Strategic Resources (SR.V) has signed a definitive agreement with the administrators of Ferrovan which went into bankruptcy to acquire all of the core samples, storage facilities and the intellectual property associated with the past-producing Mustavaara mine. Strategic has applied for a Reservations (permit) which is expected to be granted in the second quarter of this year.
Mustavaara is a vanadium-iron-titanium project that was mined from the mid-70s to the mid-80s and was one of the largest producers of vanadium in the world at the time as according to Strategic, it accounted for 10% of the world production of the metal. A more recent Pre-Feasibility Study (completed in 2012) was based on a reserve of almost 100 million tonnes of rock grading 0.91% vanadium and 13.8% magnetite while preliminary test work on concentrate upgrades indicates substantial improvements are possible.
All these numbers and assumptions are historical and Strategic Resources will now work towards bringing everything NI43-101 compliant.
Disclosure: The author has no position in Strategic Resources.
