Vanadium One Iron Corp.: Vanadium One and Glencore Enjoin to Support Development of the Mont Sorcier Iron and Vanadium Project
Eight Year Offtake Agreement securing market access for 100% of
Mont Sorcier production
TORONTO, ON / ACCESSWIRE / May 12, 2021 / Vanadium One Iron Corp. ( Vanadium One or the Company ) (TSXV:VONE), is very pleased to announce that it has entered into a long-term arrangement with a wholly owned subsidiary of Glencore plc ( Glencore ) to support the development of the Mont Sorcier Iron and Vanadium project located in Chibougamau, Quebec. The parties have entered into a Finance Raising Assistance Agreement ( FR Agreement ) and a separate Concentrate Offtake Agreement Offtake Agreement ) to support the ongoing development and the eventual construction and production of the Mont Sorcier iron and vanadium project.
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Silver Bull Resources Inc. [SVB-TSX; SVBL-OTCQB] reported its maiden mineral resource estimate on the Beskauga copper-gold project in Kazakhstan completed by CSA Global Consultants Canada Ltd.
Highlights of the mineral resource report include an open-pit-constrained indicated mineral resource of 207 million tonnes grading 0.35 g/t gold, 0.23% copper and 1.09 g/t silver for 2.33 million ounces of gold, 476,100 tonnes of copper and 7.25 million ounces of silver.
The open-pit-constrained inferred mineral resource is 147 million tonnes grading 0.33 g/t gold, 0.15% copper and 1.02 g/t silver for 1.56 million ounces of gold, 220,500 tonnes of copper and 4.82 million ounces of silver.
The constraining pit was optimized and calculated using a net smelter returns royalty cut-off based on a price of: $1,500/oz for gold, $2.8/lb for copper, $17.2/oz for silver, and with an average recovery of 81.7% for copper and 51.8% for both gold and silver.
Notes:
An NSR $/t cut-off of $5.70/t was used, and the NSR formula is: NSR $/t = (38.137+11.612 x Cu%) x Cu% + (19.18 + 12.322 x Au g/t) x Au g/t + (0.07 + 0.0517 x Ag g/t) x Ag g/t
The NSR formula incorporates variable recovery formulae. Average copper recovery was 81.7% copper and 51.8% for both gold and silver.
Metal prices considered were $2.80/lb copper, $1,500/oz gold and $17.25/oz silver.
The Resource is stated within a pit shell that considers a 1.25 factor above the metal prices.
Mineral Resources are estimated and reported in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves adopted 10 May 2014.