First Vanadium Corp. (formerly Cornerstone Metals Inc.) (TSX-V: FVAN) (OTCQX: CCCCF) (FSE: 1PY) is pleased to announce the results from the first 6 of 69 reverse circulation drill holes from its Phase 2 drilling on the Carlin Vanadium Project, located 6 miles south of Carlin, Nevada. The objectives of this drill program were to infill and expand the Carlin Vanadium deposit.
The first 6 reverse circulation drill holes were focused within the South Zone to infill the drill pattern in an area of 120m by 160m. All holes hit mineralization as expected and where expected. The table below provides the highlights of these first 6 holes.
|Drillhole ID||From (m)||To (m)||Length (m)||From (ft)||To (ft)||Length (ft)||V2O5 (%)|
The reported holes were drilled vertically except RCC18-04 which was angled at -60o. True thickness estimates of mineralization are approximately 95% of the drill intercept length, except RCC18-04 which is 60% of the intercept length.
Hole RCC18-02 was a twinned hole of a previous Union Carbide rotary hole R-95 to compare and further verify old data. The table below compares the two holes with the same depths of their intercept. The First Vanadium hole returned 26% better V2O5 grade than the Union Carbide hole.
|Drillhole ID||From (m)||To (m)||Length (m)||From (ft)||To (ft)||Length (ft)||V2O5|
“We continue to deliver solid drill results that meet and exceed expectations”, said First Vanadium President and Chief Executive Officer Paul Cowley. “The higher grades in a second twinned hole are very promising indicators for our project.”
Combining the 1960’s Union Carbide drilling with the Company’s winter 2018 diamond drilling program and its Phase 2 summer reverse circulation drilling, the Carlin Vanadium deposit is now defined by 216 drill holes. The program was supervised by the Company’s Qualified Person, Paul Cowley, P.Geo., and President and CEO of the Company. Industry standard QAQC practices were followed. Analyses were performed by MS Analytical of Langley, BC, an ISO 17025 Accredited laboratory. Further results will be forthcoming. Once all drill results have been received, the Company will initiate a new resource estimate.
The Carlin Vanadium deposit is considered the largest, highest grade primary vanadium deposit in North America (USGS Professional Paper 1802 Critical Mineral Resources of the United States—Economic and Environmental Geology and Prospects for Future Supply dated December 18, 2017).
Vanadium prices for 98% flake V2O5 have steadily risen from under US$3.00/lb less than 3 years ago. Last week’s prices reached over US$27/lb, reflecting the higher demand for vanadium over its tight supply, globally.
Vanadium is growing in importance for key industrial manufacturing sectors most notably steel and renewable energy. Today, more than 85 percent of the world’s vanadium is used in steel manufacturing applications. Its importance to the energy sector is also growing rapidly with more than 10 percent of vanadium production used in energy storage where its substantial cost and performance benefits make it an alternative choice to lithium ion in several areas.
About First Vanadium Corp.
First Vanadium (formerly Cornerstone Metals Inc.) has an option to earn a 100% interest in the Carlin Vanadium Project, located in Elko County 6miles south from the town of Carlin, Nevada. The Carlin Vanadium Project hosts the Carlin Vanadium Deposit which is flat to shallow dipping and at shallow depths, 0-60 m (0-200 ft) below surface.
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