Transition Metals (TSX-V:XTM) CEO Scott McLean says the company is actively seeking a partner to advance exploration at the newly staked Empire Lake Project in Canada.
The company staked 2,027 hectares which covers a large regional magnetic anomaly associated with an under-explored mafic intrusion known to contain widespread vanadium-rich magnetite mineralisation with exploration upside.
Preliminary mapping at the project showed a mafic layered intrusion extending up to 4km long and up to 3.2km wide.
Activities completed by Transition Metals, in connection with a partnership with Impala Platinum between 2012-2014, focused initially on assessing the potential of the Empire Lake intrusion to host platinum group elements.
This work returned results relating to the vanadium potential on the property, including values from grab samples and channel samples of up to 0.63% vanadium pentoxide, 5.84% titanium dioxide, and 65.1% iron oxide.
A growing sector
McLean adds that the project provides Transition with exposure to the growing vanadium sector at a time when global supply dynamics and new technologies are driving demand.
“With increasing interest in vanadium redox flow batteries and evolving steel standards, we believe this project represents a compelling opportunity,” he says.
Vanadium is an industrial metal used in the mature steel industry and a critical commodity tied to emerging battery technologies, with a key role in grid and energy security.
While steel accounts for 94% of US vanadium demand today, increased battery production is anticipated to put pressure on supply with vanadium redox flow batteries to account for 17% of demand by 2033, necessitating 7% annual growth by 2030.
In addition, over 90% of global supply is concentrated in China and Russia creating supply chain risks for consumers as the former has imposed restrictions on critical mineral exports and the latter is exposed to sanctions.
Transition Metals is a multi-commodity explorer focused on the discovery of ore deposits in Canada.
Write to Aaliyah Rogan at Mining.com.au
Images: Transition Metals
