Anfield Resources Inc (CVE:ARY) said it is now placing more emphasis on the vanadium potential at its Velvet-Wood mine in Utah and has engaged BRS Engineering Inc,to update its resource report to include a vanadium exploration target.
The report is expected to be completed within six to eight weeks, the company said in a statement.
READ: Anfield poised for resource estimate at Nine Mile uranium project as it considers its portfolio
In addition, it is also exploring the feasibility of including a vanadium circuit at its Shootaring Canyon uranium mill, that would allow it to process vanadium.
The company explained that its prospective energy partners have shown more interest in its vanadium assets due to the significant rise in the price of vanadium this year.
The current mineral resources of the combined Velvet and Wood mines have been estimated to comprise 4.6 mln pounds of U3O8 at a grade of 0.29% U3O8 (measured and indicated resource) and 552,000 pounds of U3O8 at a grade of 0.32% U3O8 (inferred resource).
Vanadium offers attractive marketing opportunities
Corey Dias, Anfield's chief executive officer, said: "Vanadium is clearly viewed as an attractive alternative to other battery technology sources.
“Anfield is fortunate in having two energy metal resources together, both with highly positive demand projections: uranium and vanadium."
While 85% of current vanadium production comes from China, Russia and South Africa, it would be clearly an advantage to have a domestic US supply source, given the increasingly geopolitical trade uncertainty, the company said.
With all the developing needs and uses for advanced battery technology, industry spending on energy storage is expected to reach US$200bn in 2020 alone, which provides “attractive marketing opportunities for Anfield,” the company added.