Richmond Vanadium Technology has completed a positive pre-feasibility study for the Richmond-Julia Creek Vanadium Project.
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RVT are in a joint venture on the project with Horizon Minerals who told the ASX the pre-feasibility study, which was based on an initial mine life of 20 years, has demonstrated a financially viable project.
This work also resulted in the estimation of a maiden open pit ore reserve at Lilyvale deposit of 459 million tonnes at 0.49% vanadium pentoxide for 2.25 million tonnes of contained V2O5 product within a resource of 560 million tonnes.
Horizon managing director Jon Price said RVT had done an excellent job demonstrating the quality and viability of this world-class oxide vanadium resource.
"The Lilyvale deposit alone can provide globally significant supply for the next 100 years and easily expand production to meet the increasing demand from both the steel and emerging battery storage markets," Mr Price said.
"With this increase in demand in coming years and the reduction in the supply of vanadium from steel slags, we see the vanadium price continuing its steady climb and look forward to advancing the project to DFS (detailed feasibility study) level and commencing commercial production discussions with interested offtake partners."
The Richmond - Julia Creek Vanadium Project is located 50kms north-west of Richmond.
They began the JV with RVT in March 2017 In March 2017 for an area comprising 1,550km2 of Cretaceous Toolebuc Formation.
It is one of several proposed vanadium projects in the region..
The $470 million Saint Elmo vanadium Multicom Resources Limited project, 25 km east of Julia Creek, has been declared a prescribed project by the state government while QEM's Julia Creek project is believed to be one of the largest vanadium resources in the world.
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.
Currently, over half of the world's vanadium production comes from China.
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