Australian Vanadium (ASX:AVL) is the new name and code for Yellow Rock Resources (ASX:YRR), after being approved by shareholders.
Vincent Algar, remains chief executive, and said the new name marked the next step in the company’s growth strategy.
“The company has been progressing the Gabanintha Vanadium Project since acquisition in 2009.
“The project’s strong potential was highlighted by the recent resource update which demonstrated that Gabanintha is one of the highest-grade vanadium projects being progressed world-wide.
“This year we have also taken steps to enter the energy storage market, which is experiencing increasing demand for vanadium.”
Gabanintha is located near Meekatharra in Western Australia, where the company has defined a high-grade zone of 11.3 million tonnes at 1.1% V2O5 within a measured and indicated resource of 24.7 million tonnes at 0.8% V2O5.
The total measured, indicated and inferred resource in both low and high-grade domains is 91.4 million tonnes at 0.8% V2O5 and contains 750,000 tonnes of V2O5.
This includes a high-grade zone of 56.8 million tonnes at 1% V2O5 for 563,000 tonnes of V2O5.
The high-grade nature of this resource, which contains 200,000 tonnes of V2O5, and includes a substantial high grade zone over 1% in grade, highlights the potential for Gabanintha to be a world-class vanadium project.
Economic studies are expected to begin early next year with a view to initiating a full Definitive Feasibility Study by mid-2016.
An updated scoping study is expected for Gabanintha early next year.
The company is also working on a strategy to build capability to provide the vanadium-based electrolyte which “fuels” the batteries. This gives the company a significant opportunity.
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