Intermin Resources Limited (ASX:IRC) has executed the formal joint venture agreement with AXF Resources covering Intermin’s Richmond Vanadium - Molybdenum Project in Queensland.
In December 2016, the companies had signed an agreement for AXF to sole fund and manage up to $6 million of technical beneficiation and commercialisation studies over four years to earn a 75% interest.
AXF had also agreed to subscribe for $430,000 in Intermin shares.
Intermin has now issued circa 3.4 million shares at $0.12 each to AXF after receiving the part 2 payment of $410,000 pursuant to the terms of the joint venture.
The wholly-owned Richmond vanadium-molybdenum project is located in northwest Queensland and comprises three mineral exploration permits and the metal rights to a mineral development licence.
The project tenements cover large areas of the Cretaceous Toolebuc Formation containing oil shale deposits that host extensive vanadium and molybdenum mineralisation.
Since 2008 Intermin has completed drilling, beneficiation test-work and directional studies at Richmond providing AXF with a substantial technical database from which to continue development.
With the current excitement around the use of vanadium redox batteries for the growing energy storage market, the joint venture partners are aiming to unlock the potential of this potentially large resource.