Issue link: http://resourceworld.uberflip.com/i/1190748
D E C E M B E R / J A N U A R Y 2 0 2 0 www.resourceworld.com 31 MINING Vanadium plans to restore the plant's pro- duction to its full nameplate processing capacity of about 12 million lbs/year of V 2 O 5 . High purity V 2 O 5 is sold at signifi- cant price premiums. Energy Fuels Inc. [EFR-TSX; UUUU- NYSE] has the only operating conventional uranium mill in the US, the White Mesa mill in southeast Utah. The company is also a producer of vanadium when mar- ket conditions warrant, and in early 2019, resumed vanadium recovery, production of high purity vanadium. First Vanadium Corp. [FVAN-TSXV; CCCCF-OTCQX] has engaged Wood Canada Limited to prepare a NI 43-101 Preliminary Economic Assessment (PEA) for its 100%-optioned flagship Carlin vanadium project located 6 km south of Carlin, northeast Nevada. The PEA is anticipated to be completed during Q1 2020. The Carlin Vanadium Project hosts the Carlin vanadium deposit, which is flat to shallow-dipping and at shallow depths with a strike length of approximately 1,800 metres, width averaging 600 metres and thickness ranging from 15 metres to 50 metres. Indicated Resources stand at 24.64 million tonnes grading 0.615% V 2 O 5 con- taining 303 million lbs V 2 O 5 . Inferred Resources are 7.19 million tonnes of 0.520% V 2 O 5 for 75 million lbs V 2 O 5 . Largo Resources Ltd. [LGO-TSX; LGORF-OTCQX] released Q3 2019 produc- tion results from its 100%-owned Maracas Menchen Mine in Brazil. A new quarterly production record was reached totaling 2,952 tonnes of V 2 O 5 with a recovery rate of 78.1%. The company also lowered its 2019 annual cash operating cost, exclud- ing royalties guidance, ranging between US $3.30 and US $3.40/lb of V 2 O 5 . Total production in Q3 2019 from the mine was 2,952 tonnes of V 2 O 5 , an increase of 17% over Q2 2019 and a 15% increase over Q3 2018. Prophecy Development Corp. [PCY- TSX; PRPCF-OTCQX; 1P2N-FSE] has reached the permitting stage for its 100%-owned Gibellini and Louis Hill vanadium deposits in east-central Nevada. Construction is scheduled for 2021 with open pit, heap leach production to start in 2022. The Gibellini deposit has Measured and Indicated Resources of 131 million tonnes plus Inferred Resources of 52 million tonnes. Louis Hill has Inferred Resources of 41 million tonnes. After-tax highlights of an AMEC PEA include annual production of 9.65 mil- lion lbs V 2 O 5 at an operating cash cost of US $4.77/lb. Capex, including a 25% contingency, is US $116.76 million. Open pit strip ratio is a low 0.17 waste to leach material. Recovery rate would be 62% and the life-of-mine is 13.5 years. Vanadium One Iron Corp. [VONE- TSXV; VDMRF-OTC; 9VR1-FSE], formerly Vanadium One Energy, has been advancing its Mount Sorcier iron-vanadium-titanium project 18 km east of Chibougamau, Québec. Mont Sorcier has Indicated Resources of 113.5 million tonnes and 520.6 million tonnes Inferred (0.60% V 2 O 5 ) with potential for expansion along strike. Over 7,000 metres of drilling at 32 holes in both the North and South Zone revealed wide downhole iron ore intersections as long as 214 metres. A PEA is expected to be completed in the near future with an envisioned produc- tion rate of about 5 million tonnes/year. VanadiumCorp Resource Inc. [VRB- TSXV; APAFF-OTCQX; NWN-FSE] has formed a 100%-owned subsidiary that is focused on next-generation vanadium redox flow battery (VRFB) development in Germany, named Vanadiumcorp GmbH. The company has what they call XRG ® technology that will be used to manu- facture VRFB with a facility for planned production now acquired in Rastatt close to Karlsruhe, Germany. Construction will begin immediately. In a separate development, Vana- diumCorp has signed an option agreement for a private Canadian company to earn a 100% interest in the company's Iron-T vanadium-titanium-iron (VTM) project near Matagami, Québec. The current NI 43-101 VTM resource at the Genesis Zone stands at 14,376,000 tonnes Inferred at 0.42% V 2 O 5 . VTM mineralization is at surface, open at depth and along strike. VanadiumCorp also reported that, as of October 7, 2019, it had completed its planned 32-hole (8,500 m) infill and exten- sion drilling program at the 100%-owned vanadium-titanium-iron Lac Dore Project 70 km southeast of Chibougamau, Québec. The company has a vanadium-titanium- iron recovery technology through its 50% ownership of Electrochem Technologies & Materials Inc. Western Uranium & Vanadium Corp. [WUC-CSE; WSTRF-OTC] has been explor- ing its 100%-owned, advanced-stage Sunday Mine Complex in San Miguel County, southwestern Colorado. Initial sampling continues to deliver favourable results from the face of the mine workings and showed V 2 O 5 grades ranging from 3% to 14%. Sufficient quantities of ore were mined to determine expected production grades. Twelve samples were analyzed from the four mines from 12 areas mined with an average grade of 3.15% V 2 O 5 . Development drilling is underway to expand mine production areas and mining of ore has started. Ore will be stockpiled in the mines until the requirements of the Colorado Division of Reclamation, Mining and Safety (CDRMS) are completed. GRAPHITE Vanadium Redox Flow Batteries also require graphite felt electrodes. It is esti- mated that 300 tonnes of graphite are required for every mW/hr of VRFB capac- ity. A report from Adroit Market Research dated May 10th, 2019 stated: "The global graphite market is projected to be val- ued at around US $27.03 billion by 2025. Furthermore, global graphite demand is anticipated to grow at remarkable pace at a CAGR of 6.3% over the forecast period. Prices per tonne for certain graphitic prod- ucts range from US $600 to US $10,000. Below is a selection of graphite companies: LEFT: Largo Resources produces vanadium pentoxide flake and high-purity vanadium pentoxide flake and powder from its Maracas Menchen Mine in Brazil. Photo courtesy Largo Resources Ltd.