Protean Energy POW 1

Protean Energy (ASX:POW) has started its review of 36,000 meters of core from a 2013 drill program at Daejon, which is expected to take up to six months. Once completed, Protean might design a follow-up drill program to increase the current vanadium resource which stands at 17.3 million pounds at an average grade of 3,186 ppm (approximately 7 pounds of vanadium per tonne of rock).

Protean Energy POW 2

17.3 million pounds is a negligible amount of vanadium (especially considering Protean owns just 50% of Daejon), but the company now has an exploration target of 385-695 million pounds of vanadium in 70-90 million tonnes of rock at an average grade of 2,500-3,500 ppm. That still wouldn’t be huge, but the current high vanadium price makes it easier to develop an economic model.

Go to Proteon’s website
The author has no position in Proteon and no plans to initiate a position. Please read the disclaimer

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