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Observations
-KRC has by far the largest Resource, by far the lowest (in rock) grade. Concentrate at 3% is high, Highest market cap in the space at about $100m.
-AVL appears to be the most advanced with a pre-feasibility study underway followed by KRC who are undergoing a concept study to move toward a scoping study.
-TMT, borders on AVL, similar minerology, a fraction of the price ($14m vs AVL $69m)
-TNO, project looks outstanding, ownership at 74% (slight negative), JORC needs to be proven up to new code but has significant tonnage and grade and still a fraction of the market cap of the two market leaders.
-GED appears to be easily the highest grade deposit but smallest resource however significant scope for expansion exists. Historical mining records indicate that between 1921 and 1938 the mine produced 1.8 Mt @ 1.05% V2O5 (plus zinc and lead) for 42 Mlbs (102,000 t) of concentrate grading 18% V2O5, 13% Zn and 42% Pb. Production was from open pit and underground operations that reached a depth of 215 m below surface of 11 levels, though the deposit is interpreted to extend to at least 425 m depth and exploration completed at both deposits shows substantial potential at depth and along strike so exploration drilling will be particularly key to this name. In terms of resource expansion, broad, high grade zones of mineralisation intersected in drilling, i.e. 32 m @ 1.8% V2O5; and 10.8 m @ 4% V2O should see significant uplift. Of note is the incredibly high-grade concentrate and the associated ZINC and Lead, also very high grades, making this concentrate particularly valuable. This is unique metallurgically and it will be interesting to see what concentrate is produced with modern science nearly 100 years after first production. Also noteworthy; Between 100,000 and 130,000 tonnes of mineralised stockpiles exist on surface grading between 0.8% and 1.5% V2O5 + Tailings deposits at the site estimated at between 80,000 to 100,000 tonnes grading 0.25%-0.35% V2O5, 1.3%-2.0% lead and 1.5%-2.5% zinc.
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