Provides Overview of first asset
PITTSBURGH, PA / ACCESSWIRE / February 12, 2020 / Venture Vanadium Inc. ('Venture Vanadium' or 'the Company') (OTC PINK:VENV), a progressive US battery metals exploration and development company, today issued a business update describing its' initial vanadium project as well as plans for the near and long term.
'We're excited to have entered the vanadium market at this vital time of market growth with plans to become a significant provider to the North American and global market,' said Venture Vanadium's President and CEO, Ian Ilsley. 'We only have one focus, which is finding, developing and producing resources to help meet growing market demand for vanadium. Our team looks forward to keeping the sector and our investors informed of our ongoing progress as we work hard to grow shareholder value through strategic mineral exploration and development.'
For more information on the Company and its latest activities, please visit our official website: www.venturevanadium.com
Venture Vanadium chose to focus on vanadium due to the market undergoing a revolution over the last several years. While the traditional uses for vanadium still provide a solid base for demand, new demand for vanadium is being driven by the rapidly growing need for new battery solutions that can provide energy storage at the grid level. As a company, we are working toward that future today.
According to The Economist, vanadium is ideally positioned to be a vital element in providing grid-level energy storage solutions to the $13-billion energy storage market through large, clean-energy vanadium redox-flow batteries (VRBs). The list of benefits VRBs bring to energy storage is long, with the most important including:
- Safer than lithium-ion batteries (VRBs are environmentally friendly and are not explosive, flammable or toxic)
- More scalable than lithium-ion batteries (VRBs are commonly designed to be built as large as shipping containers or bigger; the larger their scale, the lower their cost)
- Longer lasting than lithium-ion batteries (VRBs can to be charged/discharged without capacity loss over 20 years or, theoretically, forever)
Between the traditional demands for vanadium and the emerging demand for energy storage solutions, Venture Vanadium feels this is a growing opportunity and strategic time to provide secure and reliable vanadium to the market.
FIRST ASSET: DESGROBOIS VANADIUM PROJECT
Venture Vanadium is fortunate to have acquired a 100% interest in the Desgrobois Vanadium Project, comprising 30 contiguous claims totaling 4,422 acres (~1,789 hectares) within the mineral-rich Canadian Grenville Structural Province, roughly 75 miles (~120 km) north of the US border, near the eastern coast of Quebec, Canada.
A significant factor in selecting the Desgrobois Vanadium Project is that it represents what is known as a VTM deposit (vanadiferous titanomagnetite). From 80 to 85% of the world's supply of vanadium is derived from VTM deposits, either directly from mined ore or from steelmaking slags produced by processing the ores. According to the US Geological Survey (USGS), since most of the world's vanadium currently comes from VTM deposits, it is likely that additional vanadium resources will come predominantly from VTM deposits and districts. In contrast, the USGS states in their 2017 report, Critical Mineral Resources of the United States, that most known occurrences of vanadium in shale are currently uneconomic.
The project was also selected due to several advantages related to location: the property is in the mineral-rich, pro-mining province of Quebec, Canada; the claims include an on-property water supply; the project is situated in close proximity to established transportation and power.
The Desgrobois Vanadium Project represents potential for the recovery of titanium, iron and vanadium from two zones. In 2009, prior to Venture Vanadium acquiring the Project property, an NI 43-101 report was completed on most of the claims currently held by Venture Vanadium as well as on some claims that Venture Vanadium does not hold due to their undesirable potential for production. This report was updated by the company management in 2019 and can be viewed in its entirety via the website.
NEAR-TERM AND LONG-TERM PLANS
In the near term, the Company's next steps involve further exploration to better define the exciting mineralization potential of our Desgrobois Vanadium Project. While strong magnetic highs and lows are concentrated around deposits at 2 past-producing open-pit iron-titanium mines on the property, and potential exploration zones and targets have been identified, no known reserves or resources have been established at this time. As such, Venture Vanadium is actively extending its knowledge of the Desgrobois Vanadium Project's geologic profile to determine the property's potential for production of vanadium, iron and titanium. To provide a clearer understanding of the underlying geologic structure, the Company plans to review the available geological data and execute a 3-phase exploration program that will include a comprehensive diamond drill hole campaign on 5 priority targets within two identified zones: the Desgrobois Zone and the Titanium Development Zone. Details of the planned 3-phase exploration program will be released as they are finalized in the weeks and months to come.
In the long-term, Venture Vanadium plans to develop its mineral assets through to feasibility and then production in order to offer the North American and global market a secure, stable and abundant supply of vanadium. Along the way, we will continue to invest in team members, consultants, assets and exploration and development that will grow shareholder value.
Finally, Venture Vanadium is also pleased to confirm that it exited 'Shell Status' in January 2020. The company is now 'Non Shell'.
On behalf of the Board,
President and Chief Executive Officer
About Venture Vanadium Inc.
Venture Vanadium (OTC:VENV) is a progressive American battery metals exploration and development company. Our focus is finding, developing and producing resources to help meet growing market demand for battery metals. Our Desgrobois Vanadium Project, roughly 75 miles (~120 km) north of the US border, near the eastern coast of Quebec, Canada, represents potential for the recovery of titanium, iron and vanadium from two zones. We hold a 100% interest in 30 contiguous claims totaling 4,422 acres (~1,789 hectares) within the mineral-rich Canadian Grenville Structural Province. In 2009, prior to Venture Vanadium acquiring the Project property, an NI 43-101 report was completed on most of the claims currently held by Venture Vanadium which can be downloaded via the website.
For more information visit our website at www.venturevanadium.com.
Venture Vanadium Inc.
One Oxford Centre, 301 Grant Street, Suite 4300
Pittsburgh, PA 15219
Tel: (412) 577 2499
Fax: (412) 255 3701
Forward Looking Statements:
Certain statements in this release are forward-looking statements. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as 'may', 'expect', 'estimate', 'anticipate', 'intend', 'believe' and 'continue' or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, and other factors, many of which are beyond the control of Venture Vanadium Inc. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Undue reliance should not be placed on the forward-looking information because Venture Vanadium Inc. can give no assurance that they will prove to be correct. The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, Venture Vanadium Inc. disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, Venture Vanadium Inc. undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.
SOURCE: Venture Vanadium Inc.
View source version on accesswire.com: