First Vanadium Extends the Carlin Vanadium Deposit in Nevada by 300 Metres (984ft)
First Vanadium Extends the Carlin Vanadium Deposit in Nevada by 300 Metres (984ft) New Data Opens Deposit Strike Length to 2,130 metres (6,984ft)
First Vanadium Corp. (TSXV: FVAN) (OTCQX: FVANF) (FSE: 1PY) (“First Vanadium” or the “Company”) is pleased to announce that newly acquired historic data extends the strike length of the Carlin Vanadium deposit a further 300 metres (“m”) (984ft) to the south on the Carlin Vanadium property. Two drill holes and two trenches completed by Union Carbide in 1968, located south of, and beyond the current limit of the mineral resource, reported strong vanadium grades. Hole DDH4 returned an average grade of 0.91% V2O5 across 7.01m (23ft), starting near surface and hole R-128 returned an average grade of 0.51% V2O5 across 13.71m (45ft).
Drillhole ID From (m) To (m) Length (m) From (ft) To (ft) Length (ft) V2O5 (%) DDH-4 1.52 8.53 7.01 5 28 23 0.91 R-128 44.20 57.91 13.71 145 190 45 0.51
The two surface trenches returned average grades of 0.58% V205 across a width of 15.2m (50 ft) and 0.76% V205 across a width of 9.1m (30 ft) from a series of chip samples. Geological mapping conducted by the Company supports the southern projection of the deposit through these historic drill holes and trenches.
First Vanadium President and Chief Executive Officer, Paul Cowley stated. “This new information is positive reinforcement of the project’s expansion potential. The 300m southern extension amounts to a 15% gain in strike length which remains open to the south on the property.”
The Carlin Vanadium mineral resource as announced February 28, 2019 and detailed in the Technical Report, which was SEDAR filed April 10, 2019, has a strike length of 1,830m (6,000ft). The newly acquired historic drilling and trenching data opens the deposit strike length to at least 2,130m (6,984ft). This new data was not included in the resource estimate, as it did not become available to the Company until after the resource estimate was completed.
Both drill holes and trenches are located on the adjacent Cole Creek Property which makes up part of the Carlin Vanadium Property. The Company acquired mineral rights to the Cole Creek Property through a mineral lease agreement announced January 31, 2019.
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.
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