The company recently completed 11 test drill holes on the property to provide samples for metallurgical analysis. A team of geologists and engineers assembled by Minproc Engineers Inc., is evaluating the economic potential of the Gibellini property for Inter- Globe, and a feasibility study is currently under way.
The deposit is reported to host reserves of 10.9 million tons grading 0.43% vanadium oxide.
Most of the world’s vanadium is currently produced by South Africa. The strategic metal is used in specialized steel production and titanium al loy industries.
Although the Gibellini property was deemed uneconomic by a previous owner — Noranda Exploration — Inter-Globe management believes shortfalls in worldwide vanadium production and growing demand will make the project economically viable at current prices.
The project’s production prospects appear to hinge on successful metallurgical test and recovery results in the current feasibility study.
The extraction of vanadium from mineral sources invariably requires hydro-metallurgical processing, but some raw materials are given a treatment to yield an intermediate product amenable to leaching.
Noranda retains an exclusive right of first consideration in the event that Inter-Globe seeks a joint venture partner, private placement or marketing agent. In addition, Noranda will use its best efforts to review technical aspects of the study currently being conducted by Minproc Engineers.
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