VanadiumCorp Resources Inc (CVE:VRB) (OTCQB:APAFF) released a new mineral resource estimate for its Lac Doré vanadium project in Quebec that positions it as one of the largest undeveloped deposits in the world.
Total measured and indicated resources are estimated at 214.9 million tons in the Main Zone with an average grade of 24.6% magnetite and 1.3% vanadium pentoxide (V2O5) in magnetite concentrate, with the potential to produce nearly 53 million tons of magnetite concentrate grading 1.3% vanadium pentoxide (V2O5), 62% Iron (Fe) and 8.7% Titanium Dioxide (TiO2).
Inferred resources come in at 86.9 million tons at a grade of 0.4% V2O5, 28% iron, 7.6% TiO2 and 25.9% magnetite concentrate, which are estimated to contain 22.6 million tons of magnetite concentrate grading 1.2% V2O5, 62% Fe and 9.2% TiO2.
In a statement, the Vancouver-based firm said it now has enough resources in the respective categories to begin a preliminary economic assessment or prefeasibility study.
CEO Adriaan Bakker told investors that the results of the resource estimate exceeded the firm’s expectations.
“We can state Lac Doré is one of the largest undeveloped deposits of vanadiferous magnetite in the world, with an excess of 1.4 billion pounds of vanadium pentoxide contained in magnetite concentrate,” Bakker said in a statement Thursday.
In addition, metallurgy results highlight Lac Doré’s potential to yield magnetite concentrates with high vanadium grades, with a significant proportion of the resources exceeding 1.4% V2O5 in magnetite concentrate, Bakker added.
“The significant tonnage of the Measured and Indicated mineral resources highlights the excellent continuity of the vanadium-bearing titanomagnetite (VTM) mineralization at Lac Doré and sets the stage for more advanced technical studies on the project, including metallurgical testing,” the CEO said.
Lac Doré is comprised of 115 mining claims over a 45-square-kilometre area near the mining city of Chibougamau, Québec.
The company also said that plans are in the works to independently validate its jointly-owned VanadiumCorp Electrochem Process Technology (VEPT), which is designed to recover vanadium, iron, titanium and silica from feedstocks.
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