Date: Jul 05, 2018
Protean Energy (ASX:POW) this morning revealed a significant upgrade to the vanadium/uranium mineral Resource estimate (MRE) for its Daejon vanadium/uranium project in Korea.
This follows on from POW’s successful completion of Phase 1 of the comprehensive portable-XRF calibration and assaying program being conducted at the Daejon deposit.
An interim vanadium/uranium mineral Resource has been estimated across 40 per cent of the known Daejon strike length, representing a significant increase to the existing JORC 2004 vanadium Resource.
POW has a combined JORC (2012)-complaint MRE of 37.1 Mt at 3,000ppm vanadium (2,000ppm cut-off) and 120ppm uranium defined for a total of 248 Mlbs vanadium and 10 Mlbs uranium.
Phase 2 assaying is targeting the remaining 60 per cent of the deposit strike length and is expected to be completed imminently, resulting in a further Resource update.
Intriguingly, the Daejon shale hosted deposit is similar in nature to the neighbouring Chinese “stone coal” deposits, which display grades ranging from 0.13 per cent to 1 per cent vanadium.
However, POW remains a speculative play and there is much work to be done, so investors should seek professional financial advice if considering this stock for their portfolio.
