Secova Metals announced that the company has acquired a 100% interest in over 3,809 hectares (69 claims) of Vanadium mineral claims located in three land packages located in the province of Quebec.
by taking advantage of management’s ability to acquire under-valued long-term viable assets, develop a systematic exploration plan and work the properties.
Secova could not ignore the high-levels of interest for the Vanadium demand due to a globally increased need for the mineral in both Vanadium Redox Flow Battery Technology (“VRB”) and as an alloy for strengthening steel in infrastructure; rebar, pipelines, airplanes and car frames. CIBC Mellon has estimated that there will be $35 trillion dollars of global infrastructure projects starting over the next 20 years, which will spark big demand for vanadium. With respect to VRB, this technology is a superior battery for storing large amounts of electricity and they are forecast to last 25 years, whereas the equivalent lithium-ion battery needs to be replaced every 3 to 5 years due to its depleting characteristics. The VRB battery is the ideal battery solution for the green energy space for large-capacity electricity storage in power grids and in wind & solar applications.
The Company will develop and release an exploration plan based on the historic work performed on the 3,809 hectares. The acquisition is an arms-length transaction in which the Company will pay $75,000 in exchange for the 100% ownership of the claims. The Company is not paying any finders’ fees. The acquisition of the claims are subject to TSX Venture Exchange approval.
Source: Company Press Release.