Stina Resources Ltd. said May 30 that it is accelerating the development of its 309-hectare Bisoni McKay vanadium property in Nevada, citing new uses and improved demand for the commodity, as well as rising market prices.
The company said that new battery technology and other new energy storage solutions incorporating vanadium have emerged as installation of grid-storage battery technologies are becoming increasingly commonplace.
As a result, demand for the commodity pushed vanadium prices to above the US$6.00 per pound mark and renewing interest in the Nevada vanadium belt.
Studies are advancing to improve recovery of vanadium pentoxide from the deposits and test new end product alternatives. A possible pilot processing operation on the property to evaluate costs is being considered, which will require the acquisition of permits from Nevada's Bureau of Land Management.
The company is evaluating a new environmentally-friendly technological vanadium recovery technique in addition to other potential acquisitions.