TSX-V-listed VanadiumCorp Resource has published the results of a mineral resource estimate for its flagship Lac Doré vanadium project, in Quebec, which it says is one of the largest undeveloped deposits of vanadiferous magnetite in the world, with in excess of 1.4-billion pounds of vanadium pentoxide (V2O5). in magnetite concentrate.
The total measured and indicated mineral resources for the project are estimated at 214.93-million tonnes of mineralised material contained in the Lac Doré Main Zone, with the potential to produce 52.97-million tonnes of magnetite concentrate grading 1.3% V2O5, 62% iron and 8.7% titanium dioxide (TiO2).
In addition, the project hosts 86.91-million tonnes grading 0.4% V2O5, 28% iron, 7.6% TiO2 and 25.9% magnetite concentrate in the inferred category, which are estimated to contain 22.55-million tonnes of magnetite concentrate grading 1.2% V2O5, 62% iron and 9.2% TiO2.
“The results of the mineral resource estimate for our Lac Doré vanadium project have exceeded our expectations.
“The favourable metallurgy/Davis Tube results demonstrate the potential of the Lac Doré deposit to yield magnetite concentrates with high vanadium grades, with a significant proportion of the resources exceeding 1.4% V2O5 in magnetite concentrate. The significant tonnage of the measured and indicated mineral resources highlights the excellent continuity of the vanadium-bearing titanomagnetite mineralisation at Lac Doré and sets the stage for more advanced technical studies on the project, including metallurgical testing,” says VanadiumCorp president and CEO Adriaan Bakker.
VanadiumCorp now has sufficient mineral resources in the appropriate categories to progress with a preliminary economic assessment or prefeasibility study and the company plans to independently validate its green jointly owned VanadiumCorp Electrochem Process Technology (VEPT) for use in future economic studies.
The Lac Doré project is comprised of 115 mining claims over an area of 45 km2.
VanadiumCorp says superior vanadium grades, size and well-developed infrastructure provide it with a valuable strategic position to take advantage of the strong vanadium market driven by supply shortages and growing demand from the Chinese steel industry, as well as the fast-emerging use of vanadium in energy storage.
In addition to the development of Lac Doré, VanadiumCorp is also developing its jointly owned VEPT chemical process for the recovery of vanadium, iron, titanium and silica from feedstocks such as vanadiferous titano-magnetite, iron-ore and other industrial by-products containing vanadium.