Velox Energy Materials has defined a new exploration target at its North Queensland Vanadium Project, north-west of Richmond.

The Runnymede target measures about 4.3km in length and 3.5km in width, with an average thickness of 10.70m and an average depth of 3.6m.

“We have already proven there are significant mineral resources in the Cambridge deposit, and we are currently progressing through the first stages of our metallurgical testwork from large diameter core drilling completed in September 2023,” Velox president and chief executive officer Simon Coyle said.

“The new Runnymede exploration target adds significant upside potential to the existing Flinders River exploration target announced on 13 March 2023.

“This demonstrates the substantial unexplored potential within the 1246sq km near-surface, oxidised Toolebuc Formation of the NQVP package.

“It is worth noting that we are also considering other areas covered by historical drilling to expand our exploration target inventory.

“Vanadium redox flow batteries will soon begin to play an integral role in supporting power grids and bridging the gap of reliable alternative sources of energy.

“We believe that the NQV Project presents a massive opportunity to make our mark in the ever-evolving battery and energy materials markets.” 

Related: Metallurgical testwork underway for Velox vanadium

The Cambridge deposit within the project has an established indicated mineral resource of 61.33Mt at 0.34 per cent vanadium pentoxide and 234.6 ppm molybdenum trioxide.

It has an inferred mineral resource of 144.87Mt at 0.33 per cent vanadium pentoxide (cut-off grade of 0.25 per cent V₂O₅) and 241.9 ppm molybdenum.

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