- Golden Deeps (GED) continues to progress the Abenab vanadium-lead-zinc project located in Namibia, despite COVID-19
- Unfortunately, the company experienced a setback when Generous Metals Company terminated the next phase of their joint venture
- This was due to a thinning belief in the global demand and price of vanadium
- Nevertheless, Golden Deeps is working with a major vanadium producer who has successfully various base metals from Abenab project samples
- While Golden Deeps will continue focusing on Abenab, it’s reviewing opportunities across several Australian gold projects
- Shares in Golden Deeps remain flat at market close and trading for 1.1 cents each
Golden Deeps (GED) has provided an update on company operations amid the COVID-19 pandemic.
Despite the COVID-19 impacts, the company continues to positively progress the Abenab vanadium-lead-zinc project located in Namibia to target near term, low cost vanadium production.
While the company is pleased its operations have not only continued, but made positive progress, it is continuing to monitor the situation with a strong focus on the safety and well-being of its employees.
Generous Metals Company has advised Golden Deeps that it believes the global spread of the coronavirus will continue to soften the demand and price of vanadium worldwide in the short to medium term.
As a result, Generous Metals has informed Golden Deeps it doesn’t plan to proceed with the next stage of their joint venture agreement.
The next stage would give Generous Metals exclusive access to the above ground minerals in return for sole funding the construction of a vanadium concentrator in Namibia.
The company made no official statement on its response to the termination but will continue progressing works to support the addition of the above ground mineralised rock and tailings to the JORC compliant below ground resource of 2.8 million tonnes at 0.66 per cent vanadium pentoxide, 2.35 per cent lead and 0.94 per cent zinc.
Golden Deeps hopes to increase the overall resource base of vanadium bearing minerals at Abenab.
Golden Deeps is working closely with Dalian Bolong New Materials, one of the world’s largest vanadium refiners and end users.
As previously announced, samples have been sent to Dalian for the refinery evaluation and testing of the concentrate produced at Abenab.
Positively, Dalian has advised that test work has successfully extracted vanadium, lead and zinc from the concentrate and continues to evaluate various flowsheet processing options to underpin a commercial extraction and recovery method.
Dalian will forward test work results to the Company as they become available.
In light of the volatile base metals markets, Golden Deeps has been reviewing several Australian-based gold projects as the gold commodity continues to prove reliable.
Shares in Golden Deeps remain flat at market close and trading for 1.1 cents each.