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First Vanadium on path to resource definition

First Vanadium Corp (TSXV: FVAN) says step-out drilling has expanded the Carlin vanadium deposit in Nevada, which will factor into a resource expected before year-end.
First Vanadium on path to resource definition First Vanadium on path to resource definition First Vanadium on path to resource definition First Vanadium on path to resource definition First Vanadium on path to resource definition

Drilling points to vanadium deposit expansion in Nevada

Staff reporter

The company said latest results from 10 holes that focused on an untested area proved continuity of shallow, near-horizontal mineralisation, with an average thickness of 18.7m at an average grade of 0.6% vanadium pentoxide.

"This is an excellent start to the deposit expansion, with intercepts of good grade and thickness so near surface in a flat valley," president and CEO Paul Cowley said.

First Vanadium said Carlin was considered the largest, highest grade primary vanadium deposit in North America, citing a 2017 USGS paper.

The project has an historic inferred resource of 28 million tonnes grading 0.515% for 289 million pounds V2O5.

The company, which changed its name from Cornerstone Metals in September, has the option to earn 100% of Carlin.

Its share price had jumped mid-year when it pointed to the US House of Representatives passing Amendment #122 to streamline critical and strategic minerals projects, saying it "could help fast track" the Carlin project.

Its shares, which had started the year at C27c, rose 5c yesterday to $1.40, capitalising it at $52 million.

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