Morning Traders March 22, page-278

Nihilistic you may be,

I thought I would share with you some basics in the real world of assay reporting from my practical experience with reputable commodity buyers.

There are certain things you need to know:

1:

The Classic geo structures Pustayo is referring to are the Ferro Vanadium Titanium hard rock assemblages. Typically for a high grade, hard rock, Vanadium deposit structure you will have Iron (Fe) running at ~ 35-45% ,Titanium around 15% .. this should give you a typical Vanadium outcome in element ppm terms running around 0.75- 1.25% ... 1% = 10,000 ppm.


The sedimentary Vanadium assemblages found in carboniferous shales ... like the oil shale formations in Australia, particularly in the Eromanga shales in QLD and SA were always reported in the Elemental ppm values in the 1970's for a reason. In the new Millenium (2,000's) others such as IRC report Vanadium values in V2O5 terms probably because it looks better on paper reports,

2.

What you must clearly understand is that neither Vanadium or Iron are expressed as an oxide in a proper globally acceptable analysis, nor is Titanium.

3.

Iron has different Oxide mineral outcomes ( eg Haematite vs Magnetite) so you might just see an FeO variant as a % outcome in various company reports to suit their purpose. The Oxides always look more exciting in a company report, rather than the drab element number. Various state government mining departments report Iron as Fe O % but this does not tell you if it's Fe2O3 or Fe3O4 .. there is a big difference.

4.

Vanadium is a transitional element, occurring naturally in a number of aqueous mineral states. Vandium Pentoxide (V2O5) always shows you the higher value in the parts per million (ppm) XL spreadsheets ..what you really need to see as proof of a
" real" and high value Vanadium resource is a reputable assay report, showing the Elemental (V) value in PPM .

I was and still am involved in the Fe Ti V (in order of ppm magnitude) exploration business , previously in the
oil shales and now in the hard rock variant. Hard rock mining is a lot easier and economic given the right location and infrastructure.

5.

Treating Oxide assays as the naturally occurring minerals is a furphy , Copper, as an example, is always assayed for the Cu element .. not the oxide or sulphide variants .

6.

The purpose of this post is just to "clarify" how various elements are reported in real life '' '' from my experience.

I give my Industry offtakers what they want and need to see and it's not an Oxide assay! There are many other examples such as gold.


Hope that helps

Cheers

HR