Maxtech Ventures Inc (CSE:MVT) is excited about its option to buy 100% interest in vanadium claims in Emery County, Utah.
The Temple mountain district has a big history of mining for vanadium and uranium, said Maxtech.
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Maxtech has signed a letter of intent to option 52 contiguous lode mining claims staked covering a total of 1,074 acres or around 435 hectares.
The entire claim group has a maximum north-south extension of around 3.2km and a maximum east-west extension of around 1.8 km.
"Demand for vanadium as a strategic metal has exploded as price surges hit recent highs from approximately $9.00 per pound last year to about $22.63 per pound supported by a high global demand. As a result, mining companies are returning to explore for vanadium with vigour," said Peter Wilson, chief executive at Maxtech.
Historical drill assays at Temple Mountain show maximum values of uranium (U3O8) of up to 1.85% and vanadium (V2O5) oxide of up to 4.97%, indicating pockets or restricted lenses of high-grade ore and uranium grades of up to 4% were also reported.
Mining began in the district in 1914, which was 16 years after its initial discovery in 1898.
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Artisanal activities were present between 1922 and 1978.
The optioned area is situated just north of the Utah State Park of Goblin Valley.
In today's statement, Maxtech drew attention to Energy Fuels (TSE:EFR, NYSEMKT:UUUU) which said last week it would restart operations in Blanding Utah and will resume vanadium production at its White Mesa Mill in mid-November this year.
Maxtech shares shed 4% on Tuesday to stand at $0.24 each.