"Based on the results of the previous exploration and past-production within the Uravan belt, this coupled with recent U.S. political focus on sourcing strategic metals locally, represents an opportunity for Primary and its shareholders," said chief executive Patrick Morris.
The rising demand for vanadium as a steel alloy and the vanadium redox flow batteries (VRFB) has sparked renewed interest in vanadium deposits. VRFB's are getting more attention from utilities and large battery projects have already been announced, said Primary.
The Uravan mineral belt has been explored since the late 1880s when early prospectors discovered radium, vanadium and uranium at the Paradox Valley.
It's been a busy month for the group. Last week it welcomed geologist Thomas Clarke as a director.
And on July 16, the junior explorer, alongside Exco Mining (Spain) announced sampling results from two of its projects in Spain.
The grab samples, completed in May this year, were taken from the cobalt, copper, silver, lead, nickel and manganese projects inside one of the galleries at its Buran project in Almeria and from the waste dumps of old cobalt mines at its Beatriz project in Granada province in southern Spain.
At the Buran project, the company said although it was not possible to get access to the cobalt-rich samples in the old galleries, it were found very interesting mineralizations with high molybdenum contents and overall a massive dike that showed 968 parts per million (ppm) (0.0968%) of silver content of 1%/kg per ton, 1.5% copper and 20% lead.
At the Beatriz project, high cobalt samples were recorded (including 3950ppm, 3850ppm and 6040ppm cobalt in three samples), alongside finds in nickel and copper.