Toronto, Ontario (FSCwire) - Vanadium One Energy Corp. (the “Company”) (TSXV:VONE, FRANKFURT:9VR1), is pleased to announce the commencement of its Phase 1 drilling campaign at its Mont Sorcier Iron-Titanium-Vanadium Project. Drilling began on July 21st, 2017.
The drilling program was recommended in the NI 43-101 technical report dated October 29th, 2016 (available on SEDAR), and was written by Claude P. Larouche, P.Eng., who has spent over 20 years working in the Chibougamau region. John Priestner, President and Chief Executive Officer of the Company, said: “This is just the beginning of an interesting period for the Company as we continue drilling on clear targets as recommended by Claude and confirm historical work done in the 1970’s previous to NI 43-101.”
The drilling contract was awarded to Chibougamau Diamond Drilling Ltd. for a minimum of 1,000 meters for 10 short drill holes, directly across the mineralization of the South Zone. The Mont Sorcier property is just 18 kilometers east of the mining town of Chibougamau and is comprised of 57 claims covering about 1,910 Ha (4,797.4 acres). Being less than a 30 minute commute from town to the property, and easily accessible from Highway 167, this project is a luxury by any exploration standards. “The favorable logistics of the property will save the Company a significant amount of money” said John Priestner.
To maximize efficiency of the drill program, the Company intends to confirm results of previous drill holes quickly and fill in gaps at the same time to advance the project to the next level (phase 2 and 5,000 meters of drilling). Historical estimates of mineral resources of the iron formation are based on 35 vertical drillholes on 11 sections and trenches without vanadium assays. The iron formation hosting vanadium is divided between the North Zone (170 million tonnes) and the South Zone (100 million tonnes) about one kilometer apart and both north of Lac Chibougamau. Vanadium was assayed in the iron formation south of Lac Chibougamau, on two adjacent properties, by SOQUEM in the 1970’s. In 2013, Claude Larouche started replicating historical drilling data on Mont Sorcier by drilling two holes for Chibougamau Independent Mines Inc., one in each zone, and reported 0.26% V2O5 over 221 meters and 0.44% V2O5 over 54 meters respectively, in the North and South zones.
On July 5th and 6th, John Priestner visited the property with Pierre-Jean (PJ) Lafleur, a director of the Company. Mr. Lafleur is managing the execution of the technical program with the assistance of his associates and close network of exploration and mining experts. Claude Larouche has accepted to continue to work on the project for the Company. He is currently leading the drilling in the field, logging cores and sampling with the technical assistance of Chibougamau Diamond Drilling.
Mr. Lafleur has been working on various iron-titanium-vanadium projects around Chibougamau since 2003. His skills to increase the economic value of projects are outstanding and respected in the mining industry. The Company is happy to have him on board and managing the execution of the technical program.
John Priestner, CEO of the Company, commented, "I look forward to having positive drilling results as the Company moves forward. The next phase of drilling in the coming months should outline mineral resources to comply with NI 43-101. Exploration is a process of discovering what we really have in the ground. When we have enough data, the Company will update and disclose its technical report and make it available to shareholders and the public. In the meantime, we will continue to inform the public of our progress.”
The technical information contained in this news release has been reviewed and approved by Claude P. Larouche, P.Eng. (OIQ), who is a Qualified Person with respect to the Company’s Mont Sorcier Vanadium-Iron-Titanium Project as defined under National Instrument 43-101.
About Vanadium One Energy Corp.:
Vanadium One Energy is a mineral exploration company located in Burlington, Ontario, Canada. Our primary focus is to acquire "near-term production" exploration mining projects and existing producers and processors. Vanadium One Energy Corp. is managed by an experienced team of mining professionals with extensive operating and financial experience.