PALM BEACH, Florida, October 16, 2018
PALM BEACH, Florida, October 16, 2018 /PRNewswire/ --
FinancialNewsMedia.com News Commentary
Vanadium has emerged as an essential metal in the current climate centered around the development of renewable energy as society continues to shift away from traditional fossil fuels. In May of this year, the US Department of Energy made a $30 Million funding commitment to long-term battery solutions through its Advanced Research Projects Agency-Energy (ARPA-E) office. Additionally more and more automobile manufacturers are incorporating vanadium into vehicles in order to reduce their weight and increase fuel efficiency as regulations continue to become more strict in the realm of fuel economy. The rising demand has been extremely beneficial to those in the mining business of vanadium. Additionally, the metal's application to battery production is another factor influencing its current growth. Prices for vanadium are expected to continue to rise potentially as high as $21 per pound by 2020. Active in the mining industry today includes: Maxtech Ventures Inc. (CSE:MVT) (OTC:MTEHF), Largo Resources Ltd (OTC:LGORF) (TSX:LGO), Glencore Plc (LSE:GLEN.L) (OTCPK:GLNCY), Ferroglobe PLC (NASDAQ:GSM), First Vanadium Corp. (TSX:FVAN.V) (OTCQX:CCCCF).
Maxtech Ventures Inc. (CSE:MVT) (OTCPK:MTEHF) (Frankfurt: M1N) BREAKING NEWS: Maxtech Ventures is pleased to announce that it has concluded detailed exploration plans on its two 100% owned vanadium mineral claims in the State of Bahia, Brazil.
The applications were submitted on behalf the Company and granted by the Departamento Nacional de Produção Mineral (DNPM) in Brazil on July 20th 2018. These claims are on strike with the producing Maracás Menchen Vanadium Mine and the Campbell pit deposit being developed by Largo Resources, which is a Toronto-based strategic mineral company focused on the production of vanadium flake, high purity vanadium flake and high purity vanadium powder.
The development of the regional mineral research program to be carried out in the area in accordance with the mining authorities in Brazil and the DNPM processes. These works will be executed in accordance with environmental legislation at the state and federal levels as well. The research work will be carried out by a specialized technical geologist and the work will be developed in stages. Geological mapping throughout the area for the purpose to identify the geological formation where the mineralization of vanadium is probable with open mesh with varied steering profiles. Initially the exploration rows will be 200 by 200 meters and can be modified at the discretion of the field team.
"The Company has located and will be actively researching several other previously identified vanadium claims in Bahia during the period our geologists are in Bahia in the week. Maxtech will continue to build upon their vanadium footprint in Brazil," stated Peter Wilson, CEO. Read this and more news for Maxtech at: http://www.financialnewsmedia.com/news-mvt/
Other active miners to keep close tabs on today include:
Glencore Plc (LSE:GLEN.L) (OTCPK:GLNCY) came to a close up 1.61% on Monday on the LSE exchange with more than 28.8 million shares traded on the day as well as closing up slighly on the OTC Market at $8.32 by the market close. Glencore is one of the world's largest global diversified natural resource companies and a major producer and marketer of more than 90 commodities. The Group's operations comprise around 150 mining and metallurgical sites, oil production assets and agricultural facilities. With a strong footprint in both established and emerging regions for natural resources, Glencore's industrial and marketing activities are supported by a global network of more than 90 offices located in over 50 countries. Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation, oil and food processing sectors.
Ferroglobe PLC (NASDAQ:GSM) closed Monday up 3.62% at $6.87 with over 600,000 shares traded by the market clsoe. Ferroglobe PLC operates in the silicon and specialty metals industry in the United States, Europe, and internationally. The company offers silicone chemicals used in a range of applications, including personal care items, construction-related products, health care products, and electronics, as well as silicon metal for primary and secondary aluminum producers; silicomanganese, which is used as deoxidizing agent in the steel manufacturing process; and ferromanganese that is used as a deoxidizing, desulphurizing, and degassing agent in the removal of nitrogen and other harmful elements from steel. It also provides ferrosilicon products that are used to produce stainless steel, carbon steel, and various other steel alloys, as well as to manufacture electrodes and aluminum; silico calcium, which is used in the deoxidation and desulfurization of liquid steel, and production of coatings for cast iron pipes, as well as in the welding process of powder metal; nodularizers and inoculants, which are used in the production of iron; and silica fume, a by-product of the electrometallurgical process of silicon metal and ferrosilicon.
Largo Resources Ltd. (TSX:LGO.TO) (OTCQX:LGORF) last week announced the following corporate update: In accordance with standard practice, INEMA published confirmation of the renewal of our operating license for the Maracas Menchen Mine (the "Licença de Operação" or "L.O.") on October 5, 2018 . The renewed L.O. is valid for a period of 2 years and may then be further extended within 6 months of the L.O.'s new expiry date for an additional 2-5 years period. In addition and as previously announced (see press release dated October 3, 2018 ), our Maracás Menchen Mine achieved a new quarterly production recording producing 2,563 tonnes of vanadium pentoxide ("V2O5") in Q3 2018 and Largo exited Q3 2018 with record overall V2O5 recovery rate averaging 82.2% in September. Total production in Q3 2018 was 6% above the plant's nameplate capacity and management expects production to continue at these levels for the remainder of the year. Vanadium prices continue to surpass decade high averages with the latest European Metal Bulletin price range for V2O5 posted during the week of October 5, 2018 being US$22.25 - $23.00 /lb. As announced in February (see press release dated February 12, 2018 ), the enforcement of China's new rebar standard and the central government's special action to cut down "substandard steels" comes into effect next month which, in the Company's view, should add further pressure to the vanadium market.
First Vanadium Corp. (TSX:FVAN.V) (OTCQX:CCCCF) recently announced the results from the first 6 of 69 reverse circulation drill holes from its Phase 2 drilling on the Carlin Vanadium Project, located 6 miles south of Carlin, Nevada. The objectives of this drill program were to infill and expand the Carlin Vanadium deposit. The first 6 reverse circulation drill holes were focused within the South Zone to infill the drill pattern in an area of 120m by 160m. All holes hit mineralization as expected and where expected. The table below provides the highlights of these first 6 holes. The reported holes were drilled vertically except RCC18-04 which was angled at -60o. True thickness estimates of mineralization are approximately 95% of the drill intercept length, except RCC18-04 which is 60% of the intercept length. Hole RCC18-02 was a twinned hole of a previous Union Carbide rotary hole R-95 to compare and further verify old data. The table below compares the two holes with the same depths of their intercept. The First Vanadium hole returned 26% better V2O5 grade than the Union Carbide hole.
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