Voyager Metals Inc. [VONE.T]- on Monday released results from an additional five drill holes from its infill drill program at the Mont Sorcier iron and vanadium project in Quebec. The program was completed on November 22, 2021, and consisted of 42 hole, covering 15,178 metres. All of the holes were completed in the project’s North Zone.
Drilling highlights include 294 metres of 26.7% F304, the company said in a press release.
The Mont Sorcier iron ore property hosts a large iron resource with a significant amount of extractable vanadium located 18 kilometres from Chibougamau by road. Mont Sorcier consists of the North and South deposit, both of which feature exceptionally low titanium content, allowing for simple extraction of vanadium metal by a blast furnace, making the deposit unique in world markets.
According to a NI-43-101-compliant estimate released in June, 2021, the South Zone contains an indicated resource of 113.5 million tonnes of 30.9% magnetite and an inferred resource of 144 million tonnes at 24.9% Magnetite.
The North Zone is estimated to contain an inferred resource of 809.1 million tonnes at 34.2% magnetite.
“The [drill] results continue to support our view of grade, scale and the homogenous nature of the Mont Sorcier deposit and should allow for us to rapidly upgrade sufficient resources to the measured and indicated categories upon which to complete a bankable feasibility study in 2022,’’ said Voyager President and CEO Cliff Hale-Sanders.
The goal of the 2021 drill program was to upgrade a sufficient portion of the current inferred mineral resources to the measured and indicated categories to support at least a 20-year mine life as the basis for a feasibility study, which is expected to commence later this year, or in early 2022.
The program also included the completion of 431 metres of HQ core drilling on top of the North Zone to act as a small bulk sample to initiate additional metallurgical testing and further define the planned process flow sheet ahead of the feasibility study.
In addition, three new stripping areas were cleared, mapped and sampled to provide additional information.
Voyager said there has been a significant back log at the assay labs that is in the process of being cleared. As a result, the company currently has 1,237 samples assayed and 1,706 still waiting to be assayed.
“We continue to expect to be in a position to present an updated NI-43-101 resource report in the first quarter of 2022 to backstop the bankable feasibility study,’’ the company said.
Meanwhile, on November 26, Voyager shares closed at 13 cents and currently trade in a 52-week range of 35.5 cents and $0.095.
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