Currie Rose Welcomes Queensland Government Investment into CopperString 2032 Project Incorporating Vanadium Battery Technology
Toronto, Ontario--(Newsfile Corp. - June 27, 2023) - Currie Rose Resources Inc. (TSXV: CUI) ("Currie Rose" or the "Company") is pleased to share the Queensland Government decision to invest $5 billion in a 1,100km transmission line from Townsville to Mount Isa, connecting Queensland's North West Minerals Province to the national electricity grid. The Project, known as CopperString 2032, will connect renewable resources with regional critical minerals mining and processing. The construction is expected to start in 2024 and be completed by 2029.
To meet the state's renewable energy quotas, Energy Queensland will trial vanadium battery technology, using vanadium electrolytes produced by Vecco Group, which just opened their $26 million manufacturing facility in Townsville supported through the Queensland Jobs Fund. Energy Queensland's deal with Vecco and Sumitomo Electric for a vanadium battery trial is a great testament to the rise of the vanadium use in the renewable energy industry.
Scott Stewart, Townsville MP and Minister for Resources, commented: "There is enormous potential for vanadium mining and production in North Queensland as demand for vanadium batteries continues to rise, and we create a whole supply chain across North Queensland."
"CopperString 2032 will be connected to the Queensland SuperGrid, the nation's largest energy grid, meaning that wherever energy is generated - we can capture it, send it, store it, and use it wherever is needed," said Mick de Brenni, Minister for Energy, Renewables and Hydrogen.
Vanadium batteries offer a longer lifespan (up to 20 years) compared to lithium-ion batteries, with a much higher number of charging and discharging cycles and lower rates of degradation over time. They are also almost fully recyclable.
Currie Rose's North Queensland Vanadium Project ("NQVP") covers approximately 1,250 km2 in northwest Queensland, along the Flinders Highway between Julia Creek and Richmond, about 500 km southwest of Townsville. The CopperString infrastructure will be within 35 km of the Company's flagship Cambridge Vanadium Deposit. NQVP hosts NI 43-101 compliant Indicated Cambridge Resource of 61.33 Mt @ 0.34% V2O5 and Inferred Resource of 144.87 Mt @ 0.33% V2O5 as well as estimated MoO3 grade of 239.7ppm. Resource is open for expansion. The Project also hosts multiple other drill-ready targets that represent large areas of underexplored, prospective vanadium-rich host strata.
About Currie Rose Resources Inc.
Currie Rose is a publicly traded battery metals exploration and development company identifying high-value assets in resource- and research-friendly jurisdictions. The Company's immediate focus is the advanced NQV Project in Queensland, Australia. The NQV Project hosts the Cambridge Deposit with an Indicated Mineral Resource of 61.33 Mt @ 0.34% V2O5 and 234.6 ppm MoO3 along with an Inferred Mineral Resource of 144.87 Mt @ 0.33% V2O5 and 241.9 ppm MoO3 (Dufresne et al., 2022). The Company additionally owns Kotai Energy and the option to acquire 100% of the intellectual property rights associated with the Hydrogen Project from Curtin University in Western Australia. Please visit our website at www.currierose.com.
For additional information, please contact:
Iryna Zheliasko, Investor Relations - Canada
Office: (+1) 647-249-9298
Email: communications@currierose.com
Andrew Rowell, Investor Relations - Australia
M: +61 400 466 226
Email: andrew@whitenoisecomms.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance, including without limitation, statements regarding the Company's plans regarding the NQV Project. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur." Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this press release, including that the Company will receive the required corporate and regulatory approvals, including TSXV's final approval, that that general business and economic conditions will not change in a material adverse manner and assumptions regarding political and regulatory stability in financial and capital markets.
These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Important factors that may cause actual results to vary, include, without limitation, that the Company will not be able to proceed with the NQV Project as intended, or that the Company does not receive the required regulatory approvals, including the TSXV's final approval, recent market volatility and potentially negative capital raising conditions, the conflict in Eastern Europe, the Company's ability to raise the necessary capital or to be fully able to implement its business strategies and other risks and factors that the Company is unaware of at this time. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended.
There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/171299