Mustavaara Resource
Mineral Resource Estimate Summary (11.0% magnetite cut-off grade)
| Resource Class | Million Tonnes | Average Grade | Contained Metal | |||||
| Magnetite (%) | VinMC(1) (%) | Ti(2) (%) | Fe(2) (%) | VinMC(1) (kt) | Ti(2) (kt) | Fe(2) (kt) | ||
| Measured | 64.0 | 15.41 | 0.91 | 3.75 | 63.3 | 90 | 370 | 6,244 |
| Indicated | 39.7 | 15.27 | 0.88 | 3.53 | 62.8 | 53 | 214 | 3,805 |
| Total M&I | 103.7 | 15.36 | 0.90 | 3.67 | 63.1 | 143 | 584 | 10,049 |
| Inferred | 42.2 | 15.11 | 0.92 | 3.75 | 62.3 | 59 | 239 | 3,971 |
Sensitivity of Measured + Indicated Mineral Resource to Cut-Off Grade
| Cut-Off Magnetite (%) | Million Tonnes | Average Grade | Contained Metal | |||||
| Magnetite (%) | VinMC(1) (%) | Ti(2) (%) | Fe(2) (%) | VinMC(1) (kt) | Ti(2) (kt) | Fe(2) (kt) | ||
| 8.0 | 107 | 15.17 | 0.9 | 3.64 | 63.2 | 146 | 593 | 10,281 |
| 10.0 | 106 | 15.26 | 0.9 | 3.65 | 63.2 | 146 | 590 | 10,291 |
| 11.0 | 104 | 15.36 | 0.9 | 3.67 | 63.1 | 143 | 584 | 10,049 |
| 12.0 | 95 | 15.71 | 0.9 | 3.72 | 63.0 | 134 | 555 | 9,394 |
| 14.0 | 67 | 16.81 | 0.9 | 3.80 | 62.9 | 102 | 430 | 7,115 |
Note: The mineral resource estimate has an effective date of September 14, 2020. Metal prices used: Pig Iron US$350.00 per tonne, Ferrovanadium US$30.00 per kilogram. (1) The weight percent of vanadium retained in the magnetic fraction is reported as VinMC (Vanadium in Magnetic Concentrate) and can be correlated with magnetically recovered vanadium grades in large scale magnetic separation plants. This work has indicated that the magnetite content could be upgraded by a factor of six. (2) Ti (titanium) and Fe (iron) grades and contained metal values are stated in recovered magnetite concentrate post upgrading.
Qualified Persons
The scientific and technical information contained in this news release pertaining to the Project has been reviewed, verified and approved by the following Qualified Persons as defined by NI 43-101: Ville-Matti Seppä, EurGeol, (Mineral resources, process and Economic analysis) of AFRY Finland Oy, Eemeli Rantala, P.Geo (Environment) of AFRY Sweden Ab and Pekka Lovén, MAusIMM (Mine design) of PL Mineral Resources Services. All the Qualified Persons are independent of Strategic Resources Inc.