First Vanadium Drills 48.77m (160ft) of 1.02% V2O5 at the Carlin Vanadium Deposit, Nevada
Date: Nov 28, 2018
First Vanadium Corp. (formerly Cornerstone Metals Inc.) (TSXV: FVAN) (OTCQX: FVANF) (FSE: 1PY) (“First Vanadium” or the “Company”) is pleased to announce results from an additional 11 confirmation in-fill drill holes along a 500m (1640ft) corridor of the Carlin Vanadium Deposit. The project is 6 miles south of Carlin, Nevada. A highlight interval from this drilling encountered 48.77m (160ft) grading 1.02% V2O5 starting at surface. The average grade of these 11 holes is 0.64% V2O5 as compared with the 2010 historic Inferred Resource average grade of 0.515% V2O5 (see Historic Inferred Resource below).
Holes RCC18-08, RCC18-09, RCC18-15 through RCC18-20, and RCC18-24 through RCC18-27 lie along the main corridor of the Central Zone. This drilling continues to prove continuity of a thick, shallow, near horizontal bed of high-grade vanadium mineralization, connecting to the nearest previous drill holes. The average thickness of the zone in these 11 holes is 31.9m (104ft). In the majority of these holes the high-grade mineralized zone lies within 10m (32ft) of surface. A figure has been placed on the Company website to demonstrate the location of these holes (https://firstvanadium.com/images/news-release/Figure%20for%20News%20release_Nov%2027_summary.jpg).
“The drilling continues to yield solid thicknesses and good high grades near surface. These in-fill holes provide valuable information and confidence to support a new resource estimate,” said First Vanadium President and Chief Executive Officer Paul Cowley. “There are pending assay results on a further 19 in-fill holes and 23 step-out holes from the Phase 2 RC summer program and those results will be reported as they become available. However, we are still experiencing slower than typical turnaround times due to laboratory volume backlog.”
Hole RCC18-17 encountered excessive water that prohibited continued RC drilling. However, the last 5-foot sample in this hole graded 0.96% V2O5. Holes RCC18-17, RCC18-20 and RCC18-25 also returned 6m (20ft) to 50m (60ft) thick near surface, flat-lying mineralized intervals above the main high-grade zone that graded between 0.2% and 0.28% V2O5.
