King River Resources General., page-56

So, when looking at magnetite vanadium deposits, there are two primary factors to consider: how much actual magnetite is in the ore; and, then, how much vanadium is present in that magnetite.“Often, reports just give you the grade, for example: 0.4% vanadium pentoxide in the ore. However, this number doesn’t really tell you anything because you don’t know how much vanadium is in the magnetite.”“There can be a substantial amount of vanadium that’s not in the magnetite and if it is in the waste product, then you can’t hope to concentrate it. You’re just going to be throwing that vanadium away.”“That’s why it always helps when companies tell you both the vanadium grade and magnetic concentrate and then the expected mass recovery from the ore.”

KRR -

Metallurgical testwork has confirmed that upon separation of a magnetite concentrate the feature of the Resource is that the upgraded concentrate assays at 54.2% Fe, 2.48% V2O5 and 14.9% TiO2.