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First Vanadium Corp.
Summary
| Project: | Carlin Vandium | |
|---|---|---|
| Deposit: | Carlin Vandium | |
| Location: | United States | |
| Commodities: | Vanadium | |
| Date: | 2/27/2019 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 27-2-2019: First Vanadium Corp. announces a Resource Estimation report for its Carlin Vandium deposit at the Carlin Vandium project. Initial mineral resource estimate at the project. February 27, 2019 ‐ Vancouver, British Columbia – First Vanadium Corp. ( | |
| Resources: | (Resource): 7.19Mt @ 0.520% V2O5 (Inf.), 24.64Mt @ 0.6151% V2O5 (Ind.) | |
| CP/QP: | [Resources]: Bart Stryhas (Independent) | |
| ABSTRACT: | February 27, 2019 ‐ Vancouver, British Columbia – First Vanadium Corp. (formerly Cornerstone Metals Inc.) (TSX‐V: FVAN) (OTCQX: FVANF) (FSE: 1PY) (“First Vanadium” or the “Company”) is pleased to announce that SRK Consulting (U.S.), Inc. (“SRK”) has completed an independent National Instrument 43‐101 (“NI 43‐101”) compliant mineral resource estimate (Table 1) on the Carlin Vanadium deposit located 6 miles south of Elko, Nevada. The mineral resource estimate replaces the 2010 SRK historic mineral resource estimate. Table 1. Carlin Vanadium Mineral Resource Statement at 0.3% V2O5 Cut‐off grade (CoG) (Effective Feb. 1, 2019) This is the first time Indicated mineral resources have been established for the deposit, justified by the Company’s two drill campaigns totaling 89 holes which verified historic drilling, twinned 6 historic holes either replicating or demonstrating improved grade, and in‐filled to tightened the previous drill pattern. The resource as defined within the pit shell has a defined strike length of approximately 1,800 metres and width averaging 600 metres, starting at surface to depths of 120 metres. The thickness of the main mineralized zone ranges from 15 metres to 50 metres. As noted in the Company’s press release of January 31, 2019, the recent acquisition of adjoining lands via a mineral lease has had a positive impact on the overall pit shell design. First Vanadium President and Chief Executive Officer, Paul Cowley stated, “Our Maiden resource estimate far exceeds our expectations. Approximately 77% of the estimation reports to the Indicated category, grades are higher than expected in the Indicated category, and the contained pounds of V2O5 metal in the deposit in both Indicated and Inferred categories are higher than expected.” The Carlin Vanadium deposit mineral resource was estimated by Dr. Bart Stryhas of SRK Consulting (U.S.), Inc. based on 216 rotary, reverse circulation and diamond drill holes completed by Union Carbide in the late 1960s and First Vanadium in 2018. The grade estimation utilizes an Inverse Distance Squared algorithm and is confined by a 0.2% V2O5 grade shell. The raw sample data was capped at 2.5% V2O5 prior to being composited to 10ft lengths. A dynamic sample search orientation was employed which follows the trends of the mineralized horizons. | |
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