PALM BEACH, Florida, June 20, 2018 /PRNewswire/ --
MarketNewsUpdates.com News Commentary
Vanadium is used to produce high-strength steel and chemical catalysts, but much of the future demand excitement stems from its role in vanadium redox flow batteries (VRFBs) as industry experts believe there's a revolution coming in vanadium redox flow batteries. Vanadium prices have risen by more than 400% over the past 24 months exceeding US$15 per pound V2O5. The global All Vanadium Redox Flow Battery market is valued at million US$ in 2017 and will reach million US$ by the end of 2025, growing at a CAGR of during 2018-2025. Steel applications also accounts for impressive percentages of total consumption as high-strength low-alloy (HSLA) steels are by far the largest market for vanadium and consumption in this application has benefited from increasingly stringent building requirements, particularly in China, which has resulted in the use of larger quantities of vanadium-bearing rebar. Active mining companies in the markets today include: Cornerstone Metals Inc. (TSX-V: CCC) (OTC: CCCCF), Energy Fuels Inc. (NYSE: UUUU) (TSX: EFR), Uranium Energy Corp (NYSE: UEC), Denison Mines Corp. (NYSE: DNN) (TSX: DML), Alexco Resource Corp. (NYSE: AXU) (TSX: AXR).
Cornerstone Metals Inc. (TSX-V: CCC) (OTCQB: CCCCF) BREAKING NEWS: Cornerstone Metals is pleased to announce additional preliminary results of metallurgical test work being conducted on its Carlin Vanadium Project in Nevada. The third round of testing has achieved vanadium extraction levels of 95.5%.
"Our testing has very quickly moved the needle from the low 80's, which were strong, to outstanding numbers, far exceeding even our metallurgists' expectations," said Cornerstone President and Chief Executive Officer Paul Cowley. "These numbers show a clear sign of a major technical breakthrough for our project."
Test work continues on a sample composite generated from an 18.9 metre drill core intercept from the Company's recent diamond drilling verification program on the deposit. The latest results employed a roast/leach/pressure oxidation approach. Ongoing test work will continue to optimize various parameters with the aim of developing a conceptual flowsheet. Once a conceptual flowsheet has been defined, tests will be run across the deposit on a full range of samples. The tests to date have been conducted to demonstrate potential recoveries. At this stage, there is no suggestion that these tests demonstrate economic viability.
Metallurgical test work continues at Sherritt Technologies in Fort Saskatchewan, Alberta, the leader in the development and commercialization of pressure hydrometallurgical processes. Sherritt is a one-stop shop that has a proven track record of developing projects from concept-to-operation with a skilled and experienced team, including process and equipment specialists.
The Carlin Vanadium deposit is considered one of the largest, highest grade primary vanadium deposits in North America (USGS Professional Paper 1802 Critical Mineral Resources of the United States-Economic and Environmental Geology and Prospects for Future Supply dated December 18, 2017). Read this and more news for Cornerstone Metals at: http://www.marketnewsupdates.com/news/ccc.html
In other industry developments in the markets:
Energy Fuels Inc. (NYSE: UUUU) (TSX: EFR.TO), a leading producer of uranium and vanadium in the United States, is pleased to announce the Company is set to join the broad-market Russell 3000® Index at the conclusion of the Russell U.S. Indexes annual reconstitution, effective after the U.S. market opens on June 25, 2018, according to a preliminary list of additions posted June 15, 2018. Energy Fuels is a leading integrated US-based uranium mining company, supplying U3O8 to major nuclear utilities. Its corporate offices are in Denver, Colorado, and all of its assets and employees are in the western United States. The Company also produces vanadium as a by-product of its uranium production from certain of its mines on the Colorado Plateau, as market conditions warrant.
Uranium Energy Corp (NYSE: UEC) recently was pleased to report, in accordance with NYSE American requirements, the filing of the Company's quarterly report on Form 10-Q for the nine months ended April 30, 2018 with the U.S. Securities and Exchange Commission (the "SEC"). Uranium Energy Corp is a U.S.-based uranium mining and exploration company. The Company's fully-licensed Hobson Processing Facility is central to all of its projects in South Texas, including the Palangana ISR mine, the permitted Goliad ISR project and the development-stage Burke Hollow ISR project. In Wyoming, UEC controls the permitted Reno Creek ISR project.
Denison Mines Corp. (TSX: DML.TO) (NYSE: DNN) announced this month summer 2018 drilling plans, and report assay results from the winter 2018 drilling program, for the Company's 63.3% owned Wheeler River project in northern Saskatchewan. The summer 2018 diamond drilling program for Wheeler River is scheduled to commence this week and is expected to include approximately 20,500 metres in 28 drill holes. Denison is a uranium exploration and development company with interests focused in the Athabasca Basin region of northern Saskatchewan, Canada.
Alexco Resource Corp. (NYSE: AXU) (TSX: AXR.TO) announced this week that its wholly owned subsidiary, Alexco Environmental Group Holdings Inc. ("AEG"), has acquired Contango Strategies Ltd. ("Contango"), a private company based in Saskatoon, Saskatchewan, for consideration of $1,388,000 comprising $971,600 in cash and 237,999 common shares of Alexco at a deemed value of $416,400 . The common shares were valued at $1 .75 per share using a 20 day volume weighted average price per share. Payment will be in two tranches with $1,018,000 (comprising $601,600 in cash paid on closing and $416,400 in Alexco common shares to be issued upon receipt of all requisite regulatory approvals) and the remaining $370,000 cash payment to be made on the first anniversary of the transaction closing. Alexco Resource Corp. holds the historical high grade Keno Hill Silver District located in Canada's Yukon Territory. Employing a unique business model, Alexco also provides mine-related environmental services, remediation technologies and reclamation and mine closure services to both government and industry clients through the Alexco Environmental Group, its wholly-owned environmental services division.
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