Rocky Mountain Resources Corp., Vancouver, has updated resource estimates for phosphate and vanadium at the Paris Hills Project near Paris, Idaho. “The resource estimates for Paris Hills are truly exciting news,” said Tom DeMull, Rocky Mountain president. “The phosphate mineral resource estimate exceeds our expectations for this stage of the project and could form the foundation for a 50 to 75 year operating life. The existence of a near-surface, high-grade zone of phosphate rock is another pleasant surprise. Our immediate priority will be to develop plans to investigate this high-grade zone as a starter operation to produce quick payback and cash flow that could fund long-term project development.”
The current work has identified a near-surface, high-grade subset of the estimated phosphate rock resource that could potentially be mined and direct shipped as feed to a phosphoric acid plant. The high-grade zone contains an estimated 4.6 million tons at 29 percent P2O5. It appears in both in the Upper and Lower Phosphate Beds in the southeastern quadrant of the property. The immediate focus of the company will be to develop plans to further investigate the high-grade zone as a potential starter operation to produce cash flow to fund the long-term project. The current resource estimates are based on historical drilling of 34 holes, as well as five holes drilled by the company.
The vanadium bed lies immediately beneath the Upper Phosphate Bed; in addition to vanadium, it contains 9.7 percent P2O5. The vanadium bed is being evaluated as a potential co-product project, to be mined in conjunction with phosphate from the Upper Bed, with shared costs.
The company estimates the long-term price for phosphate rock in the range of $100-$150 per ton based on content of 29 percent P2O5. Vanadium, which is used in strengthening steel, is given price projections of $5.90 per pound V2O5.
The recent compilation was to support preparation of an NI 43-101 Technical Report for the Paris Hills Project. The full report is expected to be filed 45 days after Jan. 20. The company says the development of the project into a mining operation will require the receipt of environmental permits and arrangements to market the mineral commodities produced.
Rocky Mountain is an industrial metal and minerals exploration and development company focused on development and production.