Explorer QEM says it has been able to successfully navigate the pandemic environment and significantly progress its flagship Julia Creek vanadium and oil shale project in North Western Queensland.
In its annual report released this week QEM says it has increased the size of the Vanadium JORC Resource at Julia Creek by 62%.
"Julia Creek now holds a 2,760Mt Vanadium JORC Resource with an average Vanadium Pentoxide content of 0.30%, making it one of the largest vanadium deposits in the world," QEM said.
Its directors report said they hired an independent laboratory company, HRL Technology Group to conduct oil shale extraction tests in the March and June quarters and the results confirmed oil yields consistently over 175% of Modified Fischer Assay oil yields, over a range of varying test conditions.
"The increase in oil yields was made possible with the addition of a hydrocarbon solvent, which would be derived directly from the oil stream produced from the Julia Creek resource, making it an extremely cost-effective solvent," QEM said.
In the June quarter, HRL did test work for vanadium extraction rates within the shale portions of the resource which revealed impressive extraction efficiencies of up to 92% from shale ash.
QEM said they will do further extraction and resource quality optimisation tests before year end.
"Engineering and costing activities to develop and evaluate the extraction process, assessing economic viability, will be progressed by E2C Advisory Pty Ltd in the June quarter," they said.
The Julia Creek vanadium project seeks to tap into the burgeoning battery and liquid fuel markets.
While you are here subscribe to our weekly email to your inbox every Tuesday and Friday
Sign up for our newsletter to stay up to date.