PITTSBURGH, PA / ACCESSWIRE / February 19, 2020 / Venture Vanadium Inc. ("Venture Vanadium" or "the Company") (OTC:VENV), a progressive American battery metals exploration and development company, is pleased to provide an overview of the Company's Desgrobois Vanadium Project, including work completed on the property in 2019 and details of the planned 3-phase exploration program to provide a clearer understanding of the project's underlying geologic structure.
"We're excited to have secured the Desgrobois Vanadium Project at a time when demand for secure, domestic supplies of vanadium continues to grow," said Venture Vanadium's President and CEO, Ian Ilsley. "Our property includes 2 past-producing open-pit iron-titanium mines, and the NI 43-101 report from 2009 / 2019 contains valuable insights into past exploration efforts and the geological data available on the Desgrobois Vanadium Project property and immediately adjacent claims. Our next steps are to build on our activities from 2019 to better define the project's mineralization."
For more information about the Desgrobois Vanadium Project, including photos of recent activity, visit https://venturevanadium.com/project/.
Note: While potential exploration zones and targets have been identified, no reserves or resources have been officially established at this time for the Desgrobois Vanadium Project since a Qualified Person has not done sufficient work on the mineralization to determine an accurate grade or tonnage.
PROJECT OVERVIEW
We hold a 100% interest in the Desgrobois Vanadium Project, which comprises 30 contiguous claims totaling 4,422 acres (~1,789 hectares) within the mineral-rich Canadian Grenville Structural Province, roughly 75 miles (~120 km) north of the US border, near the eastern coast of Quebec, Canada.
The project represents potential for the recovery of titanium, iron and vanadium from two zones. In 2009, prior to Venture Vanadium acquiring the Project property, an NI 43-101 report was completed on most of the claims currently held by Venture Vanadium as well as on some claims that Venture Vanadium does not hold due to their undesirable potential for production.
DEPOSIT TYPE: VTM
The Desgrobois Vanadium Project represents what is known as a VTM deposit (vanadiferous titanomagnetite). From 80 to 85% of the world's supply of vanadium is derived from VTM deposits, either directly from mined ore or from steelmaking slags produced by processing the ores.
BRIEF OVERVIEW OF THE PROJECT REGION
Our claims are located in the mining-friendly, mineral-rich province of Quebec. Access to the Project is via Highways 15 and 117, then paved and gravel roads that cross the property site. The nearest major town is Sainte-Agathe-des-Monts, approximately 3 miles (~5 km) to the southeast.
Electric power, railway, airport and highways are only a few miles from the property. Water supply is available in large quantities from several lakes located within the property boundary. The Canadian Pacific Railway crosses the northeast portion of the property.
For a full understanding of all the advantages the region represents, please visit our Region page: https://venturevanadium.com/region/
PAST EXPLORATION & SUPPORTING GEOLOGIC DATA
The Desgrobois Vanadium Project property is located within the Canadian Grenville Structural Province, where numerous deposits of titaniferous magnetite, magnetite-ilmenite-apatite and massive ferroanilmenite have been known since the 1850s.
According to the NI 43-101 report from 2009 (updated 2019), aeromagnetic and ground-based gravimetric surveys conducted in 2007-2008 indicate important undiscovered iron-titanium mineral reserve in the vicinity of the 2 past-producing open-pit iron-titanium mines on our property: the Ivry and Desgrobois mines.
The results obtained from both surveys suggest that wherever positive or negative magnetic anomalies were found, they are associated with existing rock bodies containing massive or disseminated iron-titanium mineralization, as confirmed by the gravimetric survey.
The helicopter-borne magnetic survey revealed strong magnetic highs concentrated around the old Desgrobois-Ivry deposits and to the southwest. Strong magnetic lows, meanwhile, also appear in the vicinity of the old Ivry and Desgrobois pits. In addition, a gravimetric study in the vicinity of the Ivry pit produced at least 3 anomalous areas in the Bouguer and Residual Gravity maps that correspond to excess mass at shallow depth.
As such, these regions constitute targets for further exploration and are interpreted as an indication of iron-titanium oxide bodies at depth.
FIRST TARGET ZONE: THE DESGROBOIS DEPOSIT
The Desgrobois target anomaly forms an irregular titaniferous magnetite mass and is substantially larger than the known Ivry deposit to the immediate south on our property. In 1953, a total of 22 diamond drill holes totaling 3,713 feet (~1,132 m) were drilled on the Desgrobois target on a portion of one of the deposit's two anomalies. One diamond drill hole in the second anomaly showed 40 feet (~12 m) of massive mineralization.
From previous exploration work, prior to 2009, the Desgrosbois Zone represents two zones:
a higher-grade exploration target of between 5-6 million tons, grading between 40-42% iron, 10-12% titanium dioxide, and between 0.12-0.15% vanadium, and,
a disseminated exploration target of between 900,000 and 1.1 million tons, grading between 25-26% iron, and between 6-7 % titanium dioxide, and between 0.1-0.15% vanadium.
SECOND TARGET ZONE: THE TITANIUM DEVELOPMENT ZONE
The Titanium Development Zone is located in the south-central area of our property, roughly 1.5 miles (~2.5 km) south of the Desgrobois deposit. The Titanium Development Zone, from previous exploration, represents an exploration target of between 2,500,000 and 3,000,000 tons grading between 37-39% iron, 29-31% titanium dioxide, and between 0.1 and 0.2 % vanadium. The previous work indicates that there may be a central zone amenable to removal by open pit methods.
ADDITIONAL POTENTIAL TARGETS
Two large negative magnetic anomalies lie on the western extension of our claim block, representing additional potential targets to explore. As well, the Ivry deposit , located immediately south of the Titanium Development Zone target contains an exploration target as indicated from previous drilling to have an exploration potential of between 2.5 -3 million tons grading between 29-31% titanium and 37-39% iron, with a vanadium content of undetermined level.
ONGOING ANALYSIS & 2019 ACTIVITY
Our team is actively extending the Company's knowledge of the Desgrobois Vanadium Project's geologic profile to determine the potential for production of vanadium, iron and titanium.
Most recently, that activity included our work program in August 2019. Stewart A. Jackson, PhD. P.Geo., Consultant Geologist and Jocelyn Pelletier, P.Geo., Consultant Geologist visited the 2 past-producing open-pit iron-titanium mines on our property: the Ivry Mine and the Desgrosbois Mine.
Extensive surface samples were taken at both sites, which included examples of massive mineralization. Results from this activity can be found via an independent report located on our website.
In September, Ian Ilsley, President & CEO was joined by Jocelyn Pelletier, P.Geo., during a follow-up visit to both the Ivry Mine and the Desgrosbois Mine on our Desgrobois Vanadium Project.
3-PHASE EXPLORATION WORK PROGRAM PLANS
To provide a clearer understanding of the underlying geologic structure, we plan for a 3-phase exploration program that will include a comprehensive diamond drill hole campaign on 5 priority targets within the Desgrobois Zone and the Titanium Development Zone. These targets will be defined by data from the airborne magnetic surveys. Additionally, reconnaissance drilling on the large negative magnetic anomalies on the western extension is recommended.
A high-level overview of the planned 3-phase exploration program is outlined below.
Phase I:
Compilation and evaluation of previous of geological, geochemical and geophysical surveys
Geological study to determine the extent and the grade of titanium-iron-vanadium mineralization
Phase II:
Diamond drill hole campaign with a target depth of ~330 feet (~100 metres)
8 holes within the Desgrobois Zone and the Titanium Development Zone
2 holes on the western extension negative magnetic anomalies
Phase III:
Additional drilling and bulk sampling the main target areas to confirm previous results and outline the full extent of the titanium-iron-vanadium mineralization
Positive results on initial drilling of the 2 western anomalies would be followed by additional drilling to confirm previous results and to outline the full extent of the mineralization
Metallurgical test work would establish the best process for separating the titanium, iron and vanadium
A preliminary assessment of feasibility would be prepared with emphasis on the economics of the project
For more information about the Desgrobois Vanadium Project, including its exploration zones and targets, surrounding region, and photos of recent activity, visit https://venturevanadium.com/project/.
On behalf of the Board,
Ian Ilsley
President and Chief Executive Officer
About Venture Vanadium Inc.
Venture Vanadium (OTC:VENV) is a progressive American battery metals exploration and development company. Our focus is finding, developing and producing resources to help meet growing market demand for battery metals. Our Desgrobois Vanadium Project, roughly 75 miles (~120 km) north of the US border, near the eastern coast of Quebec, Canada, represents potential for the recovery of titanium, iron and vanadium from two zones. We hold a 100% interest in 30 contiguous claims totaling 4,422 acres (~1,789 hectares) within the mineral-rich Canadian Grenville Structural Province. In 2009, prior to Venture Vanadium acquiring the Project property, an NI 43-101 report was completed on most of the claims currently held by Venture Vanadium as well as on some claims that Venture Vanadium does not hold due to their undesirable potential for production.. For more information visit our website at www.venturevanadium.com.
Contact:
Venture Vanadium Inc.
One Oxford Centre, 301 Grant Street, Suite 4300
Pittsburgh, PA 15219
Tel: 1.412.577.2499
Fax: 1.412.255.3701
www.venturevanadium.com
Forward-Looking Statements:
Certain statements in this release are forward-looking statements. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, and other factors, many of which are beyond the control of Venture Vanadium Inc. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Undue reliance should not be placed on the forward-looking information because Venture Vanadium Inc. can give no assurance that they will prove to be correct. The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, Venture Vanadium Inc. disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, Venture Vanadium Inc. undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.
SOURCE: Venture Vanadium Inc.
ReleaseID: 576959
