Vanadium One Iron Corp.

Climate Impact & Sustainability Data (2019-04-23, 2021)

Long-term Goals:

Medium-term Goals:

Infill drilling of the North Zone, with a two-hole fence every 200 m along strike
Increase the number of round-robin assays involving more laboratories and more samples per laboratory

Short-term Goals:

Survey all remaining historical collar locations
More gas pycnometry SG measurements are required from the laboratory (30–50% of all samples). Additional density measurements should also be taken on 5–10% of samples using the Archimedes method

Not all historical drillhole collars have been surveyed by an independent surveyor, and only partial downhole deviation data is available for historical drillholes
Any quality assurance/quality control (QAQC) procedures associated with historical assay data have not been documented and the assay certificates have not yet been retrieved
Environmental considerations that may affect the project (e.g. proximity to the lake) and their influence on the potential economic viability of the project have not been assessed
Metallurgical and recovery parameters for the magnetite concentrate have not been fully assessed – the data presented on recoveries is estimated from Davis Tube recovery tests
The market for a low-Ti, vanadiferous magnetite concentrate and the pricing parameters for such a concentrate have not been assessed, and it is unclear how these could affect project’s potential economic viability
Permits and authorisations for advancement of the project are not guaranteed

Comparison of the results of historical assays with recent values shows that they compare favourably.
More gas pycnometry specific gravity (SG) measurements are required from the laboratory (30–50% of all samples). Additional density measurements should also be taken on 5–10% of samples using the Archimedes method (weight in air/weight in water). Duplicate and umpire measurements of SG required.
Infill drilling of the North Zone, with a two-hole fence every 200 m along strike.
Increase the number of round-robin assays involving more laboratories and more samples per laboratory to enable the calculation of a statically valid mean and standard deviation for the reference standards sample material.
5% of samples from the 2017 campaign should be sent for duplicate analyses, and 5% for umpire analyses. It is also recommended that the standards used should also be subject to magnetic separation, and the magnetic portion assayed.
Detailed environmental studies and assessments of permitting requirements.
Detailed metallurgical testwork including grind optimisation, comminution testwork and assessment of pellet options.
Progress the project to a preliminary economic assessment, and more detailed studies if positive.
Infrastructure studies, to determine transport and shipping options for the project.
Detailed marketing studies to establish pricing metrics for the likely concentrate from the project.

Frameworks Used: NI 43-101, CIM Definition Standards for Mineral Resources and Mineral Reserves

Short-term Goals:

Survey all remaining historical collar locations.
More gas pycnometry SG measurements are required from the laboratory (30–50% of all samples). Additional density measurements should also be taken on 5–10% of samples using the Archimedes method (weight in air/weight in water).
Duplicate and umpire measurements of SG required.
Infill drilling of the North Zone, with a two-hole fence every 100 m along strike.
Increase the number of round-robin assays for the reference standards sample material involving more laboratories and more samples per laboratory.
Standards used should also be subject to magnetic separation, and the magnetic portion assayed.
Additional Davis Tube testwork on samples from the 2020 drill programme and all future drilling programs.

Environmental considerations that may affect the Project (e.g. proximity to the lake) and their influence on the potential economic viability of the Project have not been assessed
Metallurgical and recovery parameters for the magnetite concentrate have not been fully assessed – the data presented on recoveries is estimated from Davis Tube recovery tests.
Permits and authorizations for advancement of the Project are not guaranteed.
Some historical drillhole collars have been surveyed by an independent surveyor, and some downhole deviation data is available for historical drillholes; however, those that have not been located compare favourably with recorded locations.
Quality assurance and quality control (QAQC) procedures associated with historical assay only include duplicate analyses, with no standards documented; however, comparison of the results of historical assays with recent values shows that they compare favourably.

Detailed environmental studies and assessments of permitting requirements
Detailed metallurgical testwork including grind optimization
Survey all remaining historical collar locations.
More gas pycnometry SG measurements are required from the laboratory (30–50% of all samples). Additional density measurements should also be taken on 5–10% of samples using the Archimedes method (weight in air/weight in water).
Duplicate and umpire measurements of SG required.
Infill drilling of the North Zone, with a two-hole fence every 100 m along strike.
Increase the number of round-robin assays for the reference standards sample material involving more laboratories and more samples per laboratory.
Standards used should also be subject to magnetic separation, and the magnetic portion assayed.
Additional Davis Tube testwork on samples from the 2020 drill programme and all future drilling programs.

Frameworks Used: NI 43-101, CIM Definition Standards for Mineral Resources and Mineral Reserves (CIM Council, 10 May 2014)