# Velox Defines Second Exploration Target at the North Queensland Vanadium Project, Australia Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/velox-defines-second-exploration-target-at-the-north-queensland-vanadium-project--d62f5a78-4822-46f0-9f5b-a2039e7eca85 Original source: https://money.tmx.com/en/quote/VLX/news/6415773405565424/velox-defines-second-exploration-target-at-the-north-queensland-vanadium-project Publisher: tmx Original announcement: 2024-05-14T13:10:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Velox Energy Materials Inc. - Ticker: VLX - Exchange: TSX - Region: Queensland, Australia - Primary commodity: Vanadium - Secondary commodities: Molybdenum - Document categories: Resource update, Other - Extracted: 2026-08-21 09:56:21 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Velox Energy Materials has defined a new exploration target at the Runnymede area of its North Queensland Vanadium Project, adding significant potential tonnage. The company also reported an updated mineral resource estimate for the Cambridge Deposit, consisting of 61.33 Mt Indicated and 144.87 Mt Inferred vanadium resources. Reasoning: The announcement defines a new exploration target \(Runnymede\) and provides an updated mineral resource estimate for the Cambridge Deposit, demonstrating project scale expansion. - Positive factor: Significant tonnage increase in exploration targets - Positive factor: Strong Indicated resource at Cambridge Deposit - Positive factor: Expansion of exploration inventory - Negative factor: Exploration targets are conceptual and not yet mineral resources Facts used in scoring: 4 ## Classification and evidence **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The Cambridge Deposit contains 61.33 Mt of Indicated vanadium resource. Evidence · text > Indicated Mineral Resource of 61.33 Mt @ 0.34% V 2 O 5 **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The Cambridge Deposit contains 144.87 Mt of Inferred vanadium resource. Evidence · text > Inferred Mineral Resource of 144.87 Mt @ 0.33% V 2 O 5 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The resource estimate is prepared by qualified persons as defined by NI 43-101. Evidence · text > qualified person as defined by NI 43-101 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Michael Dufresne and Steven Nicholls are named as qualified persons responsible for the estimate. Evidence · text > Mr. Mike Dufresne, P.Geol., P.Geo. and Mr. Steven Nicholls, M.AIG... are deemed a qualified person ## Extracted facts Stored fact records: 4. Some facts used in scoring do not have a stored record. ## Resource Estimates (4) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/velox-defines-second-exploration-target-at-the-north-queensland-vanadium-project--d62f5a78-4822-46f0-9f5b-a2039e7eca85#fact-resource-facts-0) vanadium #### Identity - Commodity: vanadium - Ticker: VLX #### Resource Data - Category: indicated - Tonnes: 61330000 - Grade: 0.34 - Grade Unit: % - Contained Metal: 210300 - Contained Unit: t - Cutoff Grade: 0.25 #### Lab - Laboratory: SGS #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2024-05-14T00:00:00.000Z Reasoning: Indicated resource with solid grade and significant tonnage. - Positive factor: Strong grade for vanadium Evidence · table > 0.34 Context: 61.33 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/velox-defines-second-exploration-target-at-the-north-queensland-vanadium-project--d62f5a78-4822-46f0-9f5b-a2039e7eca85#fact-resource-facts-1) molybdenum #### Identity - Commodity: molybdenum - Ticker: VLX #### Resource Data - Category: indicated - Tonnes: 61330000 - Grade: 234.6 - Grade Unit: ppm #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2024-05-14T00:00:00.000Z Reasoning: Byproduct molybdenum reported alongside primary vanadium. - Positive factor: Presence of molybdenum byproduct Evidence · table > 234.6 Context: 61.33 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/velox-defines-second-exploration-target-at-the-north-queensland-vanadium-project--d62f5a78-4822-46f0-9f5b-a2039e7eca85#fact-resource-facts-2) vanadium #### Identity - Commodity: vanadium - Ticker: VLX #### Resource Data - Category: inferred - Tonnes: 144870000 - Grade: 0.33 - Grade Unit: % - Contained Metal: 483400 - Contained Unit: t - Cutoff Grade: 0.25 #### Lab - Laboratory: SGS #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2024-05-14T00:00:00.000Z Reasoning: Large inferred resource providing significant scale. - Positive factor: Large tonnage - Negative factor: Inferred category limits confidence Evidence · table > 0.33 Context: 144.87 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/velox-defines-second-exploration-target-at-the-north-queensland-vanadium-project--d62f5a78-4822-46f0-9f5b-a2039e7eca85#fact-resource-facts-3) molybdenum #### Identity - Commodity: molybdenum - Ticker: VLX #### Resource Data - Category: inferred - Tonnes: 144870000 - Grade: 241.9 - Grade Unit: ppm #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2024-05-14T00:00:00.000Z Reasoning: Byproduct molybdenum reported alongside primary vanadium. - Positive factor: Presence of molybdenum byproduct Evidence · table > 241.9 Context: 144.87 ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.