Date: Jul 05, 2018

Protean Energy (ASX:POW) this morning revealed a significant upgrade to the vanadium/uranium mineral Resource estimate (MRE) for its Daejon vanadium/uranium project in Korea.

This follows on from POW’s successful completion of Phase 1 of the comprehensive portable-XRF calibration and assaying program being conducted at the Daejon deposit.

An interim vanadium/uranium mineral Resource has been estimated across 40 per cent of the known Daejon strike length, representing a significant increase to the existing JORC 2004 vanadium Resource.

POW has a combined JORC (2012)-complaint MRE of 37.1 Mt at 3,000ppm vanadium (2,000ppm cut-off) and 120ppm uranium defined for a total of 248 Mlbs vanadium and 10 Mlbs uranium.

Phase 2 assaying is targeting the remaining 60 per cent of the deposit strike length and is expected to be completed imminently, resulting in a further Resource update.

Intriguingly, the Daejon shale hosted deposit is similar in nature to the neighbouring Chinese “stone coal” deposits, which display grades ranging from 0.13 per cent to 1 per cent vanadium.

However, POW remains a speculative play and there is much work to be done, so investors should seek professional financial advice if considering this stock for their portfolio.

To read full article please click here