Canada's First Vanadium (TSX-V: FVAN) has published indicated mineral resources for its Nevada-based Carlin project, considered the largest, highest grade primary vanadium deposit in North America.
The company, which in March more than doubled the size of the vanadium property from 1,331 acres to 3,177 acres, said Carlin's maiden resource has far exceeded expectations and will provide a base for an economic study.
More than 90% of the world's vanadium is currently used in steel manufacturing applications, but the metal's importance to the energy sector is also growing rapidlyBased on the 43-101 technical report filed by Fist Vanadium, Carlin's indicated resource stands at 24.64 million tonnes at 0.615% V2O5 for 303 million pounds, and inferred at 7.19Mt at 0.52% V2O5 for 75Mlb.
Both the inferred and indicated categories used a 0.3% cut-off grade and the results replace an historic 2010 resource estimate.
First Vanadium has the option to earn 100% of the project, which now exceeds the numbers quoted in a 2017 USGS paper.
The news comes at a time of high prices for silvery-grey metal, used to harden steel and in the making of flow batteries, which are long-lasting, durable and can hold large amounts of energy.
More than 90% of the world's vanadium is currently used in steel manufacturing applications, but the metal's importance to the energy sector is also growing rapidly, with more than 5% of global output used in energy storage.
Vanadium prices more than doubled in 2018, reaching historic peaks. Fastmarkets' price assessment of ferro-vanadium, basis 78% min, free delivered duty-paid to consumer works in Europe stood at $126-128 per kg on November 23, 2018, the highest it has ever been.