The project has access to 36,000m of historical untested drill core which was drilled by the Korean Government in the 1970's and early 1980's. The drill core was not systematically assayed for Vanadium. Protean is currently undertaking non-destructive pXRF testing of mineralised sections of the core.
As at September 2018, following completion of Phase 2 p-XRF assay program targeting the 8.3km Daejon mineralisation strike length, current resource estimate:
Combined Mineral Resource Estimate (JORC 2012) of 76 Mt @ 0.3% V2O5 (2,000ppm cut-off) and 110ppm U3O8 defined for a total of 490 Mlbs V2O5 and 18 Mlbs U3O8.
- Indicated Mineral Resource of 3.6 Mt @ 0.3% V2O5 and 142ppm U3O8
- Inferred Mineral Resource of 72 Mt @ 0.3% V2O5 and 108ppm U3O8
The 2018 vanadium Mineral Resource update correlates well with the 2013 exploration target.
Stone coal vanadium deposits represent approximately 47% of the world vanadium production in 20171 and are the world's primary source for high purity V2O5 electrolyte used in electricity storage applications.
Chinese stone coal deposits are amenable to beneficiation processes including selective flotation and magnetic separation methods, which are successfully being used to achieve an average 300% upgrade2.
Protean is targeting the South Korean domestic vanadium market which totals 17 million pounds per annum via offtake supply agreements through our strategic Korean partner.