First Vanadium (TSXV: FVAN; US-OTC: FVANF) has extended its Carlin vanadium deposit in Nevada by 300 metres to the south with newly acquired historical data. The strike length of the deposit now totals more than 2.1 kilometres.
Two historical holes and trenches completed by the property's previous owner, Union Carbide, in 1968 intersected vanadium outside the current resource.
The holes cut 0.91% vanadium pentoxide over 7 metres from 2 metres downhole and 0.51% vanadium pentoxide over 14 metres from 44 metres downhole. The two surface trenches graded 0.58% vanadium pentoxide over 15 metres and 0.76% vanadium pentoxide over 9 metres.
In a prepared statement, First Vanadium president and CEO Paul Cowley says the new information supports the project's potential for expansion.
First Vanadium tabled an updated resource estimate for the project earlier in 2019. The project now contains 24.16 million indicated tonnes grading 0.615% vanadium pentoxide for 303 million lb. vanadium pentoxide, as well as 6.5 million inferred tonnes at 0.51% vanadium pentoxide for 75 million lb. vanadium pentoxide.
The company has run metallurgical tests on nine composite samples from drill holes across the project containing oxidized and unoxidized material of varying grades. Preliminary test results have returned 92% to 98% extraction rates for all kinds of material.
First Vanadium shares are trading at 57 ? within a 52-week range of 48 ? to $1.96. The company has a $22-million market capitalization.