Significant Improvement in Vanadium Grade in Phase 1 Sizing Metallurgical Testwork

TORONTO, ON / ACCESSWIRE / April 25, 2024 / Velox Energy Materials Inc. (TSXV:VLX) ("Velox" or "the Company") is pleased to provide an update on results received from its Phase 1 metallurgical testwork program completed on samples from the Cambridge Vanadium Deposit at the North Queensland Vanadium Project ("NQVP" or "the Project").

Highlights

• Sizing of three (3) composite samples completed.
• Findings indicate a significant improvement in V ₂ O ₅ grade from within the -38μm fraction.
• Head grade results of 0.23% V ₂ O ₅ from Composite 1 and 0.41% V ₂ O ₅ from Composite 2 received.
• Pre-scrub results from the first two composites returned significant improvements to head grade including:
  • Composite 1 (-9.5mm sub split) within the -38μm fraction returning assays of 0.84% V ₂ O ₅ ;
  • Composite 2 (-9.5mm sub split) within the -38μm fraction returning assays of 0.98% V ₂ O ₅ .

Three composite samples were created from four diamond drillholes completed in September 2023 [1] and submitted to Brisbane Met Labs (BML), an expert in the assessment of North Queensland vanadium deposits, to assess mineral recovery within identified stratigraphic horizons of the prospective Toolebuc Formation. Assay results of up to 0.98% V ₂ O ₅ were achieved within the -38μm fraction indicating a significant 2.4 to 3.65 times improvement in grade.

Velox's President and CEO, Simon Coyle, commented:

"Our understanding of the stratigraphy and the various horizons within the mineralised zone has improved considerably as a result of last year's diamond drilling program and this work has led the direction of the current metallurgical testwork. These initial results have confirmed that there is scope to improve head grade through simple first pass sizing of selected horizons.

"To have a pre-float grade of 0.98% V ₂ O ₅ is extremely pleasing and provides an excellent platform to further increase the V ₂ O ₅ grade and consequently see an outcome in concentrate grades that may be substantially higher.

"Mineralisation is near surface (which implies a low strip ratio), occurs in soft flat lying oxidised sediments (implying low cost mining) and coupled with the sizing results and the identification of vanadium in the -38μm fraction, we have increased confidence in the successful economic and technical extraction of vanadium."

Cambridge Mineral Resource - Toolebuc Formation

As per Figure 1, the separation of the Toolebuc can be seen, which has been derived by separating the Toolebuc into a series of stratigraphic horizons based on lithological, mineralogy, and geochemical variations observed. The horizons represent distinctive stages in the deposition of the Toolebuc Formation and mineralisation. The horizon variation has material significance to understanding the deposit and mineral processing.