Horizon Minerals says its drilling at the Richmond - Julia Creek Vanadium Project is promising.
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Horizon told the ASX they had completed highly successful infill drilling completed at the Lilyvale deposit, situation 400km east of Mount Isa
The project is a 1550 sq km Joint Venture between Horizon and unlisted Richmond Vanadium Technology Pty Ltd with the latter earning up to 75% by spending $6 million to March 2021 inclusive of a feasibility study
Horizon said their results demonstrated excellent grade continuity across the entire strike length and they will complete a pre-feasibility study to be released in the September quarter.
Horizon Managing Director Jon Price said infill drilling at Lilyvale had demonstrated the improved scale and quality of the resource that can be readily upgraded on site for conventional downstream processing.
"Lilyvale alone can provide globally significant electrolyte and flake product to meet the increasing demand for both the steel and emerging energy storage markets," Mr Price said.
"We look forward to the completion of the commercial evaluation as part of the feasibility study".
The joint venture of one several projects looking for vanadium in the Cretaceous Toolebuc Formation between Julia Creek and Richmond.
The nearby St Elmo vanadium project has been granted major project status by the Queensland government.
Meanwhile Intermin Resources are in a joint venture called the Richmond Vanadium Project with Chinese backed AXF Vanadium.
Vanadium redox flow batteries are being increasingly used by the energy storage industry as a key component in the grid scale storage of solar and wind energy.
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