First Vanadium Corp. (OTCQX:FVANF)

First Vanadium Corp. (OTCQX:FVANF)

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First Vanadium has an option to earn a 100% interest in the Carlin Vanadium Project, located in Elko County, 6 miles south from the town of Carlin, Nevada on Highway I-80. The Carlin Vanadium Project hosts the Carlin Vanadium deposit, which is flat to shallow dipping and at shallow depths with strike length of approximately 1,800 metres, width averaging 600 metres and thickness ranging from 15 metres to 50 metres.

- Mr. Dave Mathewson, renowned Carlin Gold Trend specialist and geological advisor to First Vanadium, interpreted the Carlin-style high-grade gold target at depth on the Carlin Vanadium Project (see news release dated November 12, 2019) based on a number of factors; his familiarity with the area, structure, regional gravity data, and mineralized and altered rock exposures and intercepts from drilling along the 9 mile trend. Collectively these supporting features made a sound story but the convincing factor for Mr. Mathewson was the coincidental gravity anomaly. While the Company remains focused on advancing its vanadium resource through the completion of the ongoing Preliminary Economic Assessment (PEA), management sees this compelling gold target as a valuable augment and is currently exploring several options to advance it, including by strategic JV partners, while advancing its vanadium resource.The project's proximity to multiple existing world class gold mining operations within the Carlin Gold Trend, and the gold target's location along strike and on trend with other known gold showings makes it a compelling opportunity for existing and potential new shareholders of First Vanadium. The Company will explore options to advance evaluation of the gold target

-Carlin Vanadium Property Description and Ownership
The Carlin Vanadium Property consists of 150 unpatented mining claims and 80 acres of fee simple land covering 2,608 acres located in North-Central Nevada in Elko County, seven miles south of Carlin. The property has exceptional infrastructural advantages. The property is road accessible from Carlin and Elko. Carlin is a major rail hub to both coasts. Power is <3 miles from the property. The property was explored and drilled by Union Carbide Corporation (UCC) in the late 1960’s resulting in a defined vanadium resource.

The core 72 claims are owned by Golden Predator US Holding Corp. (GPUS). America’s Gold Exploration Inc. (AGEI), holds an option to acquire 100% of the Carlin Vanadium Project from GPUS which was assigned to First Vanadium through a definitive Assignment Agreement with AGEI. The terms for First Vanadium to earn 100% are present in its News Release of November 9, 2017. An additional 78 adjacent claims were staked and owned 100% by First Vanadium.

-Geology and Mineralization
The Carlin Vanadium Property is located on the western flank of the Piñon Range, a block faulted horst of the Basin and Range tectonic province. The local lithologies are predominantly Paleozoic age (Permian to Mississippian), western assemblage, siliceous sedimentary rocks, shale, siltstone, chert, limestone and conglomerate, transported above the Roberts Mountain Thrust. The vanadium mineralization is stratigraphically controlled and appears to follow the strike and dip of the host lithology, near the contact between an overlying grey-brown siltstone and an underlying brown to black shale unit of the Devonian-age Woodruff Formation. The mineralized zones form stratigraphic subunits or beds of the Woodruff Formation shale hosting elevated concentrations of vanadium in the form of vanadium pentoxide (V2O5).

Drilling to date has defined multiple zones of vanadium enriched mineralization (>0.2% V2O5) both in the overlying grey-brown siltstone and brown-black shale unit. The most persistence, thick and highest-grade vanadium unit lies in the brown-black shale unit and averages approximately 115 ft (35 meters (m)) thick, striking north-south over 6,000 ft (1,800 m) in length and 2,000 ft (600 m) wide in the east-west direction. Although most of the deposit is flat to very shallow dipping, it appears to be gently folded anticlinally, with dips locally east and west up to 30o. The mineralization is locally exposed at surface but mostly at a shallow depth to 200 ft (60 m) from surface. Parts of the sequence and deposit are oxidized and exhibit red-purple color in higher vanadium grades.

UCC explored the property from 1966-1970 with surface mapping, 17.8 line miles of road building, 3.3 line miles of caterpillar trenching and one hundred twenty-seven (127) rotary drillholes totaling 31,095 ft (9,478 m). In 2010, SRK generated a 43-101 compliant Inferred resource from the historic UCC data.
First Vanadium acquired the property in late 2017 and completed mapping and core and reverse circulation drilling in 2017-2018. The First Vanadium drilling of 89 holes totaling 20,521 ft (6,255 m):
Confirmed and improved the confidence of the geological model of the deposit
Confirmed and improved continuity of grade and thickness of the high-grade near surface vanadium unit
Provided samples from across the full span of the deposit for metallurgical test work
Results from the both UCC and First Vanadium drilling totaling 216 holes were applied to the current Mineral Resource Estimate.

First Vanadium Corp. is a publicly traded company listed on the OTCQX under the ticker symbol FVANF. This is not investment advice. Please view the disclaimer found on this website.
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