ASX-listed Toro Energy has reported a maiden vanadium Joint Ore Reserves Committee-compliant resource estimate of 53.6-million tonnes grading at 0.0382% vanadium pentoxide at its Wiluna uranium project, in Western Australia.
The project is estimated to host a contained resource of 68.3-million pounds of vanadium pentoxide.
Toro on Monday pointed out that vanadium pentoxide was currently trading at around $7.05/lb, and has traded as high as $28.80/lb within the last year.
Recently completed work by Toro has established that the vanadium pentoxide can be produced as a by-product while processing uranium ore from the proposed Wiluna uranium mine, and given the expected long-term growth in the prices for vanadium pentoxide, Toro was of the belief that the vanadium by-product could result in a significant improvement to the Wiluna feasibility.
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