Voyager Metals Inc. [VONE-TSXV; VDMRF-OTC; 9VR1-FSE] released an updated NI 43-101 Mineral Resource Estimate (MRE) at its Mont Sorcier Iron and Vanadium project located in Chibougamau, Quebec. The updated mineral resource incorporates results from its 2021 infill drill program which was designed to upgrade Inferred Resources in the North Zone to the Indicated category in support of a future Bankable Feasibility Study, which is targeted to be completed by Q1 2023. The 2021 infill drill program consisted of 42 holes or 15,178 metres.
The new mineral resource update was completed by InnovExplo, an independent engineering firm located in Quebec. The MRE delineated an Indicated Mineral Resource in the North Zone of 559M tonnes grading 28.2% magnetite and 0.21% V2O5, with an additional 507M tonnes grading 25.98% magnetite and 0.1% V2O5 in the Inferred category up from 809M tonnes of Inferred Resources in the prior Mineral Resources Estimate. This represents a total mineral resource tonnage increase of 31% in the North Zone.
Total Indicated Resources for both the North Zone and the South Zone are now estimated at 679M tonnes grading 27.7% magnetite and 0.20% V2O5 with the potential to produce 195M tonnes of magnetite concentrate grading at least 65% Fe and 0.52% vanadium pentoxide (V2O5).
Total Inferred Resources for both the North Zone and the South Zone are now estimated at 596M tonnes grading 25.6% magnetite and 0.17% V2O5 with the potential to produce 158M tonnes of magnetite concentrate grading at least 65% Fe and 0.52% vanadium pentoxide (V2O5). An updated NI 43-101 Technical report will be filed on SEDAR within 45 days.
Cliff Hale-Sanders, President and CEO, commented: “We are extremely pleased by the results of the upgraded NI 43-101 Mineral Resource Estimate which exceed our original expectations. The new mineral resource demonstrates the robust nature and global scale of the Mont Sorcier deposit and will be used to backstop the delivery of a Bankable Feasibility Study that the Company anticipates will demonstrate the exceptional economic potential we see at Mont Sorcier. Additionally, we look forward to working with our team of experienced iron ore consultants, who are immersed in the Quebec mining industry, to demonstrate that this project will be a high margin, low capital cost and long life project to benefit all the communities in the region of Chibougamau, Quebec.”
The grades of magnetite and other elements may appear lower than in previous MRE statements for Mont Sorcier as a lower cut-off grade was used as well as an upgraded geological model. Drilling in 2021 reached new depths on a strike length of 1.6 km of a total strike length of 4 km for the North Zone to support the 31% tonnage increase. The South Zone has less Inferred Resources than prior estimates despite not having been drilled since the last MRE. The new QP is of the opinion that some of the Inferred Resource in the South Zone should be declassified. It should be noted that this material is supported by historical drilling from 1966 and could be upgraded in the future. As a result, the Inferred Resource in the South Zone has decreased from 144M to 88M tonnes.
Voyager has now retained all key consultants related to the various works programs for the BFS, which is targeted for completion by the end of Q1 2023. Many of these work programs have commenced and are ongoing.
InnvoExplo has been selected to act as the project integrator for the Mont Sorcier BFS along with responsibility for mineral resources and mineral reserve estimates. Additional input is being provided by various experts and consulting companies.