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Advancing the Mont Sorcier Iron Ore and Vanadium Project

Mont Sorcier Iron

The Mont Sorcier Iron ore property hosts a large high quality Iron resource with significant and extractable Vanadium in a top tier mining jurisdiction. The Mont Sorcier Iron-Vanadium deposit consists of a North and South deposit that boast exceptionally low Titanium content, allowing for simple extraction of the Vanadium metal by a blast furnace, making the deposit and possible product unique in the world markets (to be determined by Preliminary Economic Assessment study Q4 2019).

Excellent Mining Jurisdiction

Located just 18 km outside of Chibougamau, Quebec by road Mont Sorcier boasts impressive existing infrastructure in one of the world’s top tier mining jurisdictions.

The Mont Sorcier property is less than 10 km from low-cost provincial Hydro along maintained roads. Roads lead directly from Mont Sorcier to the rail head less than 20 km away. The railway is underutilized by approximately 45% and provides direct access to several deep water ports in Quebec.

Located north of the 49th parallel, Mont Sorcier is eligible for support by the Quebec government through Plan Nord, a program focused on supporting mining and development in northern Quebec.

Large Resource Tonnage

Mont Sorcier boasts an impressive 113.5 Mt Indicated and 520.6 Mt Inferred with the potential for expansion along strike, where the deposit’s magnetic anomaly continues, and at depth. Over 7,000 m of drilling at 32 holes by Vanadium One Iron in both the North and South Zone between July 2017 and December 2018 have revealed wide downhole iron ore intersections as long as 214 m (see Figure 1).

Figure 1: Mont Sorcier 2017-2018 Drilling intersections of Iron formation.

Premium Priced Iron Ore

Iron Ore at Mont Sorcier is expected to upgrade to a premium product (65-67% Fe) through grinding and magnetic separation as observed through historic metallurgy work performed by Campbell Mines in the 1970s1. Campbell Mines tested composites from 28 holes located in both the North and South zones of Mont Sorcier (Table 1).

Table 1: Davis Tube results from Metallurgy work performed by Campbell Mines in North and South zone of Mont Sorcier.

 

Section

% Fe

% TiO2

% V2O5

% SiO2

% MgO

% Al2O3

% P2O5

North Zone

16W

65.7

1.02

0.39

3.00

2.38

0.9

<0.001

4W

66.9

1.25

0.61

2.75

2.21

0.68

<0.001

12E

66.1

1.32

0.60

3.21

2.75

0.75

<0.001

28E

65.6

1.36

0.62

3.23

2.54

1.18

<0.001

42E

65.7

1.57

0.54

3.60

3.02

0.74

<0.001

South Zone

36E

66.8

0.56

0.68

3.70

3.37

0.41

0.010

44E

67.7

0.65

0.58

2.10

3.42

0.27

0.010

52E

68.1

0.82

0.66

1.90

2.58

0.35

0.003

60E

67.2

0.90

0.93

1.90

3.04

0.42

0.010

68E

67.8

1.58

0.43

1.50

2.71

0.3

0.006

84E

68.2

0.98

0.45

1.70

2.40

0.45

0.001

100E

68.4

0.81

0.84

1.40

2.85

0.3

0.006

108E

67.9

0.84

0.77

1.10

2.88

0.48

0.003

114E

67.5

0.79

0.77

1.90

3.20

0.41

0.003

121E

68.5

0.96

0.59

0.90

2.69

0.31

0.002

1 Historic work performed by Campbell Mines and other, including but not limited to metallurgy, assays, feasibility student work, is not considered current by Vanadium One Iron under National Instrument 43-101 regulations and should not be relied upon.

2 Results acquired from grinding to 325 mesh at 95% passing, magnetic separation, followed by Davis Tube tests of the magnetic portion of the concentrate.

3 Additional information regarding this testwork can be found in GM30635 “Project 776 1e partie – Zone Nord de la Baie Magnetite, Separation magnetique au Tube Davis”

Figure 2: Location of sections sampled by Campbell Mines from Mont Sorcier North and South zones.

Metallurgy work is underway to optimize economic extraction of high grade Iron ore at Mont Sorcier by evaluating grind size, magnetic separation, and other processing parameters.

Vanadium One Iron’s Davis Tube data from drilling between 2017 and 2018 demonstrate clearly that Iron ore Concentrate at 65% Fe can be achieved with much less grinding than Campbell Davis Tube results. Vanadium One Iron’s data shows that Iron ore concentrate depends NOT on grinding as much as %Mag cut-off grade input and deposit geological and mineralogical zoning (Figure 3). More information and details can be found in the Mont Sorcier NI 43-101 from June 2019 and News Releases.

Figure 3: Grade of Iron (% Fe) plotted against Magnetite (% Mag) in Concentrate at Mont Sorcie. Data collected from Davis Tube testing of core drilled from 2017 and 2018 drill campaigns.

High Quality Iron Ore

Low titanium (< 2%) and deleterious elements such as phosphorus, aluminum, and silica speak to the high quality of Iron Ore and Vanadium present at Mont Sorcier as observed in the NI 43-101 resource estimate for Mont Sorcier in Table 2.

Table 2: NI 43-101 compliant resource estimate for Mont Sorcier (June 2019)*

Zone

Category

Ore

Concentrate

Head Grade

Grade in Concentrate

M tonnes

M tonnes

% Fe

% Magnetite

% Fe

% V2O5

% Al2O3

% TiO2

% MgO

% SiO2

South

Indicated

113.5

35

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

3.4

2.5

North

Inferred

376

142.2

27.4

37.8

63.7

0.6

1

1.8

3.5

4.2

Total

Indicated

113.5

35

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

* The reporting cut-off was calculated for a saleable magnetite concentrate containing 65% Fe with price of US$90/tonne 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 ore of US$13.80/tone, a cost of transporting concentrate of US$40/tone; and a cost of tailing disposal of US$1.50/tonne
Note: resource estimate completed by CSA Global

A Unique Opportunity

Exceptionally low titanium content at Mont Sorcier makes the deposits unique to other Fe-Ti-V deposits in Quebec and around the world. Low Titanium (TiO2) in the deposit allows the Iron ore and Vanadium (V2O5) processing directly through a blast furnace.

The layered mafic-ultramafic rocks that form the Mont Sorcier North and South zones are the same stratigraphic unit that have undergone km-scale folding. The North zone represents the north-dipping limb of the anticlinal fold structure and the South zone represents the hinge zone of a syncline (see Figure 4).

Figure 4: Structural relationship between the North and South zone (after Dorr, 1969).

Historical Data

Drilling completed by Campbell Mines at Mont Sorcier in the 1960s was used to assess the Iron and later the Iron-Vanadium potential of the property. In addition to drilling and assaying Campbell Mines performed detailed metallurgical work, produced mineral reserve estimates (non-compliant), and a detailed feasibility study.

Vanadium One Iron continues to use results from Campbell Mines to efficiently and ethically advance National Instrument-compliant mineral resource estimation and economic feasibility of Mont Sorcier.

Work by Vanadium One Iron Corp.

Vanadium One Iron has been engaged in exploration activities to recognize the mineral resource and economic potential of the Mont Sorcier property. These activities include drilling, field geology, verification of historic data, metallurgy work, and commencing an economic assessment of the property.

In 2017 and 2018 Vanadium One Iron drilled over 7,000m in 32 holes in the North and South zone. Results from the Fall 2018 drill campaigns at Mont Sorcier demonstrate large intercepts of high quality iron ore with good Vanadium content (Table 3; Figure 5).

Additional work performed by the Company can be found in our Press Releases.

Table 3: Results from 2018 Drill campaign

 

Head Grades DTT (Concentrate)
Area Hole From To Length Fe2O3 V2O5 Fe V2O5 TiO2
m m m % % % % %
North Zone MSN-18-01 270 552 282 32.6 0.17 55 0.43 2.37
MSN-18-02 270 524 254 39 0.33 61 0.63 2.16
MSN-18-03 167 283 116 39.9 0.26 60 0.57 1.37
MSN-18-04 215 380 165 39.4 0.22 59 0.48 1.66
South Zone MSS-18-16 21 148 127.4 39.6 0.3 66 0.6 1.07
(Centre) MSS-18-17 12 105 92.6 38.4 0.31 65 0.62 2.04
MSS-18-18 27 270 243 34.8 0.5 65 0.5 1.29
MSS-18-19 35 221 186.2 38.9 0.28 64 0.55 1.1
MSS-18-20 58 192 134 45.9 0.4 65 0.71 1.02
MSS-18-21 56 201 145 34.7 0.24 61 0.53 1.39
MSS-18-22 113 210 97.4 38 0.29 65 0.63 1.21
MSS-18-23 3 52.4 49.4 40.8 0.28 62 0.53 0.94
MSS-18-24 84.6 198 113.5 34.2 0.21 66 0.46 1.55
South Zone MSS-18-25 122 151 28.6 39 0.2 66 0.41 1.48
(East) MSS-18-26 68.8 132 63.2 23.6 0.14 44 0.36 2.07
MSS-18-27 66.5 92 25.5 32.6 0.22 58 0.4 1.98
MSS-18-28 123 155 32.2 28.8 0.19 62 0.43 1.74
Figure 5: Location of drill collars from the 2017 and 2018 drill campaigns.

Sources
Dorr, A. (1969). Magnetite Deposits in the Northern Part of the Doré Lake Complex, Chibougamau District, Québec. Master’s thesis, McGill University, Montréal, QC, Canada.

Mathieu, L. (2019). Origin of the Vanadiferous Serpentine–Magnetite Rocks of the Mt. Sorcerer Area, Lac Doré Layered Intrusion, Chibougamau, Québec. Geosciences, 9(3), 110.