Protean Energy (ASX:POW) has started its review of 36,000 meters of core from a 2013 drill program at Daejon, which is expected to take up to six months. Once completed, Protean might design a follow-up drill program to increase the current vanadium resource which stands at 17.3 million pounds at an average grade of 3,186 ppm (approximately 7 pounds of vanadium per tonne of rock).
17.3 million pounds is a negligible amount of vanadium (especially considering Protean owns just 50% of Daejon), but the company now has an exploration target of 385-695 million pounds of vanadium in 70-90 million tonnes of rock at an average grade of 2,500-3,500 ppm. That still wouldn’t be huge, but the current high vanadium price makes it easier to develop an economic model.
Go to Proteon’s website
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