# Velox Defines Second Exploration Target at the North Queensland Vanadium Project, Australia Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/velox-defines-second-exploration-target-at-the-north-queensland-vanadium-project--62f748a4-d114-4fb8-ac35-41d507cb3357 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, Drill results - Extracted: 2026-09-13 06:57:06 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Velox Energy Materials has defined a new drill-defined exploration target at the Runnymede area of its North Queensland Vanadium Project. The company also restated its Cambridge Deposit Mineral Resource Estimate, which includes 61.33 Mt of Indicated and 144.87 Mt of Inferred resources. Reasoning: The announcement defines a new exploration target \(Runnymede\) which adds upside to the project, while also restating the existing Cambridge Mineral Resource Estimate. - Positive factor: Definition of a new exploration target \(Runnymede\) - Positive factor: Significant existing resource at Cambridge Deposit - Positive factor: Expansion of exploration target inventory - Negative factor: Runnymede target is conceptual and lacks resource definition - Negative factor: Target based on historical aircore drilling from 2006-2007 Facts used in scoring: 6 ## Classification and evidence **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable. Why it applies: The Runnymede area is described as an exploration target with insufficient exploration to define a mineral resource. Evidence · text > There has been insufficient exploration to define a mineral resource at the Runnymede area **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 an Indicated Mineral Resource of 61.33 Mt. Evidence · text > Cambridge Deposit with a CIM compliant Indicated Mineral Resource of 61.33 Mt **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 an Inferred Mineral Resource of 144.87 Mt. Evidence · text > along with an Inferred Mineral Resource of 144.87 Mt **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 persons as defined by NI 43-101 ## Extracted facts Stored fact records: 6. Some facts used in scoring do not have a stored record. ## Drill Results (2) ### Fact 1 [Link to this fact](https://atlas-extractions.minestarters.com/news/velox-defines-second-exploration-target-at-the-north-queensland-vanadium-project--62f748a4-d114-4fb8-ac35-41d507cb3357#fact-drill-facts-0) North Queensland · vanadium Needs review: drill\_no\_hole\_id #### Identity - Project: North Queensland - Commodity: vanadium - Region: australia\_qld - Reported Region: australia\_qld - Ticker: VLX #### Geometry - Grade: 0.22 - Grade Unit: % #### Classification - Program: exploration - Sample Type: drill #### Location - Location: Runnymede - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Compositing - Cutoff Grade: 0.12 - Cutoff Unit: % V2O5 #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2024-05-14T00:00:00.000Z Reasoning: New exploration target defined at Runnymede based on historical data. - Positive factor: Large scale conceptual target - Negative factor: Conceptual in nature - Negative factor: Insufficient exploration to define resource Evidence · text > 144.30 million tonnes up to 216.46 million tonnes, with an average grade ranging from 0.22 to 0.33 per cent \(%\) vanadium pentoxide \(V 2 O 5 \) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true ### Fact 2 [Link to this fact](https://atlas-extractions.minestarters.com/news/velox-defines-second-exploration-target-at-the-north-queensland-vanadium-project--62f748a4-d114-4fb8-ac35-41d507cb3357#fact-drill-facts-1) North Queensland · molybdenum Needs review: drill\_no\_hole\_id #### Identity - Project: North Queensland - Commodity: molybdenum - Region: australia\_qld - Reported Region: australia\_qld - Ticker: VLX #### Geometry - Grade: 147 - Grade Unit: ppm #### Classification - Program: exploration - Sample Type: drill #### Location - Location: Runnymede - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Compositing - Cutoff Grade: 0.12 - Cutoff Unit: % V2O5 #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2024-05-14T00:00:00.000Z Reasoning: Byproduct molybdenum grades reported for the Runnymede exploration target. - Positive factor: Presence of molybdenum byproduct Evidence · text > 147 to 220.8 ppm molybdenum trioxide \(MoO 3 \) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true ## Resource Estimates (4) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/velox-defines-second-exploration-target-at-the-north-queensland-vanadium-project--62f748a4-d114-4fb8-ac35-41d507cb3357#fact-resource-facts-2) North Queensland Vanadium Project · vanadium #### Identity - Project: North Queensland Vanadium Project - Commodity: vanadium - Region: australia\_qld - Reported Region: Queensland, Australia - Ticker: VLX #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Michael Dufresne, Steven Nicholls - Resource group id: resource:891658236f4f243ab392 - Deposit or zone: Cambridge Deposit #### Resource Data - Category: indicated - Tonnes: 61330000 - Grade: 0.34 - Grade Unit: % - Contained Metal: 210300 - Contained Unit: t - Cutoff Grade: 0.25 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2022-11-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2024-05-14T00:00:00.000Z Reasoning: Indicated resource at Cambridge Deposit. - Positive factor: Indicated classification Evidence · table > 0.34 Context: 61.33 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/velox-defines-second-exploration-target-at-the-north-queensland-vanadium-project--62f748a4-d114-4fb8-ac35-41d507cb3357#fact-resource-facts-3) North Queensland Vanadium Project · vanadium #### Identity - Project: North Queensland Vanadium Project - Commodity: vanadium - Region: australia\_qld - Reported Region: Queensland, Australia - Ticker: VLX #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Michael Dufresne, Steven Nicholls - Resource group id: resource:7bf853abd6d4227932e5 - Deposit or zone: Cambridge Deposit #### Resource Data - Category: inferred - Tonnes: 144870000 - Grade: 0.33 - Grade Unit: % - Contained Metal: 483400 - Contained Unit: t - Cutoff Grade: 0.25 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2022-11-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2024-05-14T00:00:00.000Z Reasoning: Inferred resource at Cambridge Deposit. - Negative factor: Inferred classification Evidence · table > 0.33 Context: 144.87 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/velox-defines-second-exploration-target-at-the-north-queensland-vanadium-project--62f748a4-d114-4fb8-ac35-41d507cb3357#fact-resource-facts-4) North Queensland Vanadium Project · molybdenum #### Identity - Project: North Queensland Vanadium Project - Commodity: molybdenum - Region: australia\_qld - Reported Region: Queensland, Australia - Ticker: VLX #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Michael Dufresne, Steven Nicholls - Resource group id: resource:891658236f4f243ab392 - Deposit or zone: Cambridge Deposit #### Resource Data - Category: indicated - Tonnes: 61330000 - Grade: 234.6 - Grade Unit: ppm - Cutoff Grade: 0.25 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2022-11-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2024-05-14T00:00:00.000Z Reasoning: Byproduct molybdenum grade for Indicated resource at Cambridge. Evidence · table > 234.6 Context: 61.33 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/velox-defines-second-exploration-target-at-the-north-queensland-vanadium-project--62f748a4-d114-4fb8-ac35-41d507cb3357#fact-resource-facts-5) North Queensland Vanadium Project · molybdenum #### Identity - Project: North Queensland Vanadium Project - Commodity: molybdenum - Region: australia\_qld - Reported Region: Queensland, Australia - Ticker: VLX #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Michael Dufresne, Steven Nicholls - Resource group id: resource:7bf853abd6d4227932e5 - Deposit or zone: Cambridge Deposit #### Resource Data - Category: inferred - Tonnes: 144870000 - Grade: 241.9 - Grade Unit: ppm - Cutoff Grade: 0.25 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2022-11-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2024-05-14T00:00:00.000Z Reasoning: Byproduct molybdenum grade for Inferred resource at Cambridge. Evidence · table > 241.9 Context: 144.87 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ## 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.