The publication of this Mineral Resource Estimate marks a major milestone for Norge Mining. It confirms that Øygrei alone, which forms a small part of our Bjerkreim Exploration Project, contains a world-class deposit of vanadium, titanium and phosphate. These three minerals are all on the EU’s list of Critical Raw Materials, giving Norway a major opportunity to play a pivotal strategic role in the future supply of these materials.
Here are my top three takeaways from our maiden Mineral Resource Estimate – prepared according to the JORC reporting standard by SRK, our independent international mining, exploration and environmental consultants.
1. This is of global importance
It’s not hyperbole to state that our discovery of a world-class deposit of vanadium, titanium and phosphate is of great importance to the world. I’ve seen references in the media stating that it’s one of the most significant global finds in recent years.
Exploration work is ongoing to upgrade and extend the resource at Øygrei, which is just 10 square kilometres of our total licence area. We are carrying out extensive exploration work in other areas of the Bjerkreim project and expect to announce further Mineral Resource Estimates in the coming months.
2. This will propel Norway’s next economic step
Our deposit in Norway is a world-class resource of EU Critical Raw Materials. This means we have materials that are of strategic importance for the European economy, but have a risk associated with their supply.
For Norway, this is a significant and exciting juncture, as it looks at new industries to take over from its diminishing oil and gas sector. The excitement from regional politicians is palpable. It will give a huge boost economies and employment at a local level. But there are also calls for state involvement comparable to that seen during the oil and gas years – with the exceptional results that ensued. And we are looking forward to being a strategic partner to Norway in the coming years.
3. This will support the world’s sustainable shift
As we shift energy production away from sources that release a lot of greenhouse gases, such as fossil fuels, renewables will power our future. Energy storage facilities – on a scale we’ve never seen before – will be the unsung heroes of this revolution. And EU Critical Raw Material vanadium is being heralded by experts as a key player in the future of utility-scale energy storage.
Then there are exciting new industries – such as Electric Vehicles – and the heady pace of technological innovation involved. Lithium-ion phosphate is becoming a viable ingredient in pioneering EV battery technology. Not to mention it’s established global use as environmentally-friendly fertiliser, coupled with fears over its ‘finite’ supply. Of course, phosphate is another mineral in our world-class deposit and this should help allay concerns about the world’s phosphate supply running out.
With these three important points in mind, it’s exciting to have a role in supplying primary minerals to a world forever striving to improve the environmental and sustainable foundation of the next generation. And as our investigations continue in our other licence areas in Norway, we hope to expand this role further in the future.
