First Vanadium Completes Drilling at the Carlin Vanadium Project
Date: Oct 8, 2018
First Vanadium Corp. (formerly Cornerstone Metals Inc.) (TSXV: FVAN) (OTCQX: CCCCF) (FSE: 1PY) (“First Vanadium” or the “Company”) is pleased to announce that it has completed the Phase 2 drilling program on its Carlin Vanadium Project, located 6 miles south of Carlin, Nevada.
A total of 69 holes were completed in the Phase 2 Reverse Circulation drilling program, far exceeding the planned 40-hole program. The objectives of this drill program were to infill and expand the deposit. Combined with the 1960’s Union Carbide drilling and the Company’s spring 2018 diamond drilling program, 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. Assays will be forthcoming throughout October. A new resource estimate will follow.
The Carlin Vanadium deposit is considered one of the largest, highest grade primary vanadium deposits 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$22/lb, reflecting the higher demand for vanadium over its supply, globally.
