Velox Energy Materials Inc. (TSXV:VLX) has announced an exciting development in their North Queensland Vanadium Project, with the definition of a drill-defined Exploration Target for the Runnymede area. The area, located approximately 66 km north-west of the township of Richmond, has shown promising potential with an average thickness of 10.70m and an average depth of 3.6m. The Exploration Target, calculated using historical drillhole data, has a target of 144.30 million to 216.46 million tonnes, with an average grade ranging from 0.22 to 0.33 per cent vanadium pentoxide (V2O5) and 147 to 220.8 ppm molybdenum trioxide (MoO3), utilizing a 0.12% V2O5 cut-off.
This new Exploration Target adds significant upside potential to Velox’s existing Flinders River Exploration Target, demonstrating the unexplored potential within the NQVP package. Velox’s President and CEO, Simon Coyle, highlighted the importance of vanadium redox flow batteries in supporting power grids and alternative energy sources. The Company is optimistic about the opportunities presented by the NQV Project in the evolving battery and energy materials markets.
The Runnymede Exploration Target is part of Velox’s strategy to expand their Exploration Target inventory in the North Queensland Vanadium Project. With ongoing metallurgical testwork and future drill programs planned, Velox is actively working towards unlocking the full potential of their resources. Investors and stakeholders are keeping a close eye on Velox Energy Materials as they continue to make strides in the energy materials sector.
