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Protean Energy Ltd.
Summary
| Project: | Daejon | |
|---|---|---|
| Deposit: | Daejon | |
| Location: | South Korea | |
| Commodities: | Vanadium-Uranium | |
| Date: | 9/24/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 24-9-2018: Protean Energy Ltd. announces a Resource Estimation report for its Daejon deposit at the Daejon project. Updated mineral resource estimate at Daejon. Protean Energy Ltd (Protean or the Company) is pleased to announce the completion of a Mineral | |
| Resources: | (Resource): 76Mt @ 0.30% V2O5 (I+I), 15Mt @ 250ppm U3O8 (Inf.) | |
| CP/QP: | [Resources]: Kahan Cervoj (Optiro Pty Ltd.) | |
| ABSTRACT: | Protean Energy Ltd (Protean or the Company) is pleased to announce the completion of a Mineral Resource Estimation (MRE) targeting 8.3km of known strike length at it’s Daejon vanadium/uranium project in South Korea. The MRE represents a 99% increase to the interim resource estimation. The Daejon vanadium/uranium and uranium mineralisation is hosted in black shale. The September 2018 MRE correlates well with the 2013 Exploration Target with an estimated combined Mineral Resource of 490 Mlbs at an average grade of 0.3% V2O5 (Table 1). Protean Energy Ltd owns 50% of Stonehenge Korea Ltd (SHK), the operator of the tenements in the Daejon region that contain uranium and vanadium Mineral Resources. In 2011, SHK completed a Mineral Resource estimate (MRE) at the Daejon uranium project, using historical eU3O8 gamma data. To date, only non-destructive testing methods have been permitted for the core stored at the Korean Institute of Geoscience and Mineral resources (KIGAM). In 2013, SHK drilled five diamond drillholes which were assayed for, amongst other elements, uranium and vanadium. This provided additional data for an update for the uranium MRE, and a maiden vanadium MRE in a restricted area around the 2013 drilling. The Company demonstrated the feasibility of using portable XRF (p-XRF) devices to collect analytical data from core in a 2017 orientation study using the 2013 core and assays. In late January 2018 a p-XRF testing program of the core at KIGAM was commenced, which included a significant component of quality control (QC) testing to demonstrate the appropriateness of the technique. For vanadium and uranium, quality control (QC) duplicate sampling and the testing of previously ICP assayed diamond core has demonstrated that sample and analytical precision as well as analytical accuracy is sufficient to support Indicated and Inferred Mineral Resources at Daejon. The two Brucker Titan p-XRF devices (serial number 800N4905, the same device that was used for the 2017 orientation study and device 800N4143) were serviced during the data collection work. Prior to updating the Mineral Resource estimate, the readings from the QC CRM standards and testing of previously ICP assayed drilling and duplicate data were reviewed. The final calibration protocol resulted in no calibrations required for 65% of the p-XRF data. Both devices had a period when the results required calibratio | |
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