Northvolt CEO steps down after bankruptcy filing
Peter Carlsson, co-founder and leader of Northvolt since 2016, will remain as advisor as he quit a day after the firm filed for bankruptcy.
American Battery Metals (CSE: ABC) announced that later this month it will start an exploration program at its Temple Mountain vanadium property in Emery County, Utah.
With $1.5 million in funding, the campaign will be comprised of radon geophysical surveying, trenching and sampling, and reverse circulation drilling of 10 holes for 3,000 feet.
According to American Battery Metals, the geophysical survey will utilize a proprietary radon cup methodology to identify vanadium and uranium-bearing channels. The method has reportedly been successful in delineating mineralized zones in other projects throughout southeast Utah.
Temple Mountain is comprised of 61 lode mining claims covering 1,200 acres.
“The exploration we will be undertaking over the next few months should provide us with a clear way forward in increasing the value of the Temple Mountain property and, to a large degree, de-risk our future exploration program,” Michael Mulberry, President & CEO of the Canada-based company, said in a press release.
Corporate information states that the 2019 program will follow-up on historical assays, which ranged as high as 4.97% vanadium oxide. On-site experts will also explore numerous historical mine workings.
Temple Mountain has seen intermittent production dating back to 1914. Later on, in the 1940s, 3.8 million pounds of vanadium oxide (V2O5) and 1.3 million pounds of uranium (U3O8) were shipped from this deposit as part of the Manhattan project.
Comments
Jacob Morgan
The transportation costs from Temple mountain to the white mesa mill will be very high, also it is highly unlikely and would be almost impossible to build a mill on site due to the strict restrictions on uranium bearing minerals.