Highwood Asset Management Ltd. Announces Filing Of NI 43-101 Technical Report On Ironstone Iron-Vanadium Project
Highwood Asset Management Ltd. (TSXV: HOCL) (“Highwood” or the “Company”) is pleased to announce the filing of NI 43-101 Technical Report for the Company’s Ironstone Iron-Vanadium project.
Highwood Asset Management Ltd. (TSXV: HOCL) (“Highwood” or the “Company”) is pleased to announce the filing of NI 43-101 Technical Report for the Company’s Ironstone Iron-Vanadium project.
Summary of the Ironstone Fe-V Project and the Technical Report:
Highwood’s total Alberta and northeast British Columbia land position, which includes both the Ironstone Iron-Vanadium Project and the Lithium-Brine Project, is comprised of 236 mineral permits/titles encompassing 1,522,099 hectares or 3,761,189 acres (the “Permits”) for which Highwood owns 100% mineral rights.
The Ironstone Iron-Vanadium Project and Technical Report emphasised in this disclosure is focused on the surface exposed, or near-surface, Upper Cretaceous Bad Heart Formation in northwest Alberta. The Ironstone Iron-Vanadium Project comprises a portion of Highwood’s overall land package and consists of 77 mineral permits encompassing 546,399 hectares or 1,350,182 acres. The 77 mineral permits are grouped into 7 sub-properties that include 4 contiguous groups and 3 non-contiguous groupings of mineral permits.
The Late Cretaceous Bad Heart Formation ironstone has been historically documented to contain anomalous concentrations of iron and vanadium. For example, historical Bad Heart Formation ironstone analyses within the boundaries of Highwood’s current property yielded iron concentrations that range between 16.71% Fe and 40.4% Fe, with an average of 28.9% Fe, and vanadium concentrations that range from 357 ppm V to 2,323 ppm V with an average of 1,349 ppm V.
During May 2021, Highwood conducted an early-stage, reconnaissance, road-based bedrock sampling program to validate the historical information. A total of 8 Cretaceous bedrock samples were collected by the Company at 3 of the 7 sub-properties. The samples were analyzed at independent and accredited laboratories (ALS Vancouver and the Saskatchewan Research Council). The analytical results yielded between 3.9% and 38.5% Fe2O3 and 21 ppm to 468 ppm V. The lower iron-vanadium samples collected during this program are interpreted to represent Late Cretaceous Cardium Formation sandstone, which is stratigraphically older than the Bad Heart Formation. In contrast, samples collected from an historically documented exposure of Bad Heart Formation ironstone at the “Sprit River Section Pit” contained 34.4% to 38.4% Fe2O3 and 418 to 468 ppm V. These samples verify the historical iron and vanadium content from the Bad Heart Formation ooidal ironstone at this site.
An independent Qualified Person (“QP”) site inspection (July 2021) supported the Late Cretaceous Bad Heart Formation geology and geochemistry at the Sprit River Section Pit. The QP collected 5 samples of ferruginous, moderate to pervasive ooidal ironstone at this bedrock exposure, which included 3 approximately one-metre channel samples and 2 grab samples. The samples were analyzed at Activation Laboratories Ltd. and yielded 29.8% to 36.9% Fe (45.06-% to 57.03 % Fe2O3) and 1,160 ppm to 1,530 ppm V. As part of the inspection, an additional grab sample of Cardium Formation iron-stained fine-grained sandstone yielded 21.9% Fe and 117 ppm V.
Upon completion of the Technical Report, Highwood intends to shift its focus to:
Initiate independent ironstone extraction technology test work with the goal of developing mineral beneficiation and recovery technologies;
Conduct early-stage exploration work that includes ongoing historical compilation and geological mapping and sampling of the Bad Heart Formation within Highwood’s permitted areas; and
Complete a heli-borne, detailed, high-resolution, aeromagnetic survey to delineate target areas for a future diamond drill program.
Summary of the Lithium-Brine Project:
Additionally, Highwood’s Lithium-Brine Project is still material to the Company (see news release dated July 16, 2021), and therefore, a synopsis of a previous 43-101 Technical Report dated July 14, 2021 is incorporated into the Company’s current Technical Report, which focuses on the Ironstone FE-V Project.
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