Richmond Vanadium (RVT) and ASX listed explorer and gold producer Horizon Mining Limited have completed a Sale & Purchase Agreement. RVT now owns 100% of the Project with shares in the company held by Horizon (25%) and existing shareholders of RVT (75%) and has commenced the IPO process with Joint Lead Managers Bell Potter Securities Ltd and Euroz Hartleys Ltd.
The new Board of RVT is now in place and comprises:
– Former Western Australian MP, senior WA cabinet minister and corporate strategist, Mr Brendon Grylls as Independent Non-Executive Chair
– Current RVT CEO and critical minerals specialist Dr Shaun Ren as Managing Director, and
– Metallurgist, mineral economist and Horizon Managing Director, Mr Jon Price as Non-Executive Director
The scale of the project with a global Mineral Resource of 1.8Bt @ 0.36% Vanadium Pentoxide (V2O5) at a cut-off grade suggests that it is one of the largest and highest-grade undeveloped vanadium resources in the world.
The Richmond – Julia Creek area also hosts one of the few Vanadium deposits worldwide with a non-titaniferous (hard rock) Vanadium resource. The deposit is hosted in soft marine sediments, near the surface within oxidised limestone rich clay where there is no oil present.
This unique mineralisation and scale gives rise to a range of advantages. The shallow, soft nature of the deposit would make it amenable to simple free dig, sequential mining. Examples of this can be seen from the numerous quarries in the area supplying material for road surfaces.
A Pre-Feasibility Study centred on commercial evaluation and ore reserve generation from the updated Mineral Resource was completed in June 2020 with results released in October 2020 (see ASX:HRZ Positive Feasibility Results for Richmond Vanadium Project).