vanadiumcorp resource inc (APAFF) Key Developments
Vanadiumcorp Resource Inc. Auditor Raises 'Going Concern' Doubt
Mar 2 15
Vanadiumcorp Resource Inc. filed its Annual on Mar 02, 2015 for the period ending Oct 31, 2014. In this report its auditor, Morgan & Company, gave an unqualified opinion expressing doubt that the company can continue as a going concern.
Vanadiumcorp Resource Inc. Receives the Mineral Resource Estimation for the Lac Dore Vanadium Project Located in the Province of Quebec
Feb 27 15
Vanadiumcorp Resource Inc. announced that it has received the mineral resource estimation for the Lac Dore Vanadium Project located in the Province of Quebec, Canada near the mining town of Chibougamau. The present estimation is based on the assay results from the magnetite concentrate only (Davis Tube). Inferred resource of the "Lac Dore East" deposit is estimated as 28,444,000 tonnes of magnetite concentrate grading 1.09% V. The estimation was performed from November 2014 to February 2015, Mr. Christian D'Amours of Geopointcom (OGQ #226) being responsible for the estimate, and Mr. Rjean Girard (OGQ 3521) from IOS Services Goscientifiques being responsible for the data validation. The database includes holes drilled by the Qubec Natural Resources Department in 1970, SOQUEM in 1980, trenching and drilling conducted by McKenzie Bay Resources from 1997 to 2002, and Apella Resources (now VanadiumCorp) in March 2013. All available historical data was verified, (re-surveyed in the field or re-assayed when necessary) validated and corrected by Rjean Girard, who was involved with the project since 1997. Historical, non-compliant Resources were previously estimated by Cambior in January 1999 and by SNC-Lavalin in April 2002. The effective date for the current resource estimate is February 26, 2015. The actual Geotic /MS Access database contains 83 historic surface diamond drill holes and trenches for 14,559m of core (trenches being considered as core equivalent). A total of 2,880 historic samples were assayed for V. The mineral resource estimate and geostatistical study was performed using Isatis (V.14.02) software. The method involves a 3D block model of 10m X 10m X 11.9m estimated by Ordinary Kriging (OK). Then an iterative procedure allowed for selecting cells and optimizing the pit design. The resource estimation is based on an open pit mining method (50o slope) up to a maximum depth of 200m. Block selection is based first on minimum magnetite abundance of 15%, then on V. Cutoff grade was estimated from the breakeven point between total cost and revenue generated by a resource block. In the current estimation, milling and processing costs vary with the abundance of magnetite, while the revenues are dependent on the vanadium grade in the magnetite concentrate processed by alkali roasting. Thus, the cut-off grade is not a static number, it was adjusted for each blocks. The scenario retained a market value of $5.50 per pound of metallurgical grade V.
Vanadiumcorp Resource Inc. Announces Resignation of Tom Peregoodoff as Independent Director
Feb 15 15
Vanadiumcorp Resource Inc. announced the resignation of Mr. Tom Peregoodoff, independent director of VanadiumCorp.
Vanadiumcorp Resource Inc. Announces Second Phase of Lac Dore Claim Expansion and Approval
Dec 16 14
Vanadiumcorp Resource Inc. announced that the company has conducted a 2nd phase of claim expansion adjacent to its 100% owned Lac Dore Vanadium Project situated near Chibougamau Quebec. The project claim expansion consists of 38 map designated cells spanning 8,531 acres or 21.08 square kilometres. Also, 10 of the 11 posted claims which were pending approval from the initial claim expansion were approved by the government, adding 603 acres or 1.49 square kilometres. The map designated cells and first 10 staked claims have been approved with the Ministere de l'Energie et des Ressources Naturelles providing 100% ownership of all VanadiumCorp's Lac Dore project mining claims. The claim expansion extends VRB mining claims north of the Company's Lac Dore East deposit. This recent title acquisition increases VanadiumCorp's land holding to a total of 135 mining claims covering 42.5 square kilometres or 17,195 acres. All of VanadiumCorp mining claims at the Lac Dore Vanadium Project are 100% owned and free of any royalties or any other encumbrance. An updated project claim map will be available on the VanadiumCorp website within the week.
Vanadiumcorp Resource Inc. Completes First Tranche of CAD 1 Million Private Placement
Aug 19 14
Vanadiumcorp Resource Inc. announced that due to demand it, has increased its non-brokered private placement previously announced on August 8, 2014. The lacement has been increased from 12,606,060 units and gross proceeds of CAD 800,000 to 16,562,816 Units with gross proceeds now totaling CAD 1 Million. The company also announced that it has closed the 1st tranche of the Placement totaling 14,744,635 Units and consisting of 10,044,635 non-flow-through units at a price of CAD 0.055 per Unit; and 4,700,000 flow-through units at a price of CAD 0.075 per FT Unit for gross proceeds of CAD 904,955.