TORONTO, ON / ACCESSWIRE / February 1, 2021 / Vanadium One Iron Corp. (“Vanadium One” or the “Company”) (TSXV:VONE), is pleased to provide an update on the status of its ongoing program to expand the current resource at its Mont Sorcier iron and vanadium project, located just outside of Chibougamau, Quebec. The program was designed to expand the current resource at Mont Sorcier to produce a new Mineral Resource Estimate, which is planned for late Q1 2021.

As stated in our November 2, 2020 press release, the program consisted of a further 10 holes (total 3,414 metres) to define the eastern extension of the North Zone. We continue to await the assays results to confirm the head grade of the mineralization and Davis Tube analyses to determine magnetite content and the vanadium and iron grades of magnetite concentrates. Head assay results are expected in the coming weeks and final Davis Tube results are expected thereafter. These results will be used as the basis for an Updated Mineral Resource Estimate, which is expected around the end of the first quarter of 2021, depending on when final results are available.

The results of the previous Mineral Resource Estimate, published in April 2019, are outlined below:

Mineral Resource Estimate1 at Mont Sorcier Using a Cut-off Grade2 of 14% Fe, effective 23 April 2019 (https://www.vanadiumone.com/news/2019/Indicated-Resource-of-113.5-Million-Tonnes.pdf).

Zone Category4, 5 Tonnage Head grade Grade in concentrate
Rock

(Mt)

Concentrate

(Mt)

Fe

(%)

Magnetite

(%)

Fe

(%)

V2O5

(%)

Al2O3

(%)

TiO2

(%)

MgO

(%)

SiO2

(%)

South Indicated 113.5 35.0 22.7 30.9 65.3 0.6 0.3 1.2 3.8 2.8
Inferred 144.6 36.1 20.2 24.9 66.9 0.5 0.4 1.0 3.4 2.5
North Inferred 376.0 142.2 27.4 37.8 63.7 0.6 1.0 1.8 3.5 4.2
Total Indicated 113.5 35.0 22.7 30.9 65.3 0.6 0.3 1.2 3.8 2.8
Inferred 520.6 178.3 25.4 34.2 64.4 0.6 0.8 1.7 3.5 3.9

1 Numbers have been rounded to reflect the precision of Inferred and Indicated Mineral Resource estimates.

2 The reporting cut-off was calculated for a magnetite concentrate containing 65% Fe with price of $US 90/t of dry concentrate, 50% of the price of V2O5 contained in the concentrate, a V2O5 price of $US 14/lb, a minimum of 0.2 % of V2O5 contained in the concentrate, an open pit mining operation, a cost of mining and milling feed mineralization of USD 13.80/t, a cost of transporting concentrate of USD 40/t; and a cost of tailing disposal of USD 1.5/t.

finance.yahoo.com