Vanadium One advances on Quebec results
Date: Feb 11, 2019
Vanadium One Energy Corp. [VONE-TSXV; VDMRF-OTC; 9VR1-FSE] on Thursday February 7 released assay results from the first eight holes of its 2018 fall drilling program that targeted its 100%-owned Mont Sorcier Project near Chibougamau, Quebec.
The Mont Sorcier Project is a bulk-tonnage magnetite iron ore and vanadium deposit, with very low titanium content.
The company said drilling intersected continuous mineralization throughout each hole, with Hole MSN-18-02, returning a continuous wide mineralized intersection of 244 metres, grading 60.5% Fe (iron ore) and 0.63% vanadium pentoxide (V2O5), using the Davis Tube Test.
It was one of the first holes to be drilled in the property’s North Zone.
Vanadium One shares advanced on the news, rising 3.85% or $0.005 to 13.5 cents. The shares trade in a 52-week range of $0.04 and 28.5 cents.
Vanadium is growing in importance for key industrial manufacturing sectors, notably in steel and renewable energy. More than 85% of the world’s vanadium is used in steel manufacturing applications.
Its importance to the energy sector is also growing rapidly with more than 10% 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.
In the last three years, Vanadium prices for 98% flake V205 have steadily risen from under US$2 a pound to $27.45.
Vanadium One is exploring on a group of claims referred to as the Mont Sorcier mining property. It consists of 57 claims and covers 1,919 hectares. The area is easily accessible by an-all-weather gravel road. Infrastructure is said to be excellent in the region, given the history of successful mining in the area since the early 1950s.
The property contains a historical resource of 270 million tonnes grading 28% Fe as published in 1974 by Campbell Chibougamau Mines Ltd. However, that estimate is based on work that is insufficient to meet current NI 43-101 standards of disclosure.
