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Be the first with the news that moves the market- First Vanadium (TSXV:FVAN) has released the preliminary economic assessment of its Carlin Vanadium Project in Nevada
- The assessment estimates a mine life of eleven years, plus five more years of processing stockpiled ore
- The proposed mine would produce 11 million pounds of vanadium flake a year from an open-pit operation
- The pre-production capital requirement for the site would be approximately C$750.20 million, resulting in a payback period after 7.7 years
- First Vanadium (FVAN) is down 2.5 per cent, with shares trading at $0.20 and a $8.28 million market cap
First Vanadium (TSXV:FVAN) has released the preliminary economic assessment of its Carlin Vanadium Project in Nevada.
The assessment, prepared by Wood Canada, estimates the site could have a mine life of 11 years. It could also have five more years of processing stockpiles ore.
The prediction estimated an average grade of 0.71 per cent Vanadium pentoxide, with a recovery rate of 78 per cent.
This would result in 11 million pounds of vanadium flake a year, from an open-pit operation.
The model for the proposed mine also includes a four-year extension to the site’s life. This would be achieved through stockpile processing and selling sulphuric aside and energy from the site’s acid plant.
The pre-production capital requirement for the site would be approximately C$750.20 million. With that amount in up-front financing, the site would enter its payback period after 7.7 years.
Vanadium is used to make steel alloys and can also be used to fix dyes to fabrics.
The Carlin Vanadium Project is located within Nevada’s Carlin Gold Trend, where gold mining giants Barrick and Newmont operate.
First Vanadium’s President and CEO, Paul Cowley, believes operating a vanadium mine in the region could prove beneficial.
“The benefit of having both vanadium and a separate gold opportunity on the same property located within the world-famous Carlin Gold Trend is unique, broadens our opportunities and is another of our many strengths.
“With our goal to maximize on all our high-quality opportunities to enhance value for our shareholders, it is now time to bring our exceptional gold opportunity to the forefront with the aim to drill- test this summer,” he said.
First Vanadium (FVAN) is down 2.5 per cent, with shares trading for $0.20 at 3:15pm EDT.
