Velox Energy Materials Corporation The Company has announced drilling results from its Phase 1 diamond drilling program at the Company's Cambridge Vanadium Deposit, a 100% owned North Queensland Vanadium Project (“NQVP”) in Queensland, Australia. A total of ten (10) large diameter (100 mm) 4C diamond core drilling operations with a total length of 333 meters have been completed at the Cambridge Vanadium deposit at EPM26494 in central north Queensland, Australia (Table 1). The aim of the drilling operations was to increase the general stratigraphic knowledge of the deposit and to provide sufficient representative material for mineralogical test work and additional data for future definition of mineral reserves.
The Cambridge Vanadium deposit currently has a CIM-compliant Mineral Resource Estimate (MRE) consisting of an Indicated Mineral Resource of 61.33 MT @ 0.34% V2O5 and 234.6 ppm MoO3, as well as an Inferred Mineral Resource of 144.87 MT @ 0.33% V2O5 ( cutoff) grade 0.25% V2O5) and 241.9 ppm MoO3 (Dufresne et al., 2022), 2022) and the latter program covered a representative portion of the currently identified deposit. The drilling operation was carried out by J&S Drilling Pty Ltd. (Queensland) using a Franceland excavator. (Queensland) using the Fraste FS400 drilling rig. Gamma and downhole density geophysical logs were completed by Weatherford International PLC using equipment complying with American Petroleum Institute (API) Q1 and 14A standards, and logs were recorded in accordance with Ascii International Logging Standards (LAS). Detailed geological assessment, sample selection and correlation of the Toolebuc Formation were completed by the John T Boyd Company.
201 samples were selected for testing. Sample intervals were determined by lithological stratigraphic changes with intervals ranging from 0.10 m to 2.7 m (mean 1.0 m). The cores were sent to the Mitra PTS laboratory in Gladstone, Queensland, for sample preparation and sent to Bureau Veritas in Perth, Australia, for analysis.
Analysis results were received for 201 samples from 10 diamond core drillings conducted within the identified Cambridge deposit at overburden depths ranging from 2.5m to 21.0m, and drill hole NQVP23_010 yielded no significant results for vanadium. Drilling was conducted in the core section of the Toolebuc Formation and drilled in the underlying (barren) Willumbimba Formation.
