Vanadium One Increases Phase 2 Drilling At Mont Sorcier
Date: Oct 26, 2018
Vanadium One Energy Corp. (TSXV:VONE, FRANKFURT:9VR1) (the “Company”), is pleased to announce that it is increasing its Phase 2 drilling campaign at its Mont Sorcier Vanadium-Magnetite Project. Drilling should resume on, or about, Monday October 29, 2018. Our plan is to continue outlining the South Zone by drilling an additional 2,000 meters in 10 drill holes, with each hole averaging approximately 200 meters in length.
The Company is also pleased to announce that on October 23, 2018, 1,450,000 incentive stock options were granted to directors, employees and consultants. The options are exercisable at $0.15 per share, for a period of 3 years from the date of issue.
As in our previous drilling campaigns, the drilling contract was awarded to Chibougamau Diamond Drilling Ltd., and calls for ten (10) new NQ sized drill holes. Drilling is expected to be completed by mid-November, with core logging, cutting and sampling to be completed at the Vanadium One Core Shack, located in Chibougamau, shortly thereafter. Core samples will be sent regularly to selected laboratories during this period of logging and assessment.
The increase for Phase 2 drilling is based on continuing positive results obtained to date and the successful closing of our recent private placement where we raised over $1 million, as announced on October 17, 2018.
Phase 2B was completed in September 2018, comprising 10 holes, totaling 2,067 meters. The objective for Phase 2B was to continue drilling in the South Zone between historical sections 52E and 68E, to complete a 100-meter grid spacing, which started in Phases 1 and 2A in 2017. Our continuation of Phase 2 will extend drilling from historical section 68E to about 100E over a one kilometer strike length. Drilling will continue at 45° to 60° drill angles across the steep dipping 150 meter thick iron formation.
Phase 2B samples were completed in early October. A total of 743 core samples, plus 50 samples for QA/QC, are ready to be shipped for assaying to a laboratory being selected now. Samples from our continuation of Phase 2 will follow by the end of November and into December.
Phase 2B assay results are expected in late November, starting with XRF and Satmagan in the core samples, followed by Davis Tube Magnetite Concentrate (DTMC) soon thereafter.
Martin Walter, Chief Executive Officer, said, “We are very excited by this project and its potential. I am very pleased to join the Company with new investors and contribute to our goal of exploring and developing this Vanadium-Magnetite Project. The Project is well located and has low titanium, which we think give us a big advantage.”
Project Background to Support VONE Drilling Guidelines
The Mont Sorcier project is comprised of 57 key mineral claims covering approximately 1,910 Ha (4,797.4 acres).
Historical data at Mont Sorcier is exceptional. VONE continues to use this data to plan its own work to achieve maximum efficiency. For example, VONE drill holes and resulting assays were taken from the Mont Sorcier South Zone where historical data indicate a higher vanadium grade in the magnetite near section 60E. VONE results are comparable to Campbell historical results so far. Historic drilling in 1966, as reported with vanadium in 1975, and more specifically, drill holes FS-45 and FS-51, indicated grades up to 1% V2O5 in the magnetite concentrates using Davis Tube. The high grade intersections discovered in previous drilling campaigns by VONE continue to confirm the historical data.
