First Vanadium Reports Consistently High Vanadium Extraction Results from Variability Test Work for the Carlin Vanadium Project in Nevada
April 4, 2019 ‐ Vancouver, British Columbia – First Vanadium Corp. (TSX‐V: FVAN) (OTCQX®: FVANF) (FSE: 1PY) (“First Vanadium” or the “Company”) reports metallurgical test work results for nine variability composite samples from its high‐grade Carlin Vanadium deposit. Preliminary test results are consistently showing high vanadium extraction rates, between 92% and 98%, for both oxidized and unoxidized mineralized material of low, average and high vanadium grades.
“The Company is very pleased with the consistent variability testing results that demonstrate excellent vanadium extraction rates across the deposit, achieving another significant objective in our test work”, says Paul Cowley, President & CEO.
The Company commenced acid leach and pressure oxidation test procedures on a single composite sample from the deposit in April 2018. In June 2018, the reported test work indicated 95.5% vanadium extraction into solution. Subsequently, over a number of months the extraction process has been further refined and the Company has progressed to the stage of variability test work. Variability test work typically uses multiple samples of differing grade and ore type from across a deposit to determine the processing consistency for a given procedure.
Nine composite samples from drill holes across the Carlin Vanadium deposit tested two different ore type (oxidized and unoxidized shale) of varying vanadium grades (low 0.39‐0.54% V2O5, average 0.62‐0.69% V2O5, and high 0.93‐1.02% V2O5) through an acid leach and pressure oxidation procedure. The composite sample descriptions and preliminary extraction results are shown in the following table. Test results are consistently high vanadium extractions into solution, between 92% and 98%, demonstrating a tight range of high vanadium extractions across the deposit regardless of grade or whether oxidized or unoxidized material. The test work was conducted by Sherritt Technologies, a leader in the development and commercialization of pressure hydrometallurgical processes.
| Metallurgical | HoleID | Depth (m) | Calculated Grade | Sample | Vanadium | |
|---|---|---|---|---|---|---|
| Sample ID | From | To | % V2O5 | Description | Extraction (%) | |
| MT1A | DDC18‐011 | 36 | 58.5 | 0.68 | Unoxidized shale | 94.1 |
| MT2 | DDC18‐016 | 37 | 79.86 | 0.69 | Unoxidized shale | 93.1 |
| MT3 | DDC18‐014 | 44.5 | 56.5 | 0.64 | Unoxidized shale | 97.8 |
| MT4 | DDC18‐018 | 51 | 90 | 1.02 | Unoxidized shale | 95.3 |
| MT5 | DDC18‐010 | 16.5 | 46.5 | 0.39 | Unoxidized shale | 92.1 |
| MT6A | DDC18‐016 | 8.5 | 31 | 0.62 | Oxidized shale | 92.4 |
| MT7 | DDC18‐017 | 43.5 | 62.64 | 0.54 | Oxidized shale | 93.9 |
| MT8 | DDC18‐004 | 0 | 11.5 | 0.93 | Oxidized shale | 95.3 |
| MT9 | DDC18‐020 | 19.5 | 30 | 0.42 | Oxidized shale | 96.0 |
*The composite samples were taken over the mineralized intervals indicated by downhole to and from depths in the table above.
The variability test work results provide further input for the advancement of a process flow sheet that requires a downstream solvent extraction step. The solvent extraction test work in progress at SGS Canada, is aimed at producing ammonium metavanadate and a final vanadium pentoxide product. The Company continues to look at other metallurgical opportunities to benefit the project.
About First Vanadium Corp.
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. The Company announced its maiden resource February 27, 2019.
ON BEHALF OF FIRST VANADIUM CORP.
per: "Paul Cowley"
CEO & President (778) 655‐4311 [email protected]
www.firstvanadium.com
Technical disclosure in this news release has been reviewed and approved by Paul Cowley, P.Geo., a Qualified Person as defined by National Instrument 43‐101, and President and CEO of the Company.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward‐looking information
Certain statements in this news release constitute "forward‐looking" statements. These statements relate to future events or the Company's future performance and include the Company’s ability to meet its obligations under the Access and Mineral Lease Agreement and the conditions required to exercise in full its option to acquire the Carlin Vanadium project. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward‐looking statements. Forward‐looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved. Actual results could differ materially from those anticipated due to a number of factors and risks. Although the forward‐looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, the Company cannot assure investors that actual results will be consistent with these forward‐looking statements. The forward‐looking statements contained in this press release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward‐looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.