Mining company 92 Resources Corp (CVE:NTY, OTCMKTS:RGDCF) said Tuesday that it has acquired the Silver Sands vanadium project in eastern British Columbia.
The spot price of vanadium is approaching its highest level since 2005 and has climbed more than 550% since September 2016, the Vancouver-based 92 Resources said in a press release.
The company added that prices are expected to extend their gains as vanadium-redox flow batteries experience a boost in demand.
The vanadium project covers 3,735 hectares (9,229 acres), located about 200 kilometers (125 miles) north of Prince George, British Columbia.
“The Silver Sands vanadium project offers an opportunity to discover black shale-hosted vanadium mineralization at a location with excellent access within a mining friendly jurisdiction," 92 Resources CEO Adrian Lamoureux said in a statement.
Under the agreement, 92 Resources is paying staking costs of C$15,000, with the seller retaining a 2% net smelter return on the property.
Last month 92 Resources announced that sampling at its Pontax property in the James Bay region of Quebec led to the discovery of lithium-bearing pegmatite.
Contact Dennis Fitzgerald at [email protected]