First Vanadium Corp. (formerly Cornerstone Metals Inc.) (TSXV: FVAN) (OTCQX: CCCCF) today announced that it has expanded the Carlin vanadium deposit following results from its Phase 2 drilling on the project in Nevada.
The raw material is primarily used to strengthen steel. CEO Paul Cowley said this is an excellent start to the deposit expansion, with intercepts of good grade and thickness so near surface in a flat valley
Drilling focused on a 300m x 220m untested area beyond the known limits of the deposit. This drilling proved continuity of shallow near horizontal mineralization, connecting to the nearest previous drill holes. The average thickness of the zone in this new area is 18.7m with an average grade of 0.60% V2O5.
First Vanadium president and CEO Paul Cowley said this is an excellent start to the deposit expansion, with intercepts of good grade and thickness so near surface in a flat valley.
"This new area of mineralization, still open to the north, is a positive impact to the project and will factor into a resource estimate expected to be completed before the end of the year", Cowley said in a statement. "There are pending assay results on a further 23 step-out holes that aimed at expanding the deposit."
Now defined by 216 drill holes, the Carlin vanadium deposit is considered the largest, highest grade primary vanadium deposit in North America. South Africa, China and Russia produce more than 80% of the world's vanadium, mostly as a byproduct of magnetite mining.
Vanadium prices for 98% flake V2O5 have steadily risen from under $3.00/lb less than three years ago. Prices have peaked at over $33/lb, reflecting the higher demand for vanadium over its tight supply, globally.