Protean Pens Deal to Optimize Vanadium Production at Daejon

Protean Pens Deal to Optimize Vanadium Production at Daejon

Vanadium and uranium producer Protean Energy has signed a technology transfer agreement with the intention of increasing processing and production of vanadium at its Daejon project in South Korea.

Vanadium and uranium producer Protean Energy (ASX:POW) has signed a technology transfer agreement (TTA) with the intention of increasing processing and production of vanadium at its Daejon project in South Korea.

The deal, which is between the Korean Institute of Geoscience and Mineral Resources (KIGAM) and Protean’s 50-percent owned subsidiary, will allow Protean to use the institute’s patents and intellectual property for the processing of vanadium- and uranium-bearing black shale at Daejon.

The Daejon project is currently Protean’s primary focus. Earlier this year, an updated resource estimate was released, which pegs the combined resource at 37.1 million tonnes at 3,000 parts per million (ppm) vanadium pentoxide (0.3 percent) and 120 ppm uranium oxide (0.012 percent) for 248 million pounds (Mlbs) of vanadium (112,490 tonnes) and 10 Mlbs of uranium (4,535 tonnes).

With access to the data from KIGAM, Protean is confident that the company will be able to save time and money that can in turn be invested in increasing production and output.

In addition to historical and seismic data, the TTA also permits Protean to access KIGAM’s purpose-built 1.2-tonne-per-day pilot plant 20 kilometers from the Daejon project area, offering an expedited low-cost opportunity to advance development work.

“With vanadium flow batteries fast becoming the energy storage technology of choice for a range of industrial users, this agreement will dramatically speed up Protean’s process of mining, processing and marketing this mineral,” Bevan Tarratt, executive chairman, said in the announcement.

“This is a key consideration when talking to end users and offtake partners, given that the price of vanadium has risen 137 percent in the past 12 months.”

This recent announcement follows an agreement to allow Australia-based Protean to test 36,000 meters of Daejon project drill core held by KIGAM, which was finalized earlier this month.

Vanadium is considered a valuable industrial metal that is increasingly sought after for its applications in the energy storage sector.

Protean’s share price was down roughly 3 percent on Thursday (August 9), ending the day at AU$0.03.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

Tempus Closes A $1.9 Million Private Placement

Tempus Resources Ltd (“Tempus” or the “Company”) (ASX:TMR)(TSX.V:TMRR) is pleased to announce that it has closed the non-brokered private placement announced on 23 April 2021 (the “Placement

The Placement has been completed utilising the Company’s available capacity under ASX Listing Rules 7.1 and 7.1A. It includes two tranches: Tranche 1, which consists of 6,037,736 ordinary shares issued on 12 May, 2021, as “Canadian flow-through shares” at a price of C$0.155 (approximately A$0.163) per share for proceeds of approximately C$935,849; and Tranche 2, which consists of 6,065,425 ordinary shares issued on 30 April 2021 at a price of A$0.145 (approximately C$0.138) per share for proceeds of approximately A$879,487. The total proceeds from both Tranche 1 and Tranche 2 of the Placement are approximately A$1,866,149 (C$1,770,042). Following the completion of the Placement, the Company has 98,744,613 shares on issue.

Keep reading... Show less

Galaxy Resources Limited Announcement

Galaxy Resources Limited (ASX: GXY) ( Company ) advises that the following announcement has been made to the Australian Securities Exchange which appears on the Company’s platform (ASX):

  • Appendix 2A

The announcement can be viewed at:

Keep reading... Show less

Massive Sulfide Nickel Drilling Update

Blackstone Minerals Limited (“Blackstone" or the “Company") is pleased provide an exploration update on its flagship Ta Khoa Nickel-Cu-PGE project, for which assay results have been received from drilling at its Massive Sulfide Vein (MSV) prospects (refer Table 3, Table 4 & Appendix 1).

Keep reading... Show less

Novo Completes Malmsbury Option Exercise with GBM Resources Limited

Novo Resources Corp. (“ Novo ” or the “ Company ”) (TSX: NVO & NVO.WT; OTCQX: NSRPF) is pleased to advise that it has completed its option exercise to earn a 50% interest in the Malmsbury gold project (the “ Malmsbury Project ”) held by ASX-listed GBM Resources Limited (ASX: GBZ) (“ GBM ”) following the satisfaction of all conditions precedent, including receipt of Australian Foreign Investment Review Board approval (refer to the Company’s news releases dated March 30, 2020 September 24, 2020 and January 15, 2021 for further details).

“We are thrilled to complete our option exercise at Malmsbury,” commented Dr. Quinton Hennigh, Chairman and President of Novo. “We see Malmsbury as a Fosterville analogue given its similar position along the eastern margin of the prolific Bendigo Zone, epizonal orogenic setting and historic high-grade gold production. Our geologic team will pursue aggressive field work over the next few months with the goal of developing drill targets for testing later this year.”

Keep reading... Show less

Rare Earth Elements Demand is Still Growing

Rare Earth Elements are 17 silvery-white heavy metals with special magnetic capabilities. REEs have diverse applications and are commonly used in lasers, glass, superconductors, hard drives, wind turbine generators, and magnetic materials. Despite the name, REEs are abundant in the world, often found underground alongside uranium in sand structures called monazite. REEs concentrate must first be separated from the sand. Neodymium and praseodymium (NdPr) represent about 80% of the value of REE concentrate. Demand for these elements is growing because of their use in electric vehicles, wind turbines, and appliances. Adams Intelligence expects the demand for NdPr to double in the next five years. Removing REEs from monazite and then separating REEs into individual components is a complicated process. Read More >>

News Provided by Channelchek via QuoteMedia

Keep reading... Show less

Top News

Related News