Date: Oct 24, 2018
BlueBird Battery Metals Inc. (TSXV: BATT; US: BBBMF) (the “Company” or “BlueBird”) is pleased to announce the discovery of new high-grade vanadium mineralization from the Phase One exploration program at the Company’s Canegrass Project in Western Australia.
Highlights From Drilling Results:
Results demonstrate that vanadium mineralization extends from surface to down hole depths of >100m and >300 metres in lateral extents
Considerable strike extent of 4,500 m defined from drilling, rock chip sampling and magnetic surveys strongly supports potential of defining near surface vanadium resource
Results for five reverse circulation holes drilled near VTEM-08 (Ref. Figure 1) have been received. The holes were drilled on one section and spaced 80 metres between holes (Ref. Figure 2). The initial hole on the section BBRC001 targeted the VTEM-08 anomaly to evaluate for potential magmatic nickel, copper sulphide mineralization. Results were reported on October 15, 2018. The remaining four holes on the section targeted a broad, elongate, coincident rock geochemical surface anomaly and magnetic anomaly measuring 4,500 metres by 500 metres. Historical sampling by Maximus Resources Ltd. (“Maximus”) returned over 325 samples exceeding 1.0% V2O5 (not verified by BlueBird). Drilling has confirmed the depth potential of the minerlization to extend to >100m. Results are summarized in Table 1.
Gary Nassif, President of Bluebird, comments: “We are very pleased with the initial drill results from our vanadium target at Canegrass. The results suggest that there is potential to define a substantial, near-surface vanadium resource. Vanadium prices have seen strong upward momentum in the past year and long term fundamentals suggest there is potential for continued price appreciation, a result of vanadium’s increasing use in battery technology. With over 4,500 metres of defined strike length along the same trend hosting our recent Ni-Cu-Co discoveries, we believe there are significant synergies that we can exploit while exploring the trend, reducing our exploration costs and increasing our potential resource growth as we can evaluate the magmatic nickel copper sulphide and vanadium potential simultaneously.”
The surface vanadium anomaly parallels the Wyemandoo Shear and the Sheperds Discordant Zone (“SDZ”), both of which are major regional structural features transecting the Canegrass Project area. Historical sampling by Maximus returned 325 samples greater than 1.0% V2O5, averaging 1.21% V2O5.
