As the global demand for vanadium continues to rise, investors interested in the energy metals space are keeping an eye on which mining companies will be able to meet the growing need of the market. Delrey Metals Corp. (CSE:DLRY) (FSE: 1OZ) (OTC:DLRYF) is one mineral exploration company that continues to dish out positive results at its multiple vanadium-focused projects in Canada.
Delrey Metals Vanadium Potential
On Tuesday, Delrey Metals reported lithium metaborate fusion and ICP-MS with 4-acid digestion assays for nine drill core samples from the drilling programs done in 2010 and 2011 at its Four Corners Iron-Titanium-Vanadium Project in Newfoundland.
In those nine samples collected during a recent visit to the project, the lithium metaborate fusion results were consistently higher compared to the ICP-MS with 4 acid-digestion methods. In fact, the fusion assays returned, on average, 21% higher V205 (ranging from a 14% to 28% increase).
The lithium metaborate fusion assays also returned high averages for both iron and titanium. Iron results from the selective sample suite ranged from 19.16% Fe203 (iron oxide) all the way up to 48.61% Fe203 (iron oxide), with an average grade of 35.07% iron oxide. Meanwhile, titanium results ranged from 5.09% Ti02 (titanium dioxide) up to 14.50% Ti02, with an average grade of 10.28% titanium dioxide.
Moving forward, Delrey Metals said that lithium metaborate fusion for vanadium will be the preferred assay technique it will use on all drill core for the planned 2019 drill program at the Four Corners project. The company believes this method has the ability to unlock additional vanadium potential at the project that has not been fully realized previously.
What’s more, due to the positive results found, the company is also considering complete re-assay of select historic drill holes in advance of the planned drill program.
Renewed Interest in Iron and Titanium Potential
Delrey Metals also completed an in-depth review of the SRK Consulting and ALS Ammtec magnetic characterization and metallurgical 2012 report, which was completed on the project’s 2010 drill core. The review was done in light of the recent surge in iron ore prices, which have risen to nearly $100 USD per ton.
The review was conducted to gain a better understanding of all possible saleable products from the Keating Hill East Zone titanomagnetite samples, which assayed 29.1% Fe (Iron), 9.80% Ti02 (Titanium), and 0.23% V205 (Vanadium Pentoxide), with the magnetic concentrate returning 63.10% iron and 0.64% vanadium pentoxide, indicating a strong fractionation of iron (~70% recovery) and vanadium (>90% recovery).
“It was the vanadium potential that originally attracted us to the Four Corners Project, but with the recent surge in iron ore prices above $100usd/ton, we have renewed excitement in the potential all three metals (Fe-Ti-V) could have on this project,” said Delrey Metals President and CEO Morgan Good. “Initial reports have shown strong grades in magnetic concentrates as well as recoveries across the board (Fe ~70%, Ti >80%, V>90%), and we are looking forward to completing additional optimization which should allow us to fully realize the potential this project has going forward.”
Moving forward, Delrey Metals will be completing additional metallurgical optimization and preliminary market studies of potential iron, vanadium, and titanium products that could be produced at the project.
It will be exciting to see how the Four Corners project in Newfoundland will develop further moving forward. Investors will definitely want to keep an eye out for additional re-assay results from Delrey Metals, as well as results from the company’s planned 2019 drill program.
Delrey Metals’ share price reacted favorably to the positive results, increasing $20.69% on the Canadian Securities Exchange to $0.18 CAD by 1:20 pm. At the same time, the stock also increased on the OTC to $0.13 USD, up $0.028 (+27.45%).
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