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.
-Exploration
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.
-Gold discovery on th Carlin Trend in Nevada:
results from its first reverse circulation drill hole designed to provide an initial penetration into a potential gold target opportunity below the vanadium resource on its Carlin Vanadium-Gold Property on the Carlin Gold Trend in Nevada. The gold opportunity was identified by renowned geologist and mine-finder Dave Mathewson, a former Newmont Regional Exploration Manager who is the Company's Geological Advisor and is the Qualified Person spearheading and supervising the gold drilling program.
Dave Mathewson states, "With our very first hole we have drilled into a significant large-scale Carlin-type gold system at a reasonable depth, much like I have seen elsewhere in the Carlin Gold Trend. Typical Carlin-type deposit system geochemistry and alteration were encountered in this hole, indicated by gold (Au), arsenic (As), mercury (Hg), antimony (Sb), and thallium (Tl). This, along with other critical features including key rock formations, collapse brecciation and strong alteration (silica-pyrite+/-arsenopyrite-dolomite-realgar) make it potentially analogous to other important Carlin-type deposit systems such as Nevada Gold Mines' massive Gold Quarry deposit (13 miles to the northwest). Because of the significance of this first hole, we are immediately resuming reverse circulation drilling for the purpose of assessing the extent and strength of the system and to begin vectoring into hot spots within the system."
Highlights from RC20-01:
The highest levels of gold and associated pathfinder metals were in the best possible location, specifically the upper silicified, collapse brecciated lower plate Popovich Limestone. Dave Mathewson is encouraged by the gold numbers encountered, which are indicative of the fringes of a large-scale gold system.
The four principal elements for Carlin-type Gold deposits are 1) system, 2) host, 3) structure, and 4) depth. All four elements have been confirmed with RC20-01.
Very thick intervals of moderately to highly altered lower plate rock, locally containing significantly anomalous gold and associated Carlin-type deposit pathfinder elements start from the surface and continue to the bottom (TD) of the hole at 2500' (762m).
Upper plate Woodruff Formation was encountered, followed by lower plate Rodeo Creek Formation and Popovich Formation, the same rock units as at Gold Quarry and Gold Strike, along the Carlin Gold Trend. Rodeo Creek and Popovich units are the principal mineralized units at Gold Quarry and Gold Strike.
The depths of lower plate Rodeo Creek and Popovich hosts encountered are considered reasonable for Carlin-type gold deposits.
The structure considered responsible for localizing the alteration system on the Carlin Vanadium-Gold Property is a north-south-oriented corridor of alteration and faulting cutting through the property.
Today, the Company will post on its website www.firstvanadium.com a short video by the CEO and Dave Mathewson speaking on this news release.
A schematic cross-section follows of Mr. Mathewson's Carlin gold target model that he has used successfully to find Carlin-type deposits and modified with the information gained from RC20-01. According to his extensive experience in Carlin gold systems, Mr. Mathewson interprets and positions this hole relative to the potential gold zones that may exist on the property. This model will be used to direct further exploration drilling.
Theorized cross-section South Carlin Gold Target Model
To view an enhanced version of this graphic, please visit:
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Details
RC20-01 started in upper plate Woodruff Formation, host of the vanadium deposit, encountering the Roberts Mountain Fault at about 975' (297m) depth. The Woodruff unit gradually became more silicified and pyrite-bearing with depth and had intermittent elevations in gold, arsenic and mercury.
Lower plate Rodeo Creek Formation was cut in RC20-01 from about 975' (297m) to 2025' (617m) depth. The unit was moderate to strongly silicified, pyrite+/- arsenopyrite-bearing and with moderate to strong consistent arsenic and mercury elevations, typical of Carlin-style gold systems, including secondary Fe-dolomite, decalcification and collapse brecciation. Eighty-five percent of the unit was elevated in gold between 5-146 ppb.
Highly altered Popovich limestone was cut in RC20-01 from 2025' (617m) to the end of the hole at 2500' (762m). This unit was very strongly silicified, pyrite+/-arsenopyrite-bearing and with moderate to strong consistent arsenic and mercury elevations and stronger longer sections of collapse brecciation and Fe-dolomite.
The Popovich limestone cut in RC20-01 was more consistently elevated in gold between 2050-2195' ((a 145' (44.2m) section) grading 0.16 g/t Au, including 2055'-2095' (626-639m) grading 0.3 g/t Au and 2165'-2190' (660-668m) grading 0.26 g/t Au. This mineralization is present in the best possible location, specifically the upper silicified, collapse brecciated lower plate Popovich Formation.
This first pass reverse circulation drill program consisted of two vertical holes spaced 4,593' (1,400m) apart along the projection of the north-south master structure. RC20-01 reached the planned depth of 2500' (762m). RC20-02 located 330' (100m) from silicified gold-bearing surface exposures with arsenic and mercury, reached a depth of 1160' (354m) where it was abandoned due to artesian conditions. Realgar and arsenopyrite were noted periodically from 450' (137m) to the bottom of RC20-02, with the last 15' (4.6m) exhibiting 20-80% realgar. Realgar and arsenopyrite minerals are typical in Carlin gold systems associated with gold. To reach the original intended target depth, RC20-03 was drilled from the same site as RC20-02 at a 60o angle towards the gold-bearing silicified surface exposures. This hole also encountered artesian conditions and was abandoned at 840' (256m). Casing was left in the hole so that this hole could be deepened in the future. Assays for holes RC20-02 and RC20-03 are pending.
The drilling program has been supervised by Mr. Dave Mathewson, MSc., Geological Advisor for the Company and Qualified Person for the program. Industry standard quality control and quality assurance protocols have been followed in handling, sampling and shipping the chip. Samples were analyzed by ALS Global.
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.
