Vancouver-based VanadiumCorp Resource Inc (CVE:VRB) (OTCBB:APAFF) is focused on lowering the cost and carbon footprint of energy by harnessing the green and reuseable potential of vanadium in vanadium redox flow batteries (VRFB Battery).
The company expects to source the vanadium largely through its two development-stage, 100%-owned vanadium resource projects in Quebec.
The group’s flagship is the Lac Doré Project, which the company considers to be one of the world’s premier, undeveloped vanadium resources, with an estimate of nearly 3 billion pounds of vanadium pentoxide (V2O5) contained in over 300 million tonnes in-situ mineralization with favourable metallurgy.
As well, VanadiumCorp Resource owns the exploration-stage Iron-T Project, which has a current NI 43-101 Inferred resource on its Genesis Zone estimated at 14,376,000 tonnes of 0.42% V2O5.
The company said Iron-T’s mineralization is at surface, open at depth and along strike, with geology remarkably similar to that of the Lac Doré Project, including virtually no impurities and exceptional metallurgical recoveries.
VanadiumCorp Resource also has 100% ownership of the VanadiumCorp-Electrochem Process Technology (VEPT), which was developed as a cost-effective, green and much higher-yielding alternative to conventional pyro-metallurgical processes for many new vanadium sources, such as calcine waste and steel slags.
And, the company has its wholly-owned VanadiumCorp GmbH subsidiary, based in Germany, which is developing the XRG VRFB Battery.
VanadiumCorp GmbH expects to facilitate commercialization of the VRFB technology, which it says is the fastest-growing application for vanadium today.
VanadiumCorp Resource is led by CEO Adriaan Bakker, who has 18 years of experience in capital markets, securing, financing, marketing and developing key mining assets and technology.
How is it doing:
In early 2021, VanadiumCorp Resource announced that commercial development work had begun for the first phase of key design and engineering of its next-generation VRFB Battery for marine propulsion applications, which will be managed by the company’s EU subsidiary VanadiumCorp GmbH.
The company noted that its R&D partners will conduct some specific lab-level material and electrolyte tests to support the engineering work and integration of the VRFB in marine vessels.
VanadiumCorp said its role is to develop the main components of the VRFB system, which include a battery stack of appropriate power size and an optimized electrolyte formulation of favourable energy density.
It believes this next-generation battery technology can help decarbonize shipping routes and in-port ship movements and its design, along with the new high energy electrolyte, solves the challenge of high-energy-density not met by conventional VRFBs.
The company added that it will enlist its skilled partners in electrolyte production, VRFB Battery manufacturing and R&D in subsequent stages of work.
In late 2020, the company released a new mineral resource estimate for its Lac Doré vanadium project, which showed a total estimated Measured & Indicated Resource of 214.9 million tonnes in the Main Zone with an average grade of 24.6% magnetite and 1.3V2O5 in magnetite concentrate, with the potential to produce nearly 53 million tons of magnetite concentrate grading 1.3% V2O5, 62% iron and 8.7% titanium dioxide (TiO2).
The project’s Inferred resource, meanwhile, is estimated at 86.9 million tonnes at a grade of 0.4% V2O5, 28% iron, 7.6% TiO2 and 25.9% magnetite concentrate, while containing 22.6 million tonnes of magnetite concentrate grading 1.2% V2O5, 62% iron and 9.2% TiO2.
On the financial front, VanadiumCorp Resource reported recently that it had closed the first tranche of its previously-announced $1 million private placement equity financing, raising $858,000 at a price of $0.10 per unit.
And VanadiumCorp recently hired geoscientist Paul McGuigan as its vice president of Business Development and appointed him to the company’s board of directors.
McGuigan, who has 45 years of international experience in mineral exploration, deposit evaluation, mine operations, and corporate governance, is expected to use his resource development and technical expertise to help commercialize the company’s green vanadium recovery process in Canada and select global jurisdictions.
Inflection points:
Technology licensing opportunities
Preliminary Economic Assessment (PEA) on its Lac Doré Project
Independent validation of the VanadiumCorp Electrochem Process Technology (VEPT)
What the boss says:
Commenting on the company’s mineral resource estimate for its Lac Doré vanadium project, VanadiumCorp CEO Adriaan Bakker said in a statement: “We can state Lac Doré is one of the largest undeveloped deposits of vanadiferous magnetite in the world, with an excess of 1.4 billion pounds of vanadium pentoxide contained in magnetite concentrate.”
He added: “The significant tonnage of the Measured and Indicated mineral resources highlights the excellent continuity of the vanadium-bearing titanomagnetite (VTM) mineralization at Lac Doré and sets the stage for more advanced technical studies on the project, including metallurgical testing.”