Primary Energy Metals CEO Patrick Morris provides an overview of the company’s various projects in the US, Canada and Europe.
In the interview below, Morris talked about the advantages of being located next to Energy Fuels’ (TSX:EFR,NYSEAMERICAN:UUUU) vanadium and uranium project in Utah. He also outlined the company’s plans moving forward, including the possibility of a spin out for one of their assets.
Below is a transcript of our interview with Primary Energy Metals CEO Patrick Morris. It has been edited for clarity and brevity.
Investing News Network: Please give our investor audience an overview of Primary Energy Metals and its portfolio of battery metals projects.
Primary Cobalt Metals CEO Patrick Morris: Primary Energy Metals is a Canadian-based battery metals exploration and development company with projects throughout mining-friendly jurisdictions in Canada, the US and Europe. Our flagship RD cobalt-gold property is located in Hazelton, British Columbia just south of the Golden Triangle. Initially, we were looking for cobalt, which we found, but we’ve also recovered high gold and copper numbers, including up to 17.8 g/t gold. Additionally, we’ve recovered some grab samples that returned values of four percent copper. We’re currently planning next year’s summer drill program for the property.
Our second area of interest is in two cobalt-copper deposits located just south of Granada, Spain showing high-grade cobalt and copper values. We are expecting our exploration permits to be granted in December 2018. We also own two vanadium properties located north of Seville. Those two properties cover large areas that host past-producing vanadium mines. According to historical data, companies weren’t mining for vanadium, but for iron and lead.
We are also located in the northern tip of the Uravan Mineral Belt in Utah, US, an area known for high-grade uranium and vanadium. Our project is located a 12-kilometer truck ride from Energy Fuels’ project, the sole producer of vanadium in North America. Our property features two past-producing mines that have showings of high-grade vanadium and uranium.
INN: Please tell us more about your vanadium and cobalt assets in Spain. What is the value of being so close to the European markets?
PM: The investment audience in Europe is focused on the resource sector. This is especially so for battery metals as car companies come online and as redox flow batteries become more popular. We’ll be launching marketing campaigns in the near future to ensure that the investment community in the region is aware of our company.
INN: What are the key highlights of your recently acquired Nirvana vanadium project in Utah’s Polar Mesa?
PM: Aside from our proximity to Energy Fuels, we’ve been finding historic grades of up to four percent vanadium oxide and in some areas up to 12 percent, which is an extremely high grade. Another highlight would be the political environment in the US.The current administration has stated that it would like to source critical metals from within the borders of the US. This makes our proximity to Energy Fuels a huge advantage.
INN: What state of development is your gold-cobalt property in BC in? Are there any exploration plans for the property?
PM: Currently, we have a NI 43-101 report on the project. We’ve also completed mapping, sampling and grab sampling programs and we’ve filed our applications for a spring drill program for the next season.
INN: What is next for Primary Energy Metals and how does that fit into the company’s long-term plan?
PM: Currently, our main focus is to raise funds so that we can continue to develop each of our projects. Subsequently, we’re going to be marketing the company across Canada, the US and Europe. We’ve also been looking for joint venture partners to work with us on each of these projects, as we’re explorers, not operators. We find and identify deposits and then we bring in partners to take a percentage and do the work.
Another thing that we’re looking at is potentially spinning out one of our assets into a new listing on the London Stock Exchange. We’ve received interest from other parties to do that and it could be highly lucrative for our shareholders.
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