First Vanadium has revealed that its Carlin Vanadium Project in Nevada has far exceeded expectations.
In March the company doubled the size of the vanadium property, considered the largest high-grade deposit in North America, from 1,331 acres to 3,177 acres.
According to the company’s latest technical report Carlin's indicated resource stands at 24.64 million tonnes at 0.615% V2O5 for 303 million pounds, and inferred at 7.19Mt at 0.52% V2O5 for 75Mlb.
Both the inferred and indicated categories used a 0.3% cut-off grade and the results replace an historic 2010 resource estimate.
This is the first time Indicated mineral resources have been established for the deposit. The resource as defined within the pit shell has a defined strike length of approximately 1,830 metres (6,000 ft) and width averaging 610 metres (2,000 ft), starting at surface to depths of 120 metres (395 ft). The average thickness of the main mineralized zone is 35 metres (115 ft).
The Carlin Vanadium deposit is considered the largest, highest grade primary vanadium deposit in North America (USGS Professional Paper 1802 Critical Mineral Resources of the United States-Economic and Environmental Geology and Prospects for Future Supply dated December 18, 2017).
Vanadium is growing in importance for key industrial manufacturing sectors most notably steel and renewable energy. Today, more than 90% of the world's vanadium is used in steel manufacturing applications. Its importance to the energy sector is also growing rapidly with more than 5% of vanadium production used in energy storage where its substantial cost and performance benefits make it an alternative choice to lithium ion in several areas.
First Vanadium (formerly Cornerstone Metals Inc.) has an option to earn a 100% interest in the Carlin Vanadium Project, located in Elko County, 6 miles south from the town of Carlin, Nevada.