First Vanadium (TSX.V: FVAN OTCQX: FVANF) is an exploration company focused on developing their Carlin Gold-Vanadium Project, consisting of 150 unpatented mining claims and 80 acres of fee simple land covering 2,608 acres located in North-Central Nevada in Elko County, seven miles south of Carlin.

The company has primarily focused on the Vanadium aspect, but from further exploration, was able to identify a large-scale Carlin-type gold system under the current Vanadium resource, creating a double-play, two stacked system.

First Vanadium (TSX.V: FVAN OTCQX: FVANF) acquired the property in late 2017 and completed mapping and core and reverse circulation drilling in 2017-2018. The company drilled 89 holes totaling 20,521 ft (6,255 m):

• Confirmed and improved the confidence of the geological model of the deposit
• Confirmed and improved continuity of grade and thickness of the high-grade near      surface vanadium unit
• Provided samples from across the full span of the deposit for metallurgical test      work

VANADIUM:

First Vanadium (TSX.V: FVAN OTCQX: FVANF) completed a PEA, and identified one of North America’s largest, highest grade Vanadium resources:

The Company commenced acid leach and pressure oxidation test procedures from the deposit in April 2018. By June 2018, test work indicated 95.5% vanadium extraction into solution. Subsequently, the extraction process had been further refined with the Company progressing to the stage of variability test work, reporting in April 2019 consistently high vanadium extraction rates, between 92% and 98%, for both oxidized and unoxidized mineralized material of low, average, and high vanadium grades.

Ongoing metallurgical test work on the two ore types – oxidized and un-oxidized – led to the development in early August 2019 of a preliminary process flowsheet.  The flowsheet is designed to extract and recover vanadium as high-quality vanadium pentoxide using conventional technology. The process flow sheet follows four generalized steps:

1. Crushing  and grinding;
2. Pre-concentration to reduce the volume of feed to the pressure oxidation circuit;
3. Acid leach and pressure oxidation to extract the vanadium into solution; and,
4. Solvent extraction to generate a commercially pure vanadium pentoxide (V2O5)      flake product.

GOLD:

While further developing the asset, First Vanadium (TSX.V: FVAN OTCQX: FVANF) engaged renowned Carlin Gold Trend specialist and former Newmont Mining Corporation Regional Exploration Manager, Dave Mathewson who conceptualized the potential of a large-scale Carlin-type gold system under the current Vanadium resource. Drilling from August to December resulted in the discovery of a large Carlin-type gold system, creating a double-play, two stacked system on the same property.  

Mr. Mathewson interprets a 9-mile long north-south structure that sub parallels the Bullion Fault that is associated with gold deposits on the nearby Gold Standard Ventures property. The 9-mile long north-south structure has associated hydrothermal alteration at surface and at depth (from limited historic drilling) and localized gold mineralization. Four miles north of the Company’s property and along that structure, drilling by Evolving Gold Corp. encountered high-grade gold mineralization at depth in the Arch Zone, including 19.5m at 11.76g/t Au. The Company’s Carlin Vanadium Project covers 2 miles of the 9-mile-long structure and 2 miles of the linear gravity high.

First Vanadium (TSX.V: FVAN OTCQX: FVANF) completed (PR announced March 15/21) Induced Polarization (IP) survey and was able to identify alarge root system with a strike length of at least 1.2 kilometres (0.75 miles) long (north-south), up to 750 metres (2460 ft) wide (east-west) and >500 metres (>1640 ft) vertically. The root system is open-ended to the north and south and remains untested by drilling to date.

Dave Mathewson states, "This is an exciting development. Our IP survey solidifies and advances our thinking significantly, forming a new stage of probability. Our drilling results coupled with the IP survey is a powerful combination of exploration tools to vector into the hot spots comprising the gold feeder zones of the system. The positive surprises from both drilling and IP demonstrate the system is bigger than anticipated and thus the significance of the system and the importance of smart vectoring tools in such a large system. The one exploration tool complements and enhances the other. The geology (rock type, breccias and depths) and extent and zonation of sulfides, multi-element mineralization and alteration found in drilling allowed for best design criteria to set-up the IP survey, a more reliable interpretation of the IP results and better vectoring into the more favourable portions of the root system. The IP now shows the overall size, shape and location of the root system and points to higher sulfide portions. I am very encouraged with these results and keen to test the root system with our next stage of sharpshoot drilling."

First Vanadium (TSX.V: FVAN OTCQX: FVANF) is run by a team of extraordinarily successful executives, and geological professionals:

Paul Cowley, President & CEO, Director

For over forty years, Mr. Cowley, P.Geo. has held technical and managerial positions exploring for gold, base metals, diamonds, industrial minerals and coal worldwide. He has extensive experience in a major company setting based in Canada and South America (18 years with BHP Minerals). Projects include the Escondida world-class copper mine in Chile, Country Manager for Bolivia, and the Ekati diamond mine and the Slave gold project in the Canadian arctic. As manager of the Slave Gold Project, his team discovered and advanced 4 gold deposits amounting to over 6 million ounces of gold. Mr. Cowley also has extensive involvement in junior mining companies at President/CEO, VP Exploration, consultant and directorship levels. Mr. Cowley was instrumental in putting the Lexington-Grenoble gold-copper mine in BC into production, in doubling the resource at the polymetallic and precious metal J&L deposit in BC and adding resources at the Wolverine VMS deposit in the Yukon. Mr. Cowley has experience in permitting projects from exploration to production as well as consulting and successfully negotiating an Impacts and Benefits Agreement with Canadian First Nation. Mr. Cowley is a Professional Geologist, P.Geo. and the Qualified Person for First Vanadium Corp.

Dave Mathewson, Geological Advisor

Mr. Mathewson, geologist, is a renowned Carlin Gold Trend specialist, mine finder and former Newmont Mining Corporation Regional Exploration Manager. Mr. Mathewson was instrumental in several significant gold discoveries in the Rain and Railroad Mining Districts in the southern portion of the Carlin Gold Trend, where the Carlin Vanadium Project is located. During the 1990’s while at Newmont, Mr. Mathewson led the team which discovered the Tess, Northwest Rain, Saddle, and South Emigrant gold deposits in the Rain District, which total over 4 million ounces of gold. In 2009, he was a founder of Gold Standard Ventures Corp. (GSV-TSX and NYSE) and served as its Vice President of Exploration until 2015. During this period, his exploration team discovered the North Bullion gold, Bald Mountain gold and copper, and Sylvania silver and copper deposits, as well as acquired the Pinion gold deposit, all in the Railroad District.

Michael Mracek, Director, Mining Advisor

Michael Mracek is a professional mining engineer registered in the provinces of Ontario and British Columbia. A graduate of the University of Saskatchewan in 1970, he spent his summers working underground at Eldorado, United Keno Hill, and Placer’s Craigmont sublevel caving operation. He moved to Thompson, Manitoba in 1970 where he spent 10 years with Inco, learning his craft from the bottom up. In the 1980’s, he moved on to Dickenson, Amok Cluff Mining, and Terra Mines becoming a Chief Engineer, Mine Superintendent, and finally Mine Manager. In 1990 he moved to Timmins where he spent 5 years for Royal Oak as General Manager at several mines including: Pamour, Hope Brook, and Colomac. Commencing in 1996, spent 11 years overseas where he worked in Ghana, Armenia, and Tanzania for Ashanti Goldfields, Sterlite Gold, and Barrick Gold in various capacities including VP and General Manager. He returned to Canada as Chief Operating Officer for Tournigan Gold before returning to Ghana as VP and General Manager of Golden Star’s Wassa operation. Since 2011, he has provided consulting services through Mracek Consulting, working for major consulting firms, including SRK and SNC-Lavalin, advising on various studies, including feasibility studies.

John Anderson, Director

Mr. Anderson holds a B.A. from the University of Western Ontario and is the co-founder of Aquastone Capital Advisors LP, a U.S.-based gold investment fund. With over 15 years’ experience in the capital markets, Mr. Anderson’s specialty is identifying undervalued opportunities in the resource industry and investing capital into these situations. He has been involved in several small-cap companies, providing financing, investor relations, and corporate development services. Throughout his career, he has raised in excess of $500 million in equity for a number of public and private companies in the United States, Canada and Europe.

R. Stuart Angus, Business Advisor

Mr. Angus is an independent business advisor to the mining industry and is presently Chair of San Marco Resources Inc, K92 Mining Inc, and Kenadyr Mining (Holdings) Corp. He was formerly Head of the Global Mining Group for Fasken Martineau. For the past 40 years, Mr. Angus has focused on structuring and financing significant international exploration, development, and mining ventures. More recently, he was managing Director of Mergers & Acquisitions for Endeavour Financial and was responsible for merger and acquisition mandates. Mr. Angus is the former Chairman of the Board of BC Sugar Refinery Limited, he was a Director of First Quantum Minerals until June 2005, a Director of Canico Resources Corporation until its takeover by Brazil’s CVRD in 2005, a Director of Bema Gold Corp. until its takeover by Kinross Gold Corporation in 2007, a Director of Ventana Gold Corp. until its takeover by AUX Canada Acquisition Inc. in 2011 and a Director of Plutonic Power Corporation until its merger with Magma Energy Corp. in 2011. He resigned June 30, 2017 as Chair of Nevsun Resources Ltd following its acquisition of Reservoir Minerals.

First Vanadium (TSX.V: FVAN OTCQX: FVANF) currently has 57.9M shares outstanding, and is trading at $0.43, giving it a market cap of $24.9M. With such impressive IP survey results and drilling about to resume on the Carlin Gold-Vanadium Project, First Vanadium shareholders should be in for an exciting Spring/Summer.  

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