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Triton Minerals has announced that it will fast track studies on the vanadium mineralization at its 100 percent owned Nicanda Hill Project in Mozambique. Triton is a mineral exploration and development company formerly incorporated in Australia as Australian Mineral Fields Limited.
Triton Minerals (ASX:TON), has announced that it will fast track studies on the vanadium mineralization at its 100 percent owned Nicanda Hill Project in Mozambique. According to the company the deposit at Nicanada is globally significant, with roughly 1.44 billion tones of tier one resource.
Triton is a mineral exploration and development company formerly incorporated in Australia as Australian Mineral Fields Limited.
As quoted from the press release:
The decision to advance Nicanda Hill follows a successful independent review by CSA Global which confirmed the potential of the vanadium deposit and potential processing options.
Nicanda Hill has a JORC Resource of 1.44 billion tonnes of vanadium at a grade of 0.29 percent V2O5. This resource is one of the world’s largest defined resources of vanadium and provides an opportunity to capitalize on the forecast shortage of vanadium in coming years evidenced by recent price increases in the price of vanadium. In addition, it is one of the few vanadium deposits with a significant proportion (28 percent) of resource in the higher confidence levels of measured and indicated.
The mineral resource estimate for Nicanda Hill was based on a total of 148 drill holes (86 reverse circulation and 62 diamond drill holes) for a total of 21,864 metres of drilling.
Nicanda Hill Vanadium
Given the appreciation in the vanadium pentoxide price and strong pricing outlook, Triton is investigating the opportunity to produce a vanadium concentrate or product from Nicanda Hill.
Commenting on the results, Triton managing director Peter Canterbury said: “Whilst we were aware of the size of the vanadium deposit, these studies have highlighted significant zones of vanadium within the Nicanda Hill orebody and demonstrate that valuable synergies may be achieved by producing both graphite and vanadium.”