Date: Mar 20, 2019
Australian diversified explorer Venus Metals (ASX:VMC) will now move ahead with metallurgical testing and a scoping study at its Youanmi project after a recent estimate confirmed the site’s vanadium resource.
The project, which is located in Western Australia, has a measured, indicated and inferred resource of 458,900 tonnes of vanadium pentoxide (V205).
The price of V205 has steadily increased over the last 12 months, save for a minor dip late last year, and is currently AU$24 per pound.
“We are very pleased with this result that fully justifies our decision to proceed with a comprehensive drill-out of our vanadium project at Youanmi,” Matthew Hogan, managing director of Venus Metals, said in a press release.
Venus has proposed the vanadium extraction process for Youanmi be based on a simple hydrometallurgical process, taking advantage of the unique weathered vanadium oxide ore.
