Vanadium One Iron to Deliver Expanded Resoruce by end of March

TORONTO, ON / ACCESSWIRE / February 1, 2021 / Vanadium One Iron Corp. ("Vanadium One" or the "Company") (TSXV:VONE), is pleased to provide an update on the status of its ongoing program to expand the current resource at its Mont Sorcier iron and vanadium project, located just outside of Chibougamau, Quebec. The program was designed to expand the current resource at Mont Sorcier to produce a new Mineral Resource Estimate, which is planned for late Q1 2021.

As stated in our November 2, 2020 press release, the program consisted of a further 10 holes (total 3,414 metres) to define the eastern extension of the North Zone. We continue to await the assays results to confirm the head grade of the mineralization and Davis Tube analyses to determine magnetite content and the vanadium and iron grades of magnetite concentrates. Head assay results are expected in the coming weeks and final Davis Tube results are expected thereafter. These results will be used as the basis for an Updated Mineral Resource Estimate, which is expected around the end of the first quarter of 2021, depending on when final results are available.

The results of the previous Mineral Resource Estimate, published in April 2019, are outlined below:

Mineral Resource Estimate¹ at Mont Sorcier Using a Cut-off Grade² of 14% Fe, effective 23 April 2019 (https://www.vanadiumone.com/news/2019/Indicated-Resource-of-113.5-Million-Tonnes.pdf).

1 Numbers have been rounded to reflect the precision of Inferred and Indicated Mineral Resource estimates.

2 The reporting cut-off was calculated for a magnetite concentrate containing 65% Fe with price of $US 90/t of dry concentrate, 50% of the price of V₂O₅ contained in the concentrate, a V₂O₅ price of $US 14/lb, a minimum of 0.2 % of V₂O₅ contained in the concentrate, an open pit mining operation, a cost of mining and milling feed mineralization of USD 13.80/t, a cost of transporting concentrate of USD 40/t; and a cost of tailing disposal of USD 1.5/t.

3 Vanadium One is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing or political factors that might materially affect these mineral resource estimates.

4 Resource classification, as defined by the Canadian Institute of Mining, Metallurgy and Petroleum in their document "CIM Definition Standards for Mineral Resources and Mineral Reserves" of May 10, 2014.

5 Mineral Resources are not Mineral Reserves and by definition do not demonstrate economic viability. This MRE includes inferred Mineral Resources that are normally considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

The drill program and associated test work is based in part on the recommendations suggested in the Technical Report entitled "NI 43-101 Technical Report - Preliminary Economic Assessment (PEA) of the Mont Sorcier Project, Province of Quebec, Canada". The drill results are expected to enhance the potential presented in the PEA. The report was completed by CSA Global Consultants Canada Ltd, an ERM Group Company (CSA Global) and has an effective date of February 27, 2020. The report was prepared in accordance with Canadian Securities Administrators' National Instrument 43-101 ("NI 43-101") Standards of Disclosure for Mineral Projects. A summary of the results is highlighted below:

The PEA was prepared by CSA Global incorporating contributions from Vulcan Technologies for the Iron and Vanadium Market Pricing Study. The PEA is preliminary in nature, as it includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA will be realized. Mineral Resources that are not mineral reserves do not have demonstrated economic viability.

The Technical Report is available for review under the Company's profile on SEDAR and on the Company's website.

The Company also wishes to announce that Martin Walter has resigned as a member of the Board of Directors of the Company, effective immediately, in order to devote more time to his other business interests.

Cliff Sale-Sanders, President and CEO commented "We would like to thank Martin for his contribution to the Company over the past 3 years, most notably bringing forward the maiden resource for the Mont Sorcier project. We wish him well with his future endeavors."

In addition, the company has filed its Q3 Financial Statements and MD&A on Sedar.

Technical Disclosure

The reader is advised that the PEA summarized in this news release is intended to provide only an initial, high-level review of the project potential and design options. The PEA mine plan and economic model include numerous assumptions and the use of Inferred Mineral Resources. Inferred Mineral Resources are considered to be too speculative to be used in an economic analysis except as allowed for by National Instrument 43-101 in PEA studies. There is no guarantee the project economics described herein will be achieved.

Qualified Persons Statements

The PEA and other scientific and technical information contained in this news release were prepared by CSA Global, in accordance with the Canadian regulatory requirements set out in National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101"), and has been reviewed and approved by, as it relates to geology, sampling, drilling, exploration, and QAQC: Dr. Luke Longridge, Ph.D., P.Geo, Senior Geologist (CSA Global); as it relates to mineral resources: Dr. Adrian Martinez Vargas, Ph.D., P.Geo, Senior Resource Geologist (CSA Global); as it relates to metallurgy, processing and related infrastructure: Georgi Doundarov, M.Sc., P. Eng., PMP, CCP, (Magemi Mining Inc.) and Associate Metallurgical Engineer (CSA Global); as it relates to mining, related infrastructure, and mining costs: Karol Bartsch, BSc Mining (Hons), MAusIMM, Principal Mining Engineer (CSA Global); and as it relates to financial modelling and economic analysis: Bruce Pilcher, B.E. (Mining), Eur Ing, CEng, FIMMM, FAusIMM CP, Principal Mining Engineer (CSA Global) and Alex Veresezan, M.Sc., P.Eng., Manager - Mining (Americas). Dr. Luke Longridge, Dr. Adrian Martinez Vargas, Georgi Doundarov, Karol Bartsch, Bruce Pilcher and Alex Veresezan are all independent Qualified Persons ("QP"), as defined under NI 43-101.

The technical information contained in this news release has been reviewed and approved by Pierre-Jean Lafleur, P.Eng. (OIQ), who is a Qualified Person with respect to the Company's Mont Sorcier Project as defined under National Instrument 43-101.

About Vanadium One Iron Corp.:

Vanadium One Iron Corp. is a mineral exploration company headquartered in Toronto, Canada. The Company is focused on advancing its Mont Sorcier, Vanadium-rich, Magnetite Iron Ore Project, in Chibougamau, Quebec. The goal is to continue defining the extent of this resource and demonstrate its economic viability.

ON BEHALF OF THE BOARD OF DIRECTORS OF VANADIUM ONE IRON CORP.

Cliff Hale-Sanders, President & CEO
Tel: 416-819-8558
csanders@vanadiumone.com
www.vanadiumone.com

Cautionary Note Regarding Forward-Looking Statements:

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains "forward-looking information" including statements with respect to the future exploration performance of the Company. This forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements of the Company, expressed or implied by such forward-looking statements. These risks, as well as others, are disclosed within the Company's filing on SEDAR, which investors are encouraged to review prior to any transaction involving the securities of the Company. Forward-looking information contained herein is provided as of the date of this news release and the Company disclaims any obligation, other than as required by law, to update any forward-looking information for any reason. There can be no assurance that forward-looking information will prove to be accurate and the reader is cautioned not to place undue reliance on such forward-looking information.

SOURCE: Vanadium One Iron Corp.