Date: Jun 21, 2018
On May 28, 2018, we initiated coverage on our favorite vanadium play – Cornerstone Metals Inc. They are developing North America’s largest and richest vanadium deposit.
You can read the original report here...
Since our write-up, Cornerstone Metals is up 102%. . .
In our report – we highlighted the significance of the company’s outstanding preliminary metallurgic test results.
Such recovery rates are often the inflection point for any promising project, and any seasoned resource investor will eagerly await the test results before pulling the trigger in any sort of investment – they must make sure the project’s economical.
Thus far, initial pressure leaching tests have achieved vanadium extraction levels between 80.2% and 83.6% – already extremely strong numbers.
This morning, Cornerstone announced additional preliminary results of metallurgical tests being conducted on their Carlin Vanadium Project in Nevada. . .
And the third round of testing has achieved vanadium extraction levels of 95.5%.
Putting this into perspective, Cornerstone’s closest peer, Prophecy Development Corp., has only a 62% recovery rate through direct heap leaching.
Prophecy’s flagship project – Gibellini – which is also located in Nevada, contains just 207 million pounds of vanadium with average grades of 0.27% – yet the project still touts an after-tax NPV7 of $338.3 million.
On the other hand, Cornerstone Metals – with the limited exploration on their project so far – has 289 million pounds of vanadium with average grades of 0.52%.
