Issue link: http://resourceworld.uberflip.com/i/1099276
50 www.resourceworld.com A P R I L / M A Y 2 0 1 9 MINING FIRST VANADIUM CORP. [FVAN- TSXV; FVANF-OTC; 1PY-FSE], formerly Cornerstone Metals Inc., has announced that SRK Consulting (U.S.), Inc. has completed an independent NI 43-101 compliant mineral resource estimate on the Carlin vanadium deposit located 6 miles south of Elko, Nevada. The mineral resource estimate replaces the 2010 SRK historic mineral resource estimate. At a 0.3% V 2 O 5 cut-off grade, indi- cated resources stand at 24.64 million tons grading 0.615% V 2 O 5 for a contained 303 million pounds of V 2 O 5 . Inferred resources are pegged at 7.19 million tons grading 0.520%V 2 O 5 for a contained 75 million pounds of V 2 O 5 . This is the first time indicated resources have been defined for the vanadium deposit, Figures were based on assays from two First Vanadium drill campaigns that totaled 89 drill holes. That verified his- toric drilling, twinned six historic holes that either replicated or improved grades and in-fill holes that tightened the previ- ous drill-hole pattern. In addition, Dr. Bart Stryhas of SRK Consulting (U.S.) used assays from a total of 216 rotary, reverse circulation and diamond drill holes com- pleted by Union Carbide in the late 1960s, and includes the 89 First Vanadium holes in 2018. The resource, as defined within the pit shell, has a defined strike length of approximately 1,800 metres and a width averaging 600 metres that starts at sur - face down to depths of 120 metres. The thickness of the main mineralized zone ranges from 15 to 50 metres. As noted in the company's press release of January 31, 2019, the recent acquisition of adjoining lands via a mineral lease has had a positive impact on the overall pit shell design. First Vanadium President and Chief Executive Officer, Paul Cowley, said the maiden resource estimate far exceeds expectations. Approximately 77% of the estimation in the indicated category are higher grades than expected, and the con - tained pounds of V 2 O 5 metal in the deposit in both indicated and inferred categories are higher than expected. The 0.3% V 2 O 5 cut-off grade was chosen for resource reporting based on the rea- sonable potential for economic extraction under a conceptual open pit mining and milling scenario using US $2.50/t mining cost, US $52.50/t milling cost, US $1.50/t admin cost, US $2.00/t product transport cost, 85% recovery, and a US $12.50/lb V 2 O 5 value. The results of the resource esti- mation provided a CIM classified indicated and inferred mineral resource. The Carlin vanadium deposit is consid- ered the largest, highest grade, primary vanadium deposit in North America and now exceeds the numbers quoted in USGS Professional Paper 1802 Critical Mineral Resources of the United States-Economic and Environmental Geology and Prospects for Future Supply dated December 18, 2017. Besides the traditional use of vanadium, to strengthen steel, the Chinese govern - ment recently enacted regulations to increase the quantity of vanadium in rebar by 30% which is expected to drive more demand for the metal. While still in the early stages, it has been demonstrated that vanadium can be used for long-term storage applications of intermittently generated electricity from sources such as wind turbines and solar panels. This market is expected to grow signifi - cantly in the future. n First Vanadium announces maiden Carlin resource • Interior Safety Conference on Friday • Recruitment Fair on Saturday Don't Miss These Exciting Features at the Show: ATTENTION VISITOR: Pre-Register Online For Free Using Promo Code: NRS2006 SHOW HOURS Friday: 9am - 5pm Saturday: 9am - 5pm 4 ACRES OF INDOOR & OUTDOOR EXHIBITS