Mont Sorcier Iron

The Mont Sorcier Iron ore property hosts a large high quality Iron resource with significant and extractable Vanadium in a top tier mining jurisdiction. The Mont Sorcier Iron-Vanadium deposit consists of a North and South deposit that boast exceptionally low Titanium content, allowing for simple extraction of the Vanadium metal by a blast furnace, making the deposit and possible product unique in the world markets.

Excellent Mining Jurisdiction

Located just 18 km outside of Chibougamau, Quebec by road Mont Sorcier boasts impressive existing infrastructure in one of the world’s top tier mining jurisdictions.

The Mont Sorcier property is less than 10 km from low-cost provincial Hydro along maintained roads. Roads lead directly from Mont Sorcier to the rail head less than 20 km away. The railway is underutilized by approximately 45% and provides direct access to several deep water ports in Quebec.

Located north of the 49th parallel, Mont Sorcier is eligible for support by the Quebec government through Plan Nord, a program focused on supporting mining and development in northern Quebec.

Large Resource Tonnage

Mont Sorcier boasts an impressive 678.5 Mt Indicated and 546.6 Mt Inferred with the potential for expansion along strike, where the deposit’s magnetic anomaly continues, and at depth. Providing a robust base to support production for decades to come.

Premium Priced Iron Ore

Iron Ore at Mont Sorcier is expected to upgrade to a premium product (65-67% Fe) through grinding and magnetic separation as observed through historic metallurgy work performed by Campbell Mines in the 1970s1. Campbell Mines tested composites from 28 holes located in both the North and South zones of Mont Sorcier (Table 1).

Table 1: Davis Tube results from Metallurgy work performed by Campbell Mines in North and South zone of Mont Sorcier.

Section	% Fe	% TiO₂	% V₂O₅	% SiO₂	% MgO	% Al₂O₃	% P₂O₅
North Zone
16W	65.7	1.02	0.39	3.00	2.38	0.9	<0.001
4W	66.9	1.25	0.61	2.75	2.21	0.68	<0.001
12E	66.1	1.32	0.60	3.21	2.75	0.75	<0.001
28E	65.6	1.36	0.62	3.23	2.54	1.18	<0.001
42E	65.7	1.57	0.54	3.60	3.02	0.74	<0.001
South Zone
36E	66.8	0.56	0.68	3.70	3.37	0.41	0.010
44E	67.7	0.65	0.58	2.10	3.42	0.27	0.010
52E	68.1	0.82	0.66	1.90	2.58	0.35	0.003
60E	67.2	0.90	0.93	1.90	3.04	0.42	0.010
68E	67.8	1.58	0.43	1.50	2.71	0.3	0.006
84E	68.2	0.98	0.45	1.70	2.40	0.45	0.001
100E	68.4	0.81	0.84	1.40	2.85	0.3	0.006
108E	67.9	0.84	0.77	1.10	2.88	0.48	0.003
114E	67.5	0.79	0.77	1.90	3.20	0.41	0.003
121E	68.5	0.96	0.59	0.90	2.69	0.31	0.002

1 Historic work performed by Campbell Mines and other, including but not limited to metallurgy, assays, feasibility student work, is not considered current by Voyager Metals under National Instrument 43-101 regulations and should not be relied upon.

2 Results acquired from grinding to 325 mesh at 95% passing, magnetic separation, followed by Davis Tube tests of the magnetic portion of the concentrate.

3 Additional information regarding this testwork can be found in GM30635 “Project 776 1e partie – Zone Nord de la Baie Magnetite, Separation magnetique au Tube Davis”

Figure 2: Location of sections sampled by Campbell Mines from Mont Sorcier North and South zones.

Metallurgy work is underway to optimize economic extraction of high grade Iron ore at Mont Sorcier by evaluating grind size, magnetic separation, and other processing parameters.

Vanadium One Iron’s Davis Tube data from drilling between 2017 and 2018 demonstrate clearly that Iron ore Concentrate at 65% Fe can be achieved with much less grinding than Campbell Davis Tube results. Vanadium One Iron’s data shows that Iron ore concentrate depends NOT on grinding as much as %Mag cut-off grade input and deposit geological and mineralogical zoning (Figure 3). More information and details can be found in the Mont Sorcier NI 43-101 from June 2019 and News Releases.

Figure 3: Grade of Iron (% Fe) plotted against Magnetite (% Mag) in Concentrate at Mont Sorcie. Data collected from Davis Tube testing of core drilled from 2017 and 2018 drill campaigns.

High Quality Iron Ore

Low titanium (< 2%) and deleterious elements such as phosphorus, aluminum, and silica speak to the high quality of Iron Ore and Vanadium present at Mont Sorcier as observed in the NI 43-101 resource estimate for Mont Sorcier in Table 2.

Table 2: NI 43-101 compliant resource estimate for Mont Sorcier (May 2021)*

Notes to accompany the Mineral Resource Estimate:

The independent and qualified persons for the mineral resource estimate, as defined by NI 43-101, are Marina Iund, P.Geo., Carl Pelletier, P.Geo., Simon Boudreau, P.Eng. all from InnovExplo Inc. and Mathieu Girard P.Eng from Soutex. The effective date is June 6^th, 2022.
These mineral resources are not mineral reserves, as they do not have demonstrated economic viability. The mineral resource estimate follows current CIM definitions and guidelines.
The results are presented undiluted and are considered to have reasonable prospects for eventual economic extraction by having constraining volumes applied to any blocks using Whittle software and by the application of cut-off grades for potential open-pit extraction method
The estimate encompasses two (2) deposits (North and South), subdivided into 8 individual zones (7 for North, 1 for South).
No high-grade capping was applied.
The estimate was completed using sub-block models in GEOVIA Surpac 2021.
Grade interpolation was performed with the ID2 method on 4 m composites for the North deposit and on 10 m composites for the South deposit.
The density of the mineralized zones was interpolated with the ID2 method. When no density analysis was available, the density value was estimated using linear regression with Fe2O3 analysis. For the unmineralized material, a density value of 2.8 g/cm3 (anorthosite and volcanics), 3.5 g/cm3 (Massive sulfide formation) and 2.00 g/cm3 (overburden) was assigned.
The mineral resource estimate is classified as Indicated and Inferred. The Inferred category is defined with a minimum of two (2) drill holes for areas where the drill spacing is less than 400 m, and reasonable geological and grade continuity have been shown. The Indicated category is defined with a minimum of three (3) drill holes within the areas where the drill spacing is less than 200 m, and reasonable geological and grade continuity have been shown. Clipping boundaries were used for classification based on those criteria.
The mineral resource estimate is locally pit-constrained for potential open-pit extraction method with a bedrock slope angle of 50° and an overburden slope angle of 30°. It is reported at a rounded cut-off grade of 2.30 % Weighted recovered Fe (Fe % x Process Recovery). The cut-off grade was calculated for the concentrate using the following parameters: royalty = 3%; mining cost = CA$3.30; mining overburden cost = CA$2.45; processing cost = CA$3.62; G&A = CA$0.75; selling costs = CA$58.36; Fe price = CA$190/t; USD:CAD exchange rate = 1.3; and mill recovery = 100% (concentrate). The cut-off grades should be re-evaluated considering future prevailing market conditions (metal prices, exchange rates, mining costs etc.).
The number of metric tonnes was rounded to the nearest thousand, following the recommendations in NI 43-101 and any discrepancies in the totals are due to rounding effects.
The authors are not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, or marketing issues, or any other relevant issue not reported in the Technical Report, that could materially affect the Mineral Resource Estimate.

Note that the Inferred in the current table are slightly different from those disclosed on June 9, 2022. In the course of writing this technical report, some adjustments were made to some deep inferred blocks in the block model resulting in a small decrease of the inferred MRE. The total has gone from 595 Mt to 547 Mt total inferred. The lost tonnage of Inferred is transferred to exploration potential.

A Unique Opportunity

Exceptionally low titanium content at Mont Sorcier makes the deposits unique to other Fe-Ti-V deposits in Quebec and around the world. Low Titanium (TiO₂) in the deposit allows the Iron ore and Vanadium (V₂O₅) processing directly through a blast furnace.

The layered mafic-ultramafic rocks that form the Mont Sorcier North and South zones are the same stratigraphic unit that have undergone km-scale folding. The North zone represents the north-dipping limb of the anticlinal fold structure and the South zone represents the hinge zone of a syncline (see Figure 4).

Figure 4: Structural relationship between the North and South zone (after Dorr, 1969).

Historical Data

Drilling completed by Campbell Mines at Mont Sorcier in the 1960s was used to assess the Iron and later the Iron-Vanadium potential of the property. In addition to drilling and assaying Campbell Mines performed detailed metallurgical work, produced mineral reserve estimates (non-compliant), and a detailed feasibility study.

Voyager Metals continues to use results from Campbell Mines to efficiently and ethically advance National Instrument-compliant mineral resource estimation and economic feasibility of Mont Sorcier.

Work by Voyager Metals

Voyager Metals has been engaged in exploration activities to recognize the mineral resource and economic potential of the Mont Sorcier property. These activities include drilling, field geology, verification of historic data, metallurgy work, and commencing an economic assessment of the property.

In 2017 and 2018 Vanadium One Iron drilled over 7,000m in 32 holes in the North and South zone. Results from the Fall 2018 drill campaigns at Mont Sorcier demonstrate large intercepts of high quality iron ore with good Vanadium content (Table 3; Figure 5).

Additional work performed by the Company can be found in our Press Releases.

Table 3: Results from 2018 Drill campaign

					Head Grades		DTT (Concentrate)
Area	Hole	From	To	Length	Fe₂O₃	V₂O₅	Fe	V₂O₅	TiO₂
		m	m	m	%	%	%	%	%
North Zone	MSN-18-01	270	552	282	32.6	0.17	55	0.43	2.37
	MSN-18-02	270	524	254	39	0.33	61	0.63	2.16
	MSN-18-03	167	283	116	39.9	0.26	60	0.57	1.37
	MSN-18-04	215	380	165	39.4	0.22	59	0.48	1.66
South Zone	MSS-18-16	21	148	127.4	39.6	0.3	66	0.6	1.07
(Centre)	MSS-18-17	12	105	92.6	38.4	0.31	65	0.62	2.04
	MSS-18-18	27	270	243	34.8	0.5	65	0.5	1.29
	MSS-18-19	35	221	186.2	38.9	0.28	64	0.55	1.1
	MSS-18-20	58	192	134	45.9	0.4	65	0.71	1.02
	MSS-18-21	56	201	145	34.7	0.24	61	0.53	1.39
	MSS-18-22	113	210	97.4	38	0.29	65	0.63	1.21
	MSS-18-23	3	52.4	49.4	40.8	0.28	62	0.53	0.94
	MSS-18-24	84.6	198	113.5	34.2	0.21	66	0.46	1.55
South Zone	MSS-18-25	122	151	28.6	39	0.2	66	0.41	1.48
(East)	MSS-18-26	68.8	132	63.2	23.6	0.14	44	0.36	2.07
	MSS-18-27	66.5	92	25.5	32.6	0.22	58	0.4	1.98
	MSS-18-28	123	155	32.2	28.8	0.19	62	0.43	1.74

Figure 5: Location of drill collars from the 2017 and 2018 drill campaigns.

Sources
Dorr, A. (1969). Magnetite Deposits in the Northern Part of the Doré Lake Complex, Chibougamau District, Québec. Master’s thesis, McGill University, Montréal, QC, Canada.

Mathieu, L. (2019). Origin of the Vanadiferous Serpentine–Magnetite Rocks of the Mt. Sorcerer Area, Lac Doré Layered Intrusion, Chibougamau, Québec. Geosciences, 9(3), 110.