VANCOUVER, April 1, 2019 /CNW/ - Vanadian Energy Corp.
(the "Company") (TSXV: VEC), is pleased to announce the
commencement of an exploration diamond drilling program on the
Huzyk Creek Vanadium Property (the "Property") to follow up on a
broad zone of vanadium mineralization encountered in a historic
drill hole.
The initial drill hole will twin historic drill hole NIM-19
which encountered a broad zone of vanadium mineralization.
Previous sampling in NIM-19 returned a total of 68 meters @ 0.14%
V2O5 hosted within a sequence of graphitic
meta-sediments associated with sulphides. Individual
V2O5 values ranging from 0.04% to 0.6% over
widths ranging from 0.3 to 1.25 meters were noted within this
mineralized interval. Mineralization appears to be open down
hole, with the new drilling planned to determine the width
potential of the vanadium mineralization.
No other known historic drill holes have completed on this
mineralized zone. At this time the strike, dip and the
lateral extent of mineralization is not known.
The Company plans to complete additional drilling along strike to
determine the potential for additional vanadium mineralization
along the geophysical conductor.
Under the terms of the Agreement with Rocas del Norte, the
Company can earn an initial 49% interest in the Property by making
staged payments over 3 years totalling $215,000 ($25,000
upon signing), issuing $180,000 of
the Company's shares and completing $2,500,000 of exploration on the
Property.
The Company can earn an additional 21% interest with a cash
payment of $125,000 and the issuance
of $50,000 of the Company's common
shares to the Vendor, along with completing an additional
$2,225,000 of exploration on the
Property which will include a preliminary economic assessment (PEA)
study.
The Company can earn the remaining 30% interest in the Property,
for a total 100% interest, in the Huzyk Creek Project by completing
a pre-feasibility study within 24 months of the 4th
anniversary of the Agreement, along with a payment of $500,000 to the Vendor.
A National Instrument 43-101 geological report for the Huzyk
Creek Property entitled 'Geological Report on the Huzyk Creek
Property, Ponton Manitoba Region' has been prepared in connection
with the Agreement and has been filed on SEDAR at
www.sedar.com.
Marc Simpson, P.Geo., the
Company's President, CEO and Director is the Qualified Person
that has reviewed and approved the contents of this news release on
behalf of the Company.
The Company also announces that it has granted an aggregate of
1,495,000 incentive stock options to directors, officers and
consultants at a price of $0.055 per
share, exercisable for a period of 10 years, subject to TSX-V
approval.
ABOUT VANADIAN ENERGY CORP.
Vanadian Energy Corporation is an energy minerals focused
company headed by an experienced team, well versed in mineral
exploration and capital markets. The company is focused on the
strategic acquisition, exploration, and development of high quality
energy mineral properties in Canada and around the world. Vanadian Energy
Corporation is building a leading vanadium focused resource
company.
ON BEHALF OF VANADIAN ENERGY CORP.
"Marc
Simpson"
Marc Simpson
President and CEO
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
INFORMATION
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release. The foregoing information
may contain forward-looking information relating to the future
performance of the Company. Forward looking information is
subject to a number of known and unknown risks, uncertainties and
other factors that may cause actual results to differ materially
from those anticipated in our forward looking
statements. Such risks and other factors
include, among others, the actual results of exploration
activities, changes in world commodity markets or equity markets,
the risks of the mining industry including, without
limitation, those associated with the environment, delays in
obtaining governmental approvals, permits or financing or in the
completion of development or construction activities, title
disputes, change in government and changes to regulations affecting
the mining industry, and other risks and uncertainties detailed
from time to time in the Company's filings with the Canadian
securities administrators (available at www.SEDAR.com).
Forward-looking statements are made based on various assumptions
and on management's beliefs, estimates and opinions on the date the
statements are made. Should one or more of these risks and
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those described
in the forward-looking information contained herein. The
Company undertakes no obligation to update forward-looking
statements if these assumptions, beliefs, estimates and opinions or
other circumstances should change, except as required by applicable
law.
SOURCE Vanadian Energy Corp.