Recently dubbed 'the electric metal', Vanadium is an essential element in high-quality steel and also has a bright future in energy storage and green technology. With exceptional projects located in the world's best place to mine, PacificOre holds the key to securing a stable Canadian supply of Vanadium for years to come.
PacificOre unveils plan for first drill program on Lac Dore vanadium-iron-titanium project
Iron ore, vanadium and titanium miner PacificOre Mining Corp. (CVE:PC) (OTCQX:APAFF) Tuesday announced an outline of the first planned drill program on the Lac Dore vanadium-iron-titanium project, which has now been presented by the company's geological consultants.
The Lac Dore project consists of 42 contiguous mineral claims covering an area of 1.6 million acres located in the Rinfret and Lemoine townships, 70 kilometres south-east of the town of Chibougamau, Quebec.
PacificOre and its subsidiary Prestige Mining Corp. said the drilling program at Lac Dore has been designed to first drill six holes - close to six of the historic holes - in order to confirm geological and mineralogical context as well as the thickness and grade of the mineralization intersected in the past.
The company said it is anticipating that this "twinning" process would also permit it and Prestige to qualify previous non-compliant NI 43-101 resources calculated by Allard and Girard in1998 and by SNC-Lavalin (TSE:SNC) in 2003.
PacificOre said it had been reported that historic drill-hole 2001-05 returned two mineralized intersections of 1.13 per cent vanadium pentoxide (V2O5), 9.54 per cent titanium dioxide (TiO2) and 25.11 per cent oxides over 6.70 metres as well as 1.21 per cent V2O5, 9.81 per cent TiO2 and 35.93 per cent oxides over 29.35 metres.
The company said it expects drilling to result in the previous non-compliant resources to be classified as indicated and measured mineral resources.
The second goal of the program is to confirm the extension at depth of the mineralized zones and to fill some gaps in the previous historic drilling pattern, said the company, adding that a minimum of 10 holes have been planned for this purpose.
PacificOre expects that these holes will lead to an increase in the tonnage of the resources and will bring a large part of them to the measured mineral resource and the mineral reserve categories.
A total of 16 drill holes have been planned for a total length of 3,200 metres.
If the budget permits, the company said that six additional holes have been planned with the aim of verifying the north-east extension of the vanadium deposit, between the main area and the eastern boundary of the property in the hopes of adding “substantial resources” to the project.
PacificOre noted that the first drilling program will permit it to prepare the project for a pre-feasibility study, but that additional drilling will be necessary to bring the property to the feasibility study level, as well as to calculate the probable and proven mineral reserves and to start the mine planning.
Vanadium is used in new battery storage technologies for solar and wind power projects and to enhance the performance of lithium batteries. The element is also a vital ingredient in high-grade steel.
PacificOre said it holds the key to securing a stable Canadian supply of vanadium for years to come.