Nov 9 2016
VENDOME RESOURCES CORP. (the "Company") (TSX VENTURE:VDR)(FRANKFURT:9VR), is pleased to announce that the TSX Venture Exchange has accepted the filing documentation relating to the Company's agreement to earn a 100% interest, from Chibougamau Independent Mines Inc. (TSX VENTURE:CBG) (STUT:CLL)(OTC PINK:CMAUF), in the Mont Sorcier Vanadium, Iron, Titanium Project in Roy Township, Quebec, 18 km east of the Town of Chibougamau (the "Transaction"), as previously announced on October 3, 2016. The parties have changed the terms of their agreement originally entered into on September 28, 2016 (the "Original Agreement"), as disclosed on October 3, 2016. On October 14, 2016 the parties entered into an amending agreement whereby the Company will pay Chibougamau Independent Mines a single cash payment of $150,000 (increased from $100,000 in the Original Agreement) and issue to Chibougamau Independent Mines 2,750,000 common shares of the Company (decreased from 4,000,000 common shares in the Original Agreement). A minimum of $1 million of exploration to be undertaken in the first 24 months following signature of the agreement, unchanged from the Original Agreement. Chibougamau Independent Mines will retain a 2% Gross Metal Royalty ("GMR") on all mineral production from the property, unchanged from the Original Agreement. In order to facilitate the deal, Globex Mining Enterprises Inc. (TSX:GMX)(FRANKFURT:G1M) (Tradegate), which held a 3% GMR on a number of claims, has reduced its royalty to 1% GMR but it has been extended to the recently enlarged claim group. In addition, a finder's fees of 300,000 common shares the Company (decreased from 400,000 common shares in the Original Agreement) will be issued in relation to the acquisition.
The Company will move to close the Transaction in due course and will issue the common shares to the vendors and the finder's fee common shares immediately. All securities issued by the Company in connection with the Transaction will be subject to a statutory four month hold period.
NI 43-101 Technical Report
The Company is pleased to report that Claude P. Larouche, P.Eng. (OIQ) has completed an initial National Instrument 43-101 Technical Report on the Mont Sorcier Vanadium, Iron, Titanium Project in Roy Township, Quebec. The Technical Report includes a detailed review of the exploration work completed to date, interpretations and conclusions, and recommendations for the next phases of work.
Vanadium is recognized for its potential in the "green energy" space and is considered a strategic mineral, along with other minerals such as lithium and graphite, in the rapidly growing market for battery storage technology innovation.
Highlights of the "Technical Report" completed for Vendome Resources Corp are as follows:
- The mining claims cover superficies of approximately 1,920 hectares (4,800 acres) and are easily accessed all year round
- 3 types of mineralization have already been recognized on the property; the most significant is the magmatic Fe-Ti-V deposits associated with layered zones within the anorthositic gabbro to gabbroic anorthosite of the Lac Dore Complex. An historical resource of 270,000,000 tons grading 27.65% Fe, 1.05% TiO2 and 0.23% V2O5 was previously defined in 1974 as part of a potential open pit operation for iron.
(This historical estimate was been completed by Campbell Chibougamau Mines Ltd., and is relevant and appears reliable base on the results of the 2013 limited drilling by Chibougamau Independent Mines Inc. which confirmed widths and grades. To the extent known (GM-31867), the estimate has been completed using cross-sections spaced 1200 feet to 1600 feet apart in between. Every cross section has a minimum of 3 vertical drill holes 100 feet to 150 feet apart and depth of drilling varies from 300 feet to 1100 feet vertical. The drilling probed 2 strata form sub-vertical magnetite / titanium / vanadium deposits associated with gabbroic and anorthositic rocks of the Lac Dore Complex, namely the "North Zone" and the "South Zone". The "North Zone" has been drill tested for a length of 1.8 km (5,800 feet from section 16+00W to 42+00E) and the "South Zone" for a length of 1.9 km (6,400 feet from section 36+00E to 100+00E). The average true width of the North Zone is up to 137 m wide and the South Zone is up to 61 m wide. Both structures are open at depth.
The estimate of "ore reserves" completed in 1974 concluded that: South Zone carries 102,800,000 tons grading 27.4% Fe & 1.05% TiO2 whereas the North Zone carries 171,000,000 tons at 30.0% Fe & 1.06% TiO2.
The author has not done enough work to verify these resources, therefore the above reserves are historical in nature and the company Vendome Resources Corp. should not treat this historical estimate has current mineral resources / reserves as defined under NI 43-101. Neither quality assurance (QA) nor quality control (QC) can be performed because the entire old drill core has been destroyed (only the 2013 drill core remains). Additional systematic surface drilling is required to verify the historical estimate and possibly upgrade part of the whole historical estimate into current resources.)
- Volcanogenic Massive Sulphide (VMS) mineralization, as suggested by the presence of the Sulphur Converting Occurrence hosted within felsic / intermediate fragmental volcanic rocks, crosses the northern part of the claim block. The most common types of mineralization exploited to date in Chibougamau are copper or copper-gold rich vein systems developed within zones of shearing of different directions and crossing most lithological units have also been identified on the claims.
- A budget has been recommended for two separate and independent phases. The main phase would probe, by core drilling, the Fe-Ti-V deposits in order to verify and possibly upgrade part, or all, of the historical resources into NI 43-101 and CIM Standards resources. A possible secondary phase would focus on the gold and massive sulphide potential of the property.
The complete NI 43-101 Technical Report is available on SEDAR.
The technical information contained in this news release has been reviewed and approved by Claude P. Larouche, P.Eng. (OIQ), who is a Qualified Person with respect to the Company's Mont Sorcier Vanadium, Iron, Titanium Project as defined under National Instrument 43-101.