Protean Energy progresses vanadium deposit
Protean Energy Ltd. (ASX:POW) is now advancing to Stage 2 testing of its vanadium deposit in Korea, following the completion of Stage 1.
POW completed portable-XRF assaying over some 2,344 metres of mineralised ore in Stage 1.
Upon completion of Stage 1 testwork, the company commenced an interim mineral resource estimation over approximately 40% of the known 8.3km strike length.
POW Chair Bevan Taratt spoke on the update, “Protean Energy is excited about the potential for the Daejon deposit and we expect to have a clearer picture of the size and grade of this deposit in the coming months.
“We are now analysing the data collected to estimate the scale of this vanadium resource. The geological modelling completed to date by the company will assist in informing the mineral resource estimate and help us understand whether the extended area is likely to host additional vanadium mineralisation.”
Last month, the company advised shareholders that it would utilise grant funding from the Korean government to test the V-KOR range of vanadium redox flow batteries in Australia.
It is early stages here, so investors should seek professional financial advice if considering this stock for their portfolio.
“The vanadium flow battery has the potential to play a crucial role in revolutionising the new energy sector and we are excited about the advantages of the V-KOR system over other battery solutions,” Tarratt said.
About Protean Energy Limited
POW is an energy company focused on the commercialisation of vanadium battery energy storage systems.
The company is also developing a multi-mineral project in South Korea through its 50% holding in Stonehenge Korea Limited (SHK). SHK is a JV company with two KOSDAQ-listed industry partners being DST Company LTD (DST) and BHI Co Ltd (BHI).
SHK owns 100% of the rights to three projects in South Korea, including the company’s flagship Daejon Project.