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First Vanadium Drill Results Reinforce Continuity of High-Grade Mineralization including 41.15m (135ft) of 0.84% V2O4 at the Carlin Vanadium Project, Nevada

 

 

 

 

 

First Vanadium Corp. (TSX-V: FVAN) (OTCQX: FVANF) (FSE: 1PY) (formerly Cornerstone Metals Inc.)  is pleased to announce results from an additional 17 confirmation drill holes from within and along a 1,220 metres (4,000ft) corridor of mineralization at its Carlin Vanadium Project located 6 miles south of Carlin, Nevada. Three highlight intervals from this drilling encountered 41.15m (135ft) grading 0.84% vanadium (“V2O5“), 38.1m (125ft) grading 0.75% V2O5 and 27.43m (90ft) grading 0.84% V2O5. The average grade of these 17 holes is 0.54% V2O5. The average estimated true thickness of the zone in these 17 holes is 33.7m (110ft). The highlights of the 17 holes are tabled below.

 

First Vanadium President and Chief Executive Officer, Paul Cowley stated, “We continue to be pleased with these drill results that reinforce continuity of a thick, shallow, near horizontal bed of high-grade vanadium mineralization, correlating well to the nearest previous drill holes and improving drill density. Remaining drill assay results from an additional 25 exploratory holes, are expected to be released next week.”

 

Confirmation Drilling Highlights:

 

 

Drillhole ID From (m)  To (m)    Length (m)  Est.True (m)  From (ft)  To (ft)  Length (ft)  Est.True (ft)  V2O5 (%) 
RCC18-21* 76.20 114.30 38.10 32.4 250 375 125 106 0.75
RCC18-22* 62.48 103.63 41.15 35.0 205 340 135 115 0.84
RCC18-23* 27.43 80.77 53.34 45.3 90 265 175 149 0.64
RCC18-30* 36.58 77.72 41.15 30.9 120 255 135 101 0.64
RCC18-32* 57.91 88.39 30.48 27.7 190 290 100 91 0.48
RCC18-33* 18.29 62.48 44.20 33.2 60 205 145 109 0.47
RCC18-40* 9.14 47.24 38.10 32.8 30 155 125 108 0.52
RCC18-41* 1.52 22.86 21.34 16.0 5 75 70 53 0.35
  36.58 100.58 64.01 48.0 120 330 210 158 0.65
RCC18-42* 6.10 59.44 53.34 50.7 20 195 175 166 0.38
RCC18-43* 64.01 86.87 22.86 19.4 210 285 75 64 0.27
RCC18-44* 18.29 32.00 13.72 10.3 60 105 45 34 0.30
  39.62 103.63 64.01 48.0 130 340 210 158 0.25
RCC18-52 7.62 45.72 38.10 38.1 25 150 125 125 0.58
RCC18-54 0.00 12.19 12.19 12.2 0 40 40 40 0.51
RCC18-60 0.00 18.29 18.29 18.3 0 60 60 60 0.62
RCC18-64* 0.00 27.43 27.43 20.6 0 90 90 68 0.84
RCC18-67* 57.91 85.34 27.43 20.6 190 280 90 68 0.27
RCC18-69 28.96 62.48 33.53 33.5 95 205 110 110 0.50

 

A map has been placed on the Company website to demonstrate the location of these holes.

(https://firstvanadium.com/images/PDF/News_release_Jan_10_2019.pdf)

 

Four of the holes, RCC18-32, RCC18-43, RCC18-44 and RCC18-67, ended in mineralization. Holes RCC18-32, RCC18-43 and RCC18-67 also returned 10m (30ft) to 25m (75ft) thick, near surface, flat-lying mineralized intervals above the main high-grade zone that graded between 0.21% and 0.26% V2O5.

 

Thirteen of the 17 holes were angle holes; adjusted and estimated true thickness (Est. True) of their intercepts are displayed in the table above. The drill intercepts of the vertical holes are considered true thickness.

 

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 is growing in importance for key industrial manufacturing sectors most notably steel and renewable energy. Today, more than 90% of the world’s vanadium is used in steel manufacturing applications. Its importance to the energy sector is also growing rapidly with more than 5% 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, 6 miles south from the town of Carlin, Nevada on Highway I-80. 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.

 

Posted January 10, 2019

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