www.americanvanadium.com
American Vanadium Corp., formerly Rocky Mountain Resources Corp., is a Canada-based junior mining company. As of November 30, 2010, the Company’s main focus was the development of its Gibellini Project, located in Eureka County, Nevada. In June 2010, the Company initiated a bulk sampling program, comprising collection of samples from both oxide, and transition vanadium zones from four different trenches on the project, and a diamond drill program, which was two-phased. On September 9, 2010, the Company announced that it initiated a feasibility study of its Gibellini Project. In November 2009, the Company sold its interest in the Paris Hills mineral property to Stonegate Agricom Ltd (Stonegate). On September 29, 2010 the Company announced the acquisition of the Del Rio Property, a new vanadium project located approximately eight miles south of the Gibellini Project.
Rocky Mountain Acquires Del Rio Vanadium Property In Nevada
Rocky Mountain Resources (RKY:TSX-V) has acquired the Del Rio property, a new vanadium project located approximately eight miles south of its Gibellini project, in northern Nye County, Nevada, it said Wednesday.
The company discovered the vanadium-bearing shale exposure itself and now holds 100% ownership in the property, with no royalty burden, by staking 120 unpatented lode claims (2,400 acres) on BLM administered lands.
“The Del Rio discovery is very exciting for the Company as it represents an entirely new vanadium target with the potential to be as large, and possibly even larger, than the Gibellini Hill resource,” said president and CEO Bill Radvak.
“Overall, the channel sampling results on the Del Rio Property were similar to, and in some cases better than, the channel sampling results from the oxidized zone on our Gibellini Hill resource which is enriched at depth,” he added.
The company sees the acquisition as bringing it one step closer to its vision of becoming a primary vanadium producer in North America. Its Gibellini project is currently moving toward a feasibility study in the second quarter of 2011, and the addition of the Del Rio property enhances its position.
The program through the end of 2010 at Del Rio is designed to complete geologic mapping and sampling on the four square mile claim block to delineate all surface exposures of vanadium, and geologic controls in preparation for trenching and drilling for enriched zones at depth, the company said.
The vanadium bearing shale exposed at surface on Del Rio is mineralized over 1800 feet (550m) of strike and 1200 feet (360 m) of width. Five trenches were sampled in this target area. All zones were oxidized, suggesting the target has potential for an enriched transition zone at depth.
Vanadium is an alloying metal used to strengthen steel and is also used with storage cells and lithium vanadium batteries for renewable energy. Almost all world production of vanadium currently comes from China, South Africa and Russia.
Rocky Mountain Resources is a metals exploration and development company focused on developing environmentally favorable projects within politically stable regions, with the potential to host large deposits of industrial metals or minerals.
