VANCOUVER COMPANY BUYS UP VANADIUM PROPERTY ON SEYMOUR INLET
Date: Dec 25, 2018
A new mining operation could be coming to the North Island area.
An exploration company based out of Vancouver, Delrey Metals, has made a move to acquire land at the head of Seymour Inlet, 68 kilometres away from Port Hardy.
Delrey entered into a share purchase agreement with Western Energy Metals for all of their issues and outstanding share capital. The company owned the site at the head of the inlet, known as Peneece, which holds large amounts of vanadiummineralization.
Vanadium is a metal that’s been gaining in value, used in automobiles, jet engines, pipelines, steel production, and batteries.
“Currently 90% of global vanadium production is used as an alloy in the manufacturing of steel, with the grade of the steel proportional to its vanadium content,” read a release from the company.
“New regulations recently emplaced by the Standardization Administration of China (SAC) have eliminated Grade 2 steel rebar production in China, replacing it with Grades 3, 4, and 5, which each consume progressively more vanadium. Global industrial growth and increased building standards in earthquake prone areas are forecasted to keep demand for vanadium strong.”
The company also stated that “Vanadium Redox Flow Batteries” are showing potential for use in renewable energy technology.
“VRBs are non-flammable, reusable over semi-infinite cycles and are shown to not degrade for more than 20 years, which make them an efficient alternative to traditional lithium-ion batteries for grid power storage,” read a release from the company.
