Primary Energy Metals Inc () (OTCMKTS:PEMTF) provided a corporate update, saying last year was pivotal for the company, and that it had now amended its deal with Exco Mining SA over a series of projects in Spain.
The latter will assign all rights to the Altair (vanadium) permit to Primary Energy, which will be granted the right to earn up to a 90% interest in and to the Odin (vanadium) permit by issuing 1.5 million shares to Exco and arranging to incur exploration expenditures of not less than €1,398,792 over the next 36 months.
READ: Primary Energy Metals amends development deal in Spain with Exco Mining to allow focus on vanadium
Simultaneously, the firm will assign all rights to the Buran (cobalt) and Beatriz (cobalt) projects to Exco Mining, it said in a wide-ranging statement.
The Odin-Altair vanadium project has seen average vanadium grades historically extracted of 4% to 5% of vanadium oxides (V2O5) concentrated by hand in the mine reaching the 12% of V2O5.
Meanwhile, at Primary Energy's RD cobalt property in Hazelton, British Columbia, Canada, a soil sample grid over Golden Wonder further reinforced the 500-metre mineralized trend as a number of highly anomalous samples were located between mapped outcrops, with values of up to 3.97 and 5.89 grams per tonne gold reported.
The property encompasses several historical copper, gold and cobalt mineral showings, including Golden Wonder, Daley West, Hecla, Black Prince, Blue Lake and Silvertip Glacier.
In Quebec, Primary acquired the rights to 39 mineral claims in various locations in the province of Quebec totaling around 985.41 hectares (the Hardy project).
In Utah, U.S.A. the Vancouver-based company has terminated its purchase of the Nirvana-LaSal West project to focus on its core assets in Spain and Canada.
"2018 was a pivotal year for Primary, with its initial IPO [initial public offering] and listing on the CSE [Canadian Securities Exchange] to acquisitions of vanadium permits in Spain and cobalt claims in Canada," said Patrick Morris, CEO and director of the Vancouver-based company.
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