Vancouver, British Columbia – TheNewswire – October 13, 2022 – VanadiumCorp Resource Inc. (TSXV VRB) (OTC:APAFF) (FSNWN) (the Company”). The Board of Directors of VanadiumCorp Resource Inc. is pleased to announce the appointment of Ian Mallory as Executive Chairman. Mr. Mallory, a native of Montreal, Quebec, has more than twenty-five years of experience in the development, financing and execution of large-scale energy projects, including thermal, hydroelectric, wind, solar and marine/offshore and LNG installations, with a focus on the Americas.
A financial lawyer by training, Ian has served as an executive at the power and natural gas companies TransAlta, Westcoast Energy, ENMAX, Sea NG and New Fortress Energy. Previously, Ian was a World Bank treasury attorney in Washington, DC. He began his career as an associate with the law firm Fasken in Toronto.
In addition to his extensive experience in the energy sector, Ian has worked in the mining and metals sector with major international niobium and gold producers.
Ian holds an AB magna cum laude from Harvard University, an LL.B. from the University of Toronto and an M.Phil from the University of Cambridge. He was called to the Bar of the Province of Ontario in 1986. He received the ICD.D designation from the Institute of Corporate Directors (Canada) in 2018.
The Board of Directors is pleased to accept Mr. Mallory to the key leadership role of VanadiumCorp as we renew our focus on critical metals and strategic energy storage technology. Mr. Sokhie Puar, a director, agreed to resign from his position on the board to accommodate Mr. Mallory, but accepted a role as senior adviser. We thank Mr. Puar for his services and look forward to his continued contributions.
Mr. Mallory says:
“I am very pleased to join VanadiumCorp at this time of energy industry transformation. The need for increased volumes of renewable energy and reliable electrical distribution has propelled long-duration energy storage capacity VanadiumCorp’s position as the holder of a large, 100% owned North American vanadium mineral resource, extractive metallurgy knowledge base and patents, and their senior electrochemical team bode well for the future. ‘substantial growth.
Canada is fortunate to be able to produce refined battery materials with a low carbon footprint to support Canada’s clean electricity grid. Canada will benefit from the new US Inflation Reduction Act (“IRA”). Under the IRA, investment tax credits of 30% to 50% of the capital cost of battery storage are available. The vanadium metal and vanadium electrolytes supplied to Canada meet the requirements of the Battery Content Act — Canada’s mineral production just needs to pick up the pace.
Also in February, President Biden announced a Buy Clean task force to use the purchasing power of the federal government – the largest in the world – to create demand for low-carbon materials while restricting access to imported high carbon steel and aluminum. The IRA is providing the funding needed to implement this executive order, including more than US$5 billion to purchase low-carbon building materials for federal buildings, highways, bridges and homes, as well only an additional US$5.8 billion to install “advanced industrial technology” in steel. , cement plant and other industrial facilities. Vanadium steels, co-production of vanadium by the steel industry, and advanced vanadium redox flow batteries are part of this constellation of changes.
VanadiumCorp Resource Inc. is a mining exploration company based in Vancouver, Canada, which wholly owns two strategic vanadium, titanium and iron properties in Quebec. Iron T is near Matagami and the Company’s flagship property, Lac Doré, is near Chibougamau. A current technical report (Longridge, 2020) on the Lac Dore deposit describes a measured and indicated mineral resource of 215 million tonnes containing 53 million tonnes of recoverable vanadiferous titanomagnetite. The titanomagnetite concentrate is estimated to contain 1.49 billion pounds of V2O5 (not accounted for titanomagnetite recoveries).
VanadiumCorp also owns 100% of the newly patented hydrometallurgical process, VEPT (the “VanadiumCorp, Electrochem, Process Technology”), invented by Dr. François Cardarelli, which consists of digesting vanadiferous raw materials into concentrated sulfuric acid. The technology relates to the recovery of vanadium, titanium, ferrous sulfate and silica products from mineral concentrate feedstocks, such as titanomagnetite. The VEPT process is also valid for the recovery of vanadium from industrial residues, such as power plant fly ash and oxygen blast furnace slag (BOF-slag). Dr. Cardarelli’s sulfuric acid process is new because it adapts a proven and widely used industrial process for extracting precious metals from titanomagnetite and industrial tailings.
Mr. Paul McGuigan, P. Geo., is a “Qualified Person” (as defined in NI 43-101 – Disclosure Standards for Mining Projects) and the CEO and Director of the Company has reviewed and approved the information techniques contained in this press release. .
ON BEHALF OF THE BOARD OF DIRECTORS OF VANADIUMCORP
Paul McGuigan, P.Geo
Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.