First Vanadium Corp. (TSXV: FVAN) (OTCQX: FVANF) (FSE: 1PY) (“First Vanadium” or the “Company”) is pleased to announce that all arrangements are in place for the drill to arrive on site for August 19th to commence drilling the gold opportunity on the property in the Carlin Gold Trend in Nevada. The gold target has been identified by Dave Mathewson, a former Newmont Regional Exploration Manager.
Paul Cowley, President & CEO, states, “Dave Mathewson and I are well prepared and excited for the drilling to begin.”
Property located on the Carlin Gold Trend, tapping into the prolific Carlin Gold Trend gold plumbing system, the most productive gold belt in USA
Approximately 9 million ounces of gold in multiple deposits and past producing mines near the FVAN property (5-15km)
Credible, successful senior professional people including Dave Mathewson, an Ex-Newmont Regional Manager, and founder and Ex-VP Exploration of Gold Standard Ventures, responsible for discovering six Carlin-style gold deposits near the FVAN property (5-10km)
Gold target supported by compelling science: primarily, favourable comparison with several gold deposit settings in the Rain/Railroad Mining district
Right kind of structure (N/S) with an associated 2km x 600m alteration system (dolomite, gold, pathfinder metals, silicification) on FVAN property – all very typical for Carlin plumbing system and nearby gold deposits
N/S structure on FVAN property is subparallel to structures hosting many of the nearby Gold Standard Venture deposits and Newmont’s past producing Emigrant mine
N/S Structure and alteration on FVAN property has similar gravity signature as nearby past-producing mines (Rain, Northwest Rain and Emigrant of Newmont)
Gold target defined by Dave Mathewson has not been drilled; all drilling to date has been to a depth of only about 60m, mainly for the vanadium resource; the gold target is within a lower stratigraphic unit below the vanadium resource on the same property
Dave Mathewson to spearhead the gold opportunity drill testing; hole selection, logging, synthesis and further program design
The Company also announces that, pursuant to the Company’s 10% rolling stock option plan and in compliance with the policies of the TSX Venture Exchange, it has granted incentive stock options to certain directors, officers, and consultants of the Company to purchase up to an aggregate of 1,225,000 common shares of the Company. These options are exercisable for a period of 5 years at a price of $0.32 per share.
About First Vanadium Corp.
First Vanadium has an option to earn a 100% interest in the Carlin Vanadium Project, located in Elko County, 6 miles south from the town of Carlin, Nevada and Highway I-80. The Carlin Vanadium Project hosts the Carlin Vanadium deposit. A positive PEA on the vanadium resource was announced May 11, 2020.
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