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A vertically assimilated vanadium reserve and battery technology company, Protean Energy Limited (ASX:POW) declared that it had made substantial development in the culmination of a Mining study and Mineral digging strategy aimed at its South Korean Daejon Vanadium/uranium Project. Its final report is be anticipated to be released in Q1 2019.
After the fruitful rise of the Daejon mineral reserve, approximately by 99% to a collective 490 mlbs of V2O5 @ 0.3%1, POW has involved 2 independent geology firms from South Korea, namely, Geogeny and Daeheung Mining to complete a mining quarry plan. Both will work together with Optiro Pty Ltd in developing the 2 studies, which forms the foundation of developing the companyâs Daejon property tenure, to a mining lease.
The main features addressed in the Mining study comprised of:
Mining Method
The geotechnical study comprising of scanline surveys, geotechnical logging and laboratory testing has been led by Geogeny. Consequently, the mining technique that was chosen was Longitudinal Longhole Stoping for the orebody over a dip of 60 degrees and Transverse Longhole Stoping when the disposition was lesser than 60 degrees.
Extraction Method
The Daejon deposit, stratiform orebody, is held beneath the black shale. Because of the developed nature of the vanadium extraction technology, salt roasting-atmospheric water leaching (SRAWL) had been chosen as the best technique for the project which is built on metallurgical trail work and the conceptual processing plan.
Surface Infrastructure
The Daejeon Project needs 2.0 mW for the mining process, and 5.0 mW for plant and surface amenities. The major substation is adjacent to the anticipated backfill plant, with 4 substations to be installed underground.
Korea Electric Power Corporation has full authority, and accountability to join the operation, with a 15.4 kV national grid line from the Chubu substation.
Regarding the water, the 3-chief form of water used is rainfall, groundwater and recycled water from the tailings dam. The major water pond for the paste fill and leaching plant would be built, with the storing volume of 36,000 m3. A mounted Fuel Storage Tank (200,000 litres), adjacent to West mine adit will provide, fuel underground through 2.5-ton fuel tank trucks, and allocate it straight to mobile equipment.
Underground Infrastructure
Transformer rooms are to be mounted every 1km from the portal of adit to stop voltage drops. The capacity of the planned transformer is 100kVa, and the transformer would be mounted in a drift which extends till 8.0 m and has a size of 4.0 m x 4.0 m, which is excavated in the decline. Â Underground magazines would be built, and 2 rescue chambers would be mounted at various locations of the underground functioning. Also, emergency communication systems, oxygen generators, drinking water facility, and food for fifteen days would be stockpiled inside it.
On 28 February 2019, the company released its half-year report ending 31 December 2018. Â POW had net assets of $5,411,357 (30 June 2018: $6,969,874), and cash assets of $1,514,875 (30 June 2018: $2,419,879).
On 30 January 2019, POW declared that it had effectively concluded the selling of its shareholding in KOSDAQ listed DST Co Ltd. The entire proceeds obtained from the sale of the shareholding was A$1.45 million (before costs).
By the closure of trading session (as at 04 March 2019), the stock price of the company stood at A$0.012, up by 20% from its previous close.
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