 10.5 12.0 13.5 15.0
1.7 1.0 1.5 1.5 1.5 1.5
0.70 0.53 0.67 0.78 0.68 0.70
0.67 % over 16.3 m
0.95 % over 1.5 m 0.83 % over 1.0 m
60.40 60.20 56.50 44.00 57.00 56.00 19.60 57.50 24.10 46.90
58.97 % over 4.3 m
67.50 61.70 0.61 % over 9.7 m
0.94 % over 1.7 m
0.96 % over 0.9 m 0.82 % over 3.6 m
67.30 54.20 61.50 0.56 % over 9.3 m
0.65 % over 44.10 m
39.20 26.30 42.60 38.90 39.60 50.80 63.90 51.10 61.90 67.40 60.50 60.00
35.35 m
15.30 14.70 14.00 11.90 12.10 11.70 12.50 11.50 3.37 11.30 9.50 11.00 10.70 11.80 10.50 11.10 10.80 11.60 5.55 6.97 0.45 10.10 11.00
14.59 % over 4.0 m
35.35 m
10.60 10.70 10.20 7.72 9.85 9.61 2.87 9.81 3.44 7.89
10.50 % over 4.3 m
57.80 % over 10.5 m
57.99 % over 3.8 m 49.35 % over 16.3 m
67.50 % over 1.5 m 61.70 % over 1.0 m
11.50 10.30 43.08 % over 9.7 m
55.70 30.20 65.10 23.30 31.40
Grade interval TiO2 (>5%)
1.3 1.5 1.5 1.5 1.5 1.8 1.7 1.0 1.5 1.5
High Grade interval TiO2 (>9%)
109.5 111.0 112.5 114.0 115.5 117.3 119.0 120.0 121.5 123.0
0.79 % over 3.8 m
65.50 % over 4.0 m
TiO2 (%)
Grade interval V2O5 (>0.3%)
108.2 109.5 111.0 112.5 114.0 115.5 117.3 119.0 120.0 121.5
0.75 % over 10.5 m
66.70 66.20 64.00 54.60 56.80 55.50 59.30 55.40 30.90 55.80 48.80 57.10 55.40 62.00 54.20 57.90 56.60 61.40 31.10 37.10 10.70 55.00 61.40
Grade interval Fe2O3 (>30%)
High Grade interval V2O5 (>0.6%)
35.35 m
High Grade interval Fe2O3 (>45%)
V2O5 (%)
0.73 % over 4.0 m
Fe2O3 (%)
Core length
0.76 0.74 0.71 0.63 0.67 0.64 0.71 0.68 0.22 0.70 0.60 0.70 0.71 0.82 0.69 0.77 0.73 0.80 0.41 0.48 0.03 0.75 0.84
To
1.0 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 2.1 0.4 2.0 1.8
From
Hole Id LD-19-016 LD-19-017
68.0 69.0 69.0 70.5 70.5 72.0 72.0 73.5 73.5 75.0 75.0 76.5 76.5 78.0 78.0 79.5 79.5 81.0 81.0 82.5 82.5 84.0 84.0 85.5 85.5 87.0 87.0 88.5 88.5 90.0 90.0 91.5 91.5 93.0 93.0 94.5 94.5 96.0 96.0 98.1 98.1 98.5 98.5 100.5 100.5 102.3
65.10 % over 1.7 m
10.90 8.71 9.91 39.55 % over 9.3 m
51.76 % over 44.10 m
10.52 % over 3.8 m
6.56 4.05 6.54 5.79 5.93 7.56 15.20 11.50 14.10 15.70 13.40 13.30
8.45 % over 16.3 m
11.50 % over 1.5 m 10.30 % over 1.0 m 7.08 % over 9.7 m
9.48 4.94 10.70 3.66 5.13
67.30 % over 0.9 m 57.08 % over 3.6 m
11.07 % over 10.5 m
10.70 % over 1.7 m
10.90 % over 0.9 m 9.18 % over 3.6 m 6.09 % over 9.3 m
10.09 % over 44.10 m
65.9
67.6
1.7
0.69
82.9 84.4 86.0 87.5 89.0 90.6
84.4 86.0 87.5 89.0 90.6 91.9
1.6 1.6 1.5 1.5 1.6 1.3
0.49 0.45 0.47 0.52 0.57 0.16
91.9 94.0 95.7 96.5 98.1
94.0 95.7 96.5 98.1 99.0
2.1 1.7 0.8 1.6 0.9
0.70 0.51 0.19 0.58 0.16
99.0 100.5 100.5 102.0 102.0 103.6
1.5 1.5 1.6
0.73 0.44 0.39
115.3 116.8 118.3 119.2 120.2 122.0 122.9 123.5 124.1 125.0 125.7 126.2
1.5 1.5 0.9 1.0 1.8 0.9 0.6 0.6 0.9 0.7 0.5 1.5
0.73 0.63 0.80 0.85 0.64 0.77 0.37 0.70 0.76 0.73 0.15 0.69
116.8 118.3 119.2 120.2 122.0 122.9 123.5 124.1 125.0 125.7 126.2 127.7
0.67 % over 3.7 m
0.60 % over 6.6 m
0.90 % over 0.8 0.69 % over 1.7 m
47.60 0.48 % over 20.8 m
0.70 % over 2.1 m
50.90 32.90 29.20 0.72 % over 21.90 m
56.90 % over 2.8 m
49.36 % over 11.4 m
46.62 % over 3.7 m
57.30 50.60 60.30 65.30 50.10 59.60 30.80 60.50 57.70 57.10 17.60 53.50
42.15 % over 6.6 m
61.50 % over 0.8 47.60 % over 1.7 m 34.60 % over 20.8 m
35.80 32.10 34.10 35.70 40.00 12.70 49.10 37.20 15.20 40.10 12.10
0.73 % over 1.5 m
0.83 % over 1.9 m
49.80 34.30 51.60 27.70 61.50
58.35 % over 6.0 m
49.10 % over 2.1 m
50.90 % over 1.5 m
55.31 % over 21.90 m 62.93 % over 1.9 m
11.25 % over 6.0 m
10.40 % over 2.8 m
8.43 % over 11.4 m
8.52 4.92 8.53 4.56 10.10
10.10 % over 0.8
7.75
7.75 % over 1.7 m
7.60 % over 3.7 m
6.89 % over 6.6 m
5.12 % over 20.8 m
5.37 4.84 4.97 5.34 5.92 1.75 7.41 5.33 1.88 6.07 1.87
7.41 % over 2.1 m
7.79 4.76 4.18
7.79 % over 1.5 m
12.20 10.10 12.80 13.60 9.96 12.00 5.82 11.00 11.70 10.90 2.70 10.30
Grade interval TiO2 (>5%)
0.75 0.44 0.74 0.38 0.90
0.69 % over 11.4 m
12.10 12.30 11.60 10.60 10.50 9.60 11.60 10.60 11.10 11.70 8.05 7.44 9.48 11.50 2.51 2.12 9.22 10.20 6.00 10.50 1.83 8.67 4.02 11.00
High Grade interval TiO2 (>9%)
1.1 1.0 1.7 2.2 0.8
0.78 % over 2.8 m
TiO2 (%)
56.3 57.2 58.9 61.0 61.8
0.77 % over 6.0 m
Grade interval Fe2O3 (>30%)
55.2 56.3 57.2 58.9 61.0
55.60 56.90 55.50 53.60 52.00 49.50 59.20 54.60 58.10 61.50 42.90 41.40 52.90 61.70 25.30 15.80 52.60 58.10 38.20 60.30 13.70 50.40 24.60 63.80
High Grade interval Fe2O3 (>45%)
V2O5 (%) 0.67 0.70 0.68 0.67 0.67 0.61 0.76 0.73 0.77 0.82 0.58 0.56 0.71 0.86 0.17 0.14 0.72 0.80 0.53 0.85 0.20 0.71 0.31 0.93
Fe2O3 (%)
Core length 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.3 1.8 1.5 1.5 1.7 1.7 1.5 0.8 1.8 0.8 1.9
Grade interval V2O5 (>0.3%)
To 16.5 18.0 19.5 21.0 22.5 24.0 25.5 27.0 28.5 30.0 31.5 33.0 34.5 35.8 37.5 39.0 40.5 42.2 43.8 45.3 46.0 47.8 48.6 50.4
High Grade interval V2O5 (>0.6%)
From
Hole Id LD-19-017 LD-19-020
15.0 16.5 18.0 19.5 21.0 22.5 24.0 25.5 27.0 28.5 30.0 31.5 33.0 34.5 35.8 37.5 39.0 40.5 42.2 43.8 45.3 46.0 47.8 48.6
10.93 % over 21.90 m 13.22 % over 1.9 m
142.6 144.0 144.8 146.3 147.1
0.5 1.4 0.8 1.5 0.8
0.92 0.79 0.84 0.87 0.96
153.7 155.1 156.2 156.8 158.3 158.9 160.0 161.5 162.4 163.7 164.5
155.1 156.2 156.8 158.3 158.9 160.0 161.5 162.4 163.7 164.5 166.0
1.4 1.1 0.6 1.5 0.6 1.1 1.5 0.9 1.3 0.8 1.5
0.73 0.88 0.61 0.73 0.39 0.77 0.89 0.59 0.94 0.14 0.37
166.0 167.4 168.9 170.0 171.5 172.5
167.4 168.9 170.0 171.5 172.5 173.3
1.4 1.5 1.1 1.5 1.0 0.8
0.89 0.26 0.45 0.85 0.97 0.90
184.6 185.6 185.6 186.9
1.0 1.3
0.46 0.56
186.9 188.1 189.5 191.0 192.0 192.9 194.4
188.1 189.5 191.0 192.0 192.9 194.4 195.8
1.2 1.4 1.5 1.0 0.9 1.5 1.4
0.94 0.26 0.60 0.92 0.82 0.30 0.41
195.8 197.0
1.2
0.95
1.5 3.0 4.5 6.0 7.4 8.4 9.4
3.0 4.5 6.0 7.4 8.4 9.4 10.2
1.5 1.5 1.5 1.4 1.0 1.0 0.8
0.45 0.31 0.32 0.32 0.23 0.35 0.35
26.0 27.0
27.0 27.7
1.0 0.7
0.36 0.37
30.4
31.9
1.5
0.32
0.92 % over 0.5 m
65.50 58.00 59.80 63.10 69.00
0.89 % over 3.1 m
0.80 % over 2.5 m
0.68 % over 19.60 m
0.82 % over 4.8 m
0.89 % over 1.4 m
53.70 60.80 43.40 52.30 29.20 55.80 62.70 44.10 66.40 12.80 28.40 64.40 21.90 33.50 60.70 69.30 64.10
0.90 % over 3.3 m 0.60 % over 12.4 m 0.94 % over 1.2 m
0.95 % over 1.2 m
67.60 0.34 % over 8.7 m
0.36 % over 1.7 m 0.36 % over
65.50 % over 0.5 m
56.82 % over 2.5 m
49.48 % over 19.60 m
58.63 % over 4.8 m
64.40 % over 1.4 m
43.39 % over 12.4 m 66.50 % over 1.2 m
67.60 % over 1.2 m
11.10 43.97 % over 8.7 m
10.46 % over 7.8 m 12.60 % over 0.5 m 11.90 % over 3.1 m
10.31 % over 2.5 m
8.59 % over 19.60 m
10.38 % over 4.8 m
10.90 % over 1.4 m
10.78 % over 3.3 m 6.98 % over 12.4 m
5.48 6.73 10.80 2.80 7.10 10.60 9.52 3.59 4.90
63.07 % over 1.9 m
55.80 40.40 42.90 42.90 31.60 46.00 45.30
9.69 11.10 7.59 9.56 5.03 9.89 11.20 7.57 11.80 1.73 4.86 10.90 3.54 5.41 10.30 11.50 10.80
64.13 % over 3.3 m
11.81 % over 7.4 m
6.50 12.70 4.60 12.60 11.00 11.20 11.80 12.80
63.77 % over 3.1 m
33.20 41.30 66.50 20.90 43.60 65.20 60.70 22.10 30.40
0.87 % over 1.9 m
55.38 % over 7.8 m
35.40 62.20 28.10
Grade interval TiO2 (>5%)
142.1 142.6 144.0 144.8 146.3
0.76 % over 7.8 m
12.10 13.20 10.90 11.30 11.20 13.10 10.70 7.90
High Grade interval TiO2 (>9%)
0.47 0.89 0.35
60.48 % over 7.4 m
TiO2 (%)
1.5 0.9 0.4
60.80 66.90 55.20 59.10 57.90 67.50 55.70 41.60
Grade interval Fe2O3 (>30%)
139.3 140.8 140.8 141.7 141.7 142.1
0.81 % over 7.4 m
High Grade interval Fe2O3 (>45%)
V2O5 (%) 0.80 0.90 0.73 0.79 0.79 0.92 0.73 0.52
Fe2O3 (%)
Core length 1.5 0.5 1.5 1.5 1.1 1.3 1.1 1.0
Grade interval V2O5 (>0.3%)
To 129.2 129.7 131.2 132.7 133.8 135.1 136.2 137.2
High Grade interval V2O5 (>0.6%)
From
Hole Id LD-19-020 LD-19-025
127.7 129.2 129.7 131.2 132.7 133.8 135.1 136.2
10.80 % over 1.2 m
10.09 % over 1.9 m
11.10 % over 1.2 m 9.27 % over 8.7 m
12.40 8.72 9.14 8.76 6.25 9.43 9.17
51.40 55.00
52.88 % over 1.7 m
10.50 10.90
10.66 % over 1.7 m
44.90
47.79 % over
9.56
10.46 % over
64.0 65.1 65.6
65.1 65.6 66.4
1.1 0.5 0.8
0.37 0.09 0.47
67.8 69.0 70.0 70.9 71.6 72.0 73.5 75.0
69.0 70.0 70.9 71.6 72.0 73.5 75.0 75.9
1.2 1.0 0.9 0.7 0.4 1.5 1.5 0.8
0.45 0.46 0.52 0.18 0.47 0.55 0.52 0.47
78.9 80.4 81.9 82.5 83.0 84.0 84.8
80.4 81.9 82.5 83.0 84.0 84.8 86.0
1.5 1.5 0.6 0.5 1.0 0.8 1.2
0.57 0.48 0.54 0.36 0.41 0.29 0.60
89.0
90.1
1.1
0.63
101.9 103.0 103.8 104.4
103.0 103.8 104.4 105.1
1.1 0.8 0.6 0.7
0.54 0.45 0.11 0.43
110.7 112.0 113.0 114.0 115.0
112.0 113.0 114.0 115.0 116.0
1.3 1.0 1.0 1.0 1.0
116.0 117.0 118.5 119.6 121.1 121.5 122.5 123.0 124.5 126.0 127.1
117.0 118.5 119.6 121.1 121.5 122.5 123.0 124.5 126.0 127.1 128.3
1.0 1.5 1.1 1.5 0.4 1.0 0.5 1.5 1.5 1.1 1.3
0.54 0.54 0.57 0.55 0.63 < 0.01 0.48 0.46 0.58 0.39 0.59 0.66 0.59 0.70 0.64 0.07
0.35 % over 2.4 m 0.47 % over 8.1 m
0.48 % over 7.1 m
0.63 % over 1.1 m 0.54 % over 1.1 m
11.30
3.1 m
63.50 54.90 58.30 49.50 63.30 61.30 55.20 52.70 57.70 45.90 59.80 53.90 51.30 12.60 52.40
54.73 % over 17.9 m
15.50 13.20 13.70 11.20 14.80 14.30 12.70 11.00 13.10 10.80 14.90 13.20 12.50 1.40 12.30
12.75 % over 17.9 m
11.10 0.92 15.40
10.62 % over 2.4 m
0.41 % over 3.2 m
43.50 % over 2.4 m
42.40 24.10 56.00
53.64 % over 8.1 m
56.20 57.40 63.00 26.30 31.90 60.20 59.00 47.40
51.71 % over 7.1 m
62.30 56.20 58.20 41.80 44.90 30.60 53.50 61.20
0.53 % over 27.95 m
0.64 % over 5.6 m
3.1 m
57.50 50.70 14.70 40.20
61.20 % over 1.1 m 57.50 % over 1.1 m
54.24 % over 27.95 m
61.40 55.90 57.20 57.40 62.30 0.49 48.10 47.40 57.90 45.20 57.30 65.00 59.10 68.80 62.70 27.30
43.99 % over 3.2 m
62.61 % over 5.6 m
13.68 % over 8.1 m
13.40 13.90 15.70 4.67 17.90 15.40 14.90 11.90
13.29 % over 7.1 m
15.90 13.80 14.80 9.94 11.10 7.05 16.00 16.50 14.00 12.70 2.86 8.45
16.50 % over 1.1 m 14.00 % over 1.1 m
10.37 % over 3.2 m
12.55 % over 27.95 m
14.60 13.80 14.00 14.00 15.50 0.10 11.70 11.50 14.10 9.81 14.30 15.80 13.90 16.70 15.40 1.29
Grade interval TiO2 (>5%)
0.48 0.44 0.48 0.39 0.53 0.49 0.43 0.36 0.45 0.36 0.48 0.40 0.39 0.04 0.40
High Grade interval TiO2 (>9%)
0.9 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.2 0.3 1.5 1.5 0.3 0.7 1.0
TiO2 (%)
46.0 47.5 49.0 50.5 52.0 53.5 55.0 56.5 57.7 58.0 59.5 61.0 61.3 62.0 63.0
50.50
Grade interval Fe2O3 (>30%)
45.2 46.0 47.5 49.0 50.5 52.0 53.5 55.0 56.5 57.7 58.0 59.5 61.0 61.3 62.0
3.1 m 0.43 % over 17.9 m
High Grade interval Fe2O3 (>45%)
V2O5 (%) 0.39
Fe2O3 (%)
Core length 1.6
Grade interval V2O5 (>0.3%)
To 33.5
High Grade interval V2O5 (>0.6%)
From
Hole Id LD-19-025
31.9
15.18 % over 5.6 m
0.7 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.3 1.3 0.5 1.4 1.5 1.0 0.8 1.2 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.0 1.0 1.5 1.5 1.0 0.7 0.3 1.5 1.2 1.3 1.0 1.5 1.5 1.0 0.8 1.2 0.9 1.6 1.3 1.2 1.5 1.5
0.70 0.73 0.74 0.76 0.70 0.75 0.78 0.76 0.61 0.65 0.13 0.64 0.66 0.67 0.60 0.62 0.62 0.61 0.73 0.67 0.65 0.73 0.75 0.55 0.76 0.78 0.58 0.79 0.46 0.76 0.76 0.73 0.66 0.57 0.78 0.84 0.68 0.74 0.77 0.85 0.72 0.67 0.26 0.26 0.77 0.63 0.80 0.77 0.87
154.0 155.5 157.0 158.5 160.0 161.5 163.0 164.5 165.8 167.1 167.6 169.0 170.5 171.5 172.3 173.5 175.0 176.5 178.0 179.5 181.0 182.5 184.0 185.5 187.0 188.5 190.0 191.0 192.0 193.5 195.0 196.0 196.7 197.0 198.5 199.7 201.0 202.0 203.5 205.0 206.0 206.9 208.0 209.0 210.5 211.8 213.0 214.5 216.0
0.74 % over 11.2 m
0.75 % over 4.0 m
0.77 % over 9.0 m
0.82 % over 5.05 m
67.00 0.69 % over 63.55 m
62.50 63.70 66.50 69.30 64.10 65.20 69.30 65.20 55.20 56.30 19.70 55.10 57.30 58.30 53.20 53.60 52.90 52.50 61.70 53.00 51.70 60.40 60.60 46.00 61.20 63.30 47.40 61.50 38.40 62.10 60.10 56.60 50.30 44.40 58.70 62.60 51.90 52.30 57.90 63.60 54.60 49.10 22.10 22.40 55.70 46.80 57.50 57.00 62.40
63.93 % over 4.3 m
67.00 % over 0.95 m 65.96 % over 11.2 m
59.98 % over 4.0 m
57.75 % over 9.0 m
59.85 % over 5.0 m
15.40 56.39 % over 63.55 m
13.80 13.80 14.80 15.40 14.20 14.50 15.60 14.40 11.80 12.20 2.77 11.90 12.30 12.30 11.30 11.30 11.00 10.90 12.80 11.60 10.90 12.50 12.50 8.93 12.20 12.40 9.13 12.20 7.33 11.70 11.50 11.50 10.40 8.63 11.50 12.30 10.10 10.70 11.00 12.10 10.20 9.38 4.14 4.07 10.20 8.43 10.60 10.60 11.50
Grade interval TiO2 (>5%)
153.3 154.0 155.5 157.0 158.5 160.0 161.5 163.0 164.5 165.8 167.1 167.6 169.0 170.5 171.5 172.3 173.5 175.0 176.5 178.0 179.5 181.0 182.5 184.0 185.5 187.0 188.5 190.0 191.0 192.0 193.5 195.0 196.0 196.7 197.0 198.5 199.7 201.0 202.0 203.5 205.0 206.0 206.9 208.0 209.0 210.5 211.8 213.0 214.5
0.73 % over 0.95 m
16.40 13.10 4.63 14.80 11.30 2.37 13.30 13.60 15.40 14.60
High Grade interval TiO2 (>9%)
0.73
TiO2 (%)
1.0
0.66 % over 4.3 m
Grade interval Fe2O3 (>30%)
140.7 141.7
67.60 57.10 24.50 66.60 54.00 17.10 60.50 61.20 67.50 63.80
High Grade interval Fe2O3 (>45%)
V2O5 (%) 0.72 0.57 0.19 0.65 0.50 0.10 0.60 0.61 0.71 0.68
Fe2O3 (%)
Core length 1.4 1.5 0.9 1.1 0.6 0.5 1.0 0.7 1.5 1.1
Grade interval V2O5 (>0.3%)
To 129.7 131.2 132.1 133.2 133.8 134.4 135.4 136.0 137.5 138.6
High Grade interval V2O5 (>0.6%)
From
Hole Id LD-19-025
128.3 129.7 131.2 132.1 133.2 133.8 134.4 135.4 136.0 137.5
14.42 % over 4.3 m
15.40 % over 0.95 m 14.62 % over 11.2 m
11.58 % over 4.0 m
11.19 % over 9.0 m
11.09 % over 5.0 m
11.48 % over 63.55 m
227.3 228.3 228.9 230.1 230.9 231.5 231.8 232.5
228.3 228.9 230.1 230.9 231.5 231.8 232.5 233.4
1.0 0.6 1.2 0.8 0.5 0.3 0.8 0.9
0.95 0.76 0.22 0.43 0.88 0.52 0.97 0.88
246.0 246.8 247.6 248.4 249.5 250.0 251.2 252.2 253.0 253.9 254.3 254.9 256.0 256.9 257.2 258.0 258.8 260.0
246.8 247.6 248.4 249.5 250.0 251.2 252.2 253.0 253.9 254.3 254.9 256.0 256.9 257.2 258.0 258.8 260.0 260.6
0.8 0.8 0.8 1.0 0.6 1.2 1.0 0.8 0.9 0.3 0.6 1.2 0.9 0.3 0.8 0.8 1.2 0.6
0.70 0.41 0.94 0.87 0.36 0.24 0.60 0.57 0.99 0.43 1.04 0.29 0.42 0.67 0.16 0.20 0.80 0.91
5.0 7.0 9.2 9.9 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 27.6 29.0 31.0
7.0 9.2 9.9 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 27.6 29.0 31.0 33.3
2.0 2.2 0.7 2.1 2.0 2.0 2.0 2.0 2.0 2.0 2.0 1.6 1.4 2.0 2.3
0.47 0.41 0.06 0.46 0.36 0.44 0.42 0.45 0.57 0.53 0.52 0.46 0.22 0.44 0.50
84.3 86.4 87.8
86.4 87.8 89.2
2.1 1.4 1.4
0.41 0.50 0.55
93.1 95.0 96.2 97.3 99.5 101.9 103.2 104.5 106.0 107.5 109.0
95.0 96.2 97.3 99.5 101.9 103.2 104.5 106.0 107.5 109.0 111.0
1.9 1.2 1.1 2.2 2.4 1.3 1.3 1.5 1.5 1.5 2.0
0.72 0.59 0.09 0.59 0.68 0.24 0.66 0.69 0.63 0.73 0.71
0.88 % over 1.60 m
0.68 % over 6.1 m
0.86 % over 2.50 m
0.58 % over 14.60 m 0.90 % over 1.85 m
0.90 % over 1.85 m
0.84 % over 1.80 m 0.44 % over 28.3 m
0.54 % over 6.0 m
0.48 % over 4.9 m 0.64 % over 113.90 m
0.72 % over 3.5 m
66.00 54.50 17.70 31.70 61.70 38.10 67.30 61.00 49.80 29.10 63.30 61.70 27.60 17.90 43.40 41.60 69.20 32.70 72.70 22.40 30.10 38.60 16.20 17.10 55.90 63.40 59.80 53.50 15.90 57.90 49.20 54.10 52.00 53.70 63.90 60.40 59.60 54.80 33.40 53.40 58.90
61.69 % over 1.6 m
48.53 % over 6.1 m
60.30 % over 2.5 m
41.46 % over 14.60 m 62.39 % over 1.8 m
63.43 % over 1.8 m
58.40 % over 1.8 m 54.15 % over 28.3 m
61.30 % over 6.0 m
53.29 % over 4.9 m
48.60 56.70 56.90 71.90 58.50 14.10 61.20 66.00 39.80 60.90 65.00 60.40 68.20 66.60
11.90 10.70
53.37 % over 113.90 m
67.29 % over 3.5 m
11.30 9.25 2.85 5.42 10.50 6.31 11.70 11.30 8.53 4.95 10.80 10.20 4.39 2.94 7.03 6.69 11.30 5.25 11.80 3.47 4.95 8.19 1.22 2.53 8.82 10.10 14.90 12.30 1.55 14.40 11.40 12.80 12.40 13.40 16.60 15.60 15.10 13.40 7.30 12.80 14.10
10.70 over 0.95 m 10.53 % over 1.6 m
8.40 % over 6.1 m
10.65 % over 2.5 m
6.72 % over 14.60 m 10.46 % over 1.8 m
10.32 % over 1.8 m
9.25 % over 1.8 m 13.16 % over 28.3 m
15.77 % over 6.0 m
12.49 % over 4.9 m
11.20 13.30 13.60 17.00 13.90 2.28 13.60 15.00 5.40 14.40 14.80 14.00 15.60 15.40
Grade interval TiO2 (>5%)
High Grade interval TiO2 (>9%)
59.10 over 0.95 m
TiO2 (%)
63.70 59.10
Grade interval Fe2O3 (>30%)
High Grade interval Fe2O3 (>45%)
0.88 over 0.95 m
Fe2O3 (%)
0.87 0.88
Grade interval V2O5 (>0.3%)
V2O5 (%)
0.8 1.0
High Grade interval V2O5 (>0.6%)
Core length
To
From
Hole Id LD-19-029
216.0 216.9 223.6 224.6
10.67 % over 113.90 m
15.49 % over 3.5 m
0.74 % over 15.0 m
0.87 % over 4.5 m
0.79 % over 4.5 m
0.92 % over 0.5 m
0.80 % over 4.6 m
0.81 % over 3.7 m
66.10 17.20 15.90 15.70 59.30 55.80 55.50 41.10 59.40 53.00 67.60
59.05 % over 6.0 m
56.75 % over 15.0 m
63.80 % over 4.5 m
56.40 % over 4.5 m
66.10 % over 0.5 m
56.92 % over 4.6 m
58.36 % over 3.7 m
12.30 1.59 1.44 2.27 10.50 9.91 9.95 7.07 10.50 8.92 11.80
13.78 % over 6.0 m
13.10 % over 3.0 m
13.05 % over 3.0 m
12.03 % over 6.0 m
11.16 % over 15.0 m
12.43 % over 4.5 m
10.28 % over 4.5 m
12.30 % over 0.5 m
10.13 % over 4.6 m
10.11 % over 3.7 m
Grade interval TiO2 (>5%)
0.92 0.11 0.10 0.16 0.83 0.78 0.78 0.56 0.84 0.71 0.98
0.72 % over 6.0 m
62.85 % over 3.0 m
8.43 13.50 14.90 13.70 12.70 13.80 13.10 12.30 12.30 9.17 11.70 10.60 12.90 13.30 11.20 10.90 13.60 12.50 10.60 10.50 12.00 11.20 12.40 12.50 9.89 9.88 9.91 10.90 13.20 10.10 12.20 9.70 10.90 11.50 11.00 11.60 11.10 10.30 12.00 12.20 13.10 8.93 4.13 7.33 9.44 10.60 10.80 3.61 2.41
High Grade interval TiO2 (>9%)
0.5 2.0 1.5 1.4 1.6 1.5 1.5 1.5 1.5 1.5 0.7
0.76 % over 3.0 m
61.55 % over 3.0 m
TiO2 (%)
185.5 187.5 189.0 190.4 192.0 193.5 195.0 196.5 198.0 199.5 200.2
0.72 % over 3.0 m
63.38 % over 6.0 m
Grade interval Fe2O3 (>30%)
185.0 185.5 187.5 189.0 190.4 192.0 193.5 195.0 196.5 198.0 199.5
0.72 % over 6.0 m
41.70 60.80 68.00 62.30 59.70 63.50 60.40 59.20 58.00 43.50 55.20 50.90 60.80 62.30 53.50 53.90 65.60 60.10 54.50 50.80 58.20 55.70 60.60 61.70 50.00 49.80 50.60 56.10 66.10 49.80 59.90 50.10 56.00 58.50 56.10 60.10 57.50 53.40 62.80 63.40 65.20 47.60 22.10 40.90 52.20 58.10 58.90 30.20 24.20
High Grade interval Fe2O3 (>45%)
V2O5 (%) 0.41 0.66 0.76 0.71 0.67 0.72 0.69 0.66 0.67 0.49 0.64 0.59 0.71 0.73 0.63 0.62 0.78 0.73 0.62 0.61 0.70 0.67 0.74 0.76 0.60 0.61 0.61 0.68 0.83 0.63 0.78 0.62 0.71 0.77 0.75 0.81 0.75 0.72 0.85 0.85 0.91 0.64 0.29 0.54 0.72 0.82 0.82 0.25 0.17
Fe2O3 (%)
Core length 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 3.0 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.0 1.0
Grade interval V2O5 (>0.3%)
To 112.5 114.0 115.5 117.0 118.5 120.0 121.5 123.0 124.5 126.0 127.5 129.0 130.5 132.0 133.5 136.5 138.0 139.5 141.0 142.5 144.0 145.5 147.0 148.5 150.0 151.5 153.0 154.5 156.0 157.5 159.0 160.5 162.0 163.5 165.0 166.5 168.0 169.5 171.0 172.5 174.0 175.5 177.0 178.5 180.0 181.5 183.0 184.0 185.0
High Grade interval V2O5 (>0.6%)
From
Hole Id LD-19-029
111.0 112.5 114.0 115.5 117.0 118.5 120.0 121.5 123.0 124.5 126.0 127.5 129.0 130.5 132.0 133.5 136.5 138.0 139.5 141.0 142.5 144.0 145.5 147.0 148.5 150.0 151.5 153.0 154.5 156.0 157.5 159.0 160.5 162.0 163.5 165.0 166.5 168.0 169.5 171.0 172.5 174.0 175.5 177.0 178.5 180.0 181.5 183.0 184.0
1.9 2.3 1.9 1.5 1.7
1.03 0.15 0.13 0.79 0.89
246.0 247.5 249.0 250.8
247.5 249.0 250.8 252.0
1.5 1.5 1.8 1.2
0.50 0.54 0.51 0.46
252.0 253.5
1.5
0.74
0.52 % over 19.2 m
1.03 % over 1.9 m
69.90 13.40 14.10 54.50 60.60
0.84 % over 3.2 m 0.55 % over 7.5 m
0.74 % over 1.5 m 0.50 % over 1.35 m
64.00 30.10 55.70 25.60 57.20 5.91
0.43 % over 5.8 m
44.14 % over 7.3 m
39.90 % over 7.5 m
52.30 % over 1.5 m 64.90 % over 1.35 m
1.3 1.5 1.5 1.5
0.50 0.42 0.39 0.40
130.6 131.3 131.7 133.0 134.3 135.5 137.0 137.4
131.3 131.7 133.0 134.3 135.5 137.0 137.4 139.0
0.7 0.4 1.3 1.3 1.2 1.5 0.4 1.6
0.44 0.08 0.46 0.10 0.51 0.49 0.07 0.58
142.4 143.6 145.0 146.2 147.3 147.8
143.6 145.0 146.2 147.3 147.8 149.1
1.2 1.4 1.2 1.1 0.5 1.3
0.51 0.45 0.40 0.68 0.18 0.58
153.4 154.5
1.1
0.65
156.4 158.5 160.9 162.0 162.9 165.0 166.5 168.0 169.5 171.0 172.5 174.0
158.5 160.9 162.0 162.9 165.0 166.5 168.0 169.5 171.0 172.5 174.0 175.5
2.1 2.4 1.1 0.9 2.1 1.5 1.5 1.5 1.5 1.5 1.5 1.5
0.72 0.19 0.66 0.11 0.68 0.72 0.71 0.68 0.63 0.66 0.73 0.66
180.8 182.5
1.7
0.66
0.66 % over
0.55 % over
51.30
48.99 % over
182.5 184.0
1.5
0.78
10.1 m
34.5 m
57.80
10.1 % over
0.49 % over 4.7 m
0.49 % over 6.7 m 0.55 % over 2.9 m 0.65 % over 1.1 m 0.72 % over 2.1 m
53.40 48.80 44.20 67.70 23.90 61.70 62.60
0.60 % over 19.1 m
0.68 % over 12.6 m
65.80 22.80 59.40 22.40 60.60 63.10 62.80 58.00 53.70 54.90 56.70 51.30
6.04 % over 19.2 m
50.53 % over 4.7 m
52.55 % over 6.7 m 57.46 % over 2.9 m
16.40 13.50 12.20 13.80 11.90 2.36 12.70 2.42 12.80 12.20 1.52 14.10 12.70 11.10 10.00 16.30 4.63 13.50 14.10
52.69 % over 19.1 m
57.78 % over 12.6 m
41.90 % over 34.5 % over
11.90 % over 1.9 m
9.43 % over 3.2 m 6.04 % over 7.5 m
5.65 5.92 5.69 4.80 7.98
56.85 % over 5.8 m
44.05 % over 8.4 m
62.60 % over 1.1 m 65.80 % over 2.1 m
10.70 4.97 9.21 4.14 9.75 0.50 11.90 1.99 1.78 8.97 9.84
57.70 % over 3.2 m
102.5 104.0 105.5 107.0
49.40 12.80 54.20 17.20 52.70 49.70 12.90 59.10
37.16 % over 19.2 m
69.90 % over 1.9 m
101.2 102.5 104.0 105.5
0.40 % over 8.4 m
64.90 55.90 52.00 55.40
7.35 % over 7.3 m
3.86 10.80 3.72 9.95
36.10 39.00 38.40 32.50 52.30
Grade interval TiO2 (>5%)
226.7 229.0 230.9 232.4 234.1
0.62 % over 7.35 m
High Grade interval TiO2 (>9%)
224.8 226.7 229.0 230.9 232.4
23.70 62.10 24.10 56.90
TiO2 (%)
0.92 0.41 0.80 0.35 0.81 0.04
Grade interval Fe2O3 (>30%)
0.6 1.5 1.7 1.8 1.8 2.6
High Grade interval Fe2O3 (>45%)
V2O5 (%)
215.5 217.0 218.7 220.5 222.3 224.8
Fe2O3 (%)
Core length
214.9 215.5 217.0 218.7 220.5 222.3
Grade interval V2O5 (>0.3%)
To
0.31 0.88 0.30 0.82
High Grade interval V2O5 (>0.6%)
From
Hole Id
1.6 1.1 1.8 2.4
LD-19-034
201.8 202.8 204.6 207.0
LD-19-034
200.2 201.8 202.8 204.6
16.00 4.12 13.90 2.42 14.20 14.40 14.10 13.10 11.90 12.00 12.10 10.70
7.98 % over 1.5 m 16.40 % over 1.35 m
13.91 % over 5.8 m
10.21 % over 8.4 m
12.09 % over 4.7 m
12.03 % over 6.7 m 13.03 % over 2.9 m 14.10 % over 1.1 m 16.00 % over 2.1 m
11.69 % over 19.1 m
12.88 % over 12.6 m
9.79
9.35 % over
11.30
10.1 % over
7.29 % over 34.5 % over
221.5 223.8 223.8 224.4
2.3 0.6
0.56 0.36
224.4 226.0 226.0 227.5 227.5 229.0
1.6 1.5 1.5
0.67 0.53 0.33
229.0 230.3 235.2 236.5 236.5 237.9
1.3 1.3 1.4
0.73 0.74 0.87
248.3 250.0 251.5 253.3 254.6
250.0 251.5 253.3 254.6 255.4
1.7 1.5 1.8 1.3 0.8
0.52 0.57 0.45 0.68 0.74
4.8 17.8 19.0 20.5 22.0 23.0
6.1 19.0 20.5 22.0 23.0 24.2
1.3 1.3 1.5 1.5 1.0 1.2
0.70 0.57 0.68 0.64 0.67 0.61
27.6 29.0 30.5 32.0 33.5 35.0 36.3 37.8 39.2 40.7 41.6 43.0 44.0 45.0 46.0 47.5
29.0 30.5 32.0 33.5 35.0 36.3 37.8 39.2 40.7 41.6 43.0 44.0 45.0 46.0 47.5 48.9
1.4 1.5 1.5 1.5 1.5 1.3 1.5 1.4 1.5 0.9 1.4 1.0 1.0 1.0 1.5 1.4
0.72 0.68 0.66 0.75 0.69 0.54 0.03 0.05 0.72 0.55 0.79 0.78 0.70 0.27 0.68 0.71
0.87 % over 1.3 m
62.60 23.90 13.10 37.90 29.10 54.30 27.70 50.60 49.50 27.60 31.80 48.60 25.40 65.00
0.67 % over 5.9 m
0.70 % over 4.7 m 0.55 % over 8.8 m 0.67 % over 1.6 m
0.73 % over 1.3 m 0.81 % over 2.7 m
51.30 51.30 60.20 0.57 % over 7.1 m
0.70 % over 2.1 m 0.70 % over 1.25 m 0.63 % over 6.5 m
0.68 % over 8.7 m
0.72 % over 5.8 m
0.69 % over 2.9 m
37.20 40.00 32.30 47.90 50.50 63.10 56.60 59.80 56.70 55.60 51.20
0.58 % over 21.30 m
10.10 10.70 4.12 9.50 2.85 6.57 62.60 % over 1.3 m
60.80 56.40 55.40 61.90 52.40 47.20 19.00 22.30 55.40 45.10 59.90 60.10 53.10 22.80 51.00 54.80
11.70 2.79 1.99 5.97 3.88 10.00 3.88 9.13 8.46 3.97 4.68 8.33 4.29 11.30
47.99 % over 5.9 % over
49.58 % over 4.7 % over 40.05 % over 8.8 m
39.90 28.10 47.60 42.60 24.70
Grade interval TiO2 (>5%)
0.87 0.19 0.12 0.46 0.30 0.78 0.32 0.71 0.67 0.33 0.40 0.68 0.34 0.94
High Grade interval TiO2 (>9%)
1.3 1.6 1.8 1.5 1.0 2.3 1.0 1.7 0.9 2.1 1.6 2.2 0.9 1.6
54.30 55.50 19.80 51.20 25.50 38.40
TiO2 (%)
195.1 196.7 198.5 200.0 201.0 203.3 204.3 206.0 206.9 209.0 210.6 212.8 213.7 215.3
Grade interval Fe2O3 (>30%)
193.8 195.1 196.7 198.5 200.0 201.0 203.3 204.3 206.0 206.9 209.0 210.6 212.8 213.7
High Grade interval Fe2O3 (>45%)
V2O5 (%) 0.71 0.76 0.27 0.70 0.20 0.51
Fe2O3 (%)
Core length 1.5 1.6 1.4 2.4 1.1 1.8
Grade interval V2O5 (>0.3%)
To 185.5 187.1 188.5 190.9 192.0 193.8
High Grade interval V2O5 (>0.6%)
From
Hole Id LD-19-034 LD-19-036
184.0 185.5 187.1 188.5 190.9 192.0
47.60 % over 1.6 m
51.30 % over 1.3 m 55.91 % over 2.7 m 40.01 % over 7.1 m 48.89 % over 2.1 m 63.10 % over 1.25 m 56.21 % over 6.5 m
55.82 % over 8.7 m
55.30 % over 5.8 m
52.83 % over 2.9 m
8.48 % over 5.9 % over
8.54 % over 4.7 % over 6.43 % over 8.8 m
6.58 4.38 8.02 6.22 3.94
8.02 % over 1.6 m
8.30 8.09 9.79
8.30 % over 1.3 m 8.97 % over 2.7 m
5.65 6.10 4.90 7.21 7.76 14.30 12.90 12.90 12.00 12.10 11.20
48.93 % over 21.30 m
11.70 % over 1.3 m
12.90 11.60 11.40 12.10 10.70 8.95 0.68 0.84 10.70 8.04 11.40 11.00 10.10 4.21 9.18 9.40
6.08 % over 7.1 m 7.42 % over 2.1 m 14.30 % over 1.25 m 12.25 % over 6.5 m
11.31 % over 8.7 m
10.40 % over 5.8 m
9.29 % over 2.9 m
9.02 % over 21.30 m
97.4
99.0
1.6
0.44
99.0
100.5
1.5
0.81
113.0 114.3
1.3
0.56
114.3 115.0 116.2 117.7 119.0 120.0 120.8 122.3 123.2
115.0 116.2 117.7 119.0 120.0 120.8 122.3 123.2 124.6
0.7 1.2 1.5 1.3 1.0 0.8 1.5 0.9 1.4
0.61 0.26 0.55 0.54 0.65 0.16 0.72 0.21 0.48
154.4 155.2 155.2 156.7 156.7 158.0
0.8 1.5 1.3
0.35 0.53 0.56
0.51 % over 8.2 m
0.62 % over 0.81 % over 1.5 m
0.61 % over 0.7 m
3.1 m 0.49 % over 11.6 m
0.56 % over 3.3 m
0.50 % over 3.7 m
49.95 % over 3.1 m 44.18 % over 1.8 m 37.88 % over 8.2 m
48.30 23.40 39.40 40.00 27.40 48.70
45.51 % over
35.40 56.30
56.30 % over 1.5 m
39.30 41.00 19.40 39.60 38.50 46.80 12.70 49.80 16.20 35.30 25.00 37.20 38.10
41.00 % over 0.7 m
11.6 m
6.56 2.87 5.93 5.91 6.99 1.83 7.59 2.51 5.21
34.68 % over 3.7 m
8.53 % over 3.1 m 6.92 % over 1.8 m 5.85 % over 8.2 m
6.84 % over
4.87 8.95
8.95 % over 1.5 m
3.1 m 5.38 % over
6.56 % over 0.7 m
11.6 m
6.48
3.57 5.43 5.42
8.21 % over 12.7 m
9.32 % over 2.9 m
7.73 3.72 6.02 5.64 4.37 7.62
3.1 m 35.19 % over
39.90 % over 3.3 m
10.44 % over 2.0 m
Grade interval TiO2 (>5%)
0.66 0.31 0.53 0.51 0.38 0.67
0.60 % over 1.8 m
54.04 % over 2.9 m
8.66 11.20 9.68 4.48 6.94 9.98 8.62 4.16 9.03 5.25 10.40 5.88 8.22
High Grade interval TiO2 (>9%)
1.6 1.2 1.5 1.5 1.5 1.0
0.72 % over 3.1 m
58.25 % over 2.0 m
48.30 % over 12.7 m
TiO2 (%)
85.1 86.3 87.8 89.3 90.8 91.7
0.73 % over 2.9 m
50.60 61.50 55.00 29.30 44.50 58.10 49.70 26.00 53.40 28.60 62.10 37.20 52.90
Grade interval Fe2O3 (>30%)
83.5 85.1 86.3 87.8 89.3 90.8
0.81 % over 2.0 m
0.66 % over 12.7 m
High Grade interval Fe2O3 (>45%)
V2O5 (%) 0.66 0.85 0.77 0.37 0.58 0.79 0.67 0.32 0.76 0.43 0.89 0.50 0.72
Fe2O3 (%)
Core length 1.4 1.0 1.0 1.0 1.5 1.5 1.4 0.9 0.6 1.0 1.5 1.0 0.8
Grade interval V2O5 (>0.3%)
To 52.0 53.0 54.0 55.0 56.5 58.0 59.4 60.3 60.9 61.9 63.4 69.2 70.0
High Grade interval V2O5 (>0.6%)
From
Hole Id LD-19-036
50.7 52.0 53.0 54.0 55.0 56.5 58.0 59.4 60.3 60.9 61.9 68.2 69.2
6.01 % over 3.3 m
4.99 % over 3.7 m
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 an integrated technology and mining company focused on developing an exclusive clean energy storage supply chain with XRG® vanadium redox flow battery technology, jointly owned process technology and it’s wholly owned and strategic vanadium resource base in mining friendly Quebec, Canada. The Company’s key mining assets contain vanadium, titanium and iron in VTM and include the Lac Doré Project adjacent to Blackrock Metals Inc. and the Iron-T Project near the Glencore (Bracemac-McLeod) Matagami Copper-Zinc Mine.
On behalf of the board of VanadiumCorp: Adriaan Bakker President and Chief Executive Officer For more information: Adriaan Bakker, President and CEO, VanadiumCorp Resource Inc. (TSX-V: “VRB”) By phone: 1-604-385-4489 By email: ab@vanadiumcorp.com Website: www.vanadiumcorp.com 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 Privat e 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 result s 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 th e Company’s business, operations and financial condition. Although the Company believes that the expectations reflected in thes e 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 Compan y’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 forwardlooking statements, except as required by applicable law.