Report released on vanadium resources contained in the asphaltite deposits of Central Peru

TUCSON, AZ, Jan. 13, 2015 /PRNewswire/ - Hammond Swayne LLC, a mining consulting firm established in Arizona and Lima, Peru, announces the release of a study on the vanadiferous asphaltite deposits of Central Peru. The study identifies several targets which could become a potential source of vanadium to meet the future demand for this metal.

The report covers the history, geology, processing and interpretation of the vanadiferous asphaltite deposits of Central Peru. The study is based on data collected from North American and Peruvian sources that spans over 100 years. An entire section is dedicated to Minas Ragra, the richest vanadium mine in history, as detailed knowledge of this exceptional deposit could serve to guide future exploration of other asphaltite deposits in the region.

During the first three decades of the 1900s, one asphaltite deposit in Central Peru, Minas Ragra, produced 52% of the world's vanadium. Minas Ragra was the first industrial-scale vanadium operation to be placed in production and it was this production which effectively dropped the price of vanadium from $4,792/lb to as low as $5.50/lb.

The total production of Minas Ragra amounted to 43,023 tons of vanadium pentaoxide (V₂O₅), equivalent to 22% of the world production in the period 1907-1955. This remarkable distinction is attributed to its high-grade ores reporting up to 7% V in the core of the deposit, which consisted of patronite, a vanadium sulfide containing 22% V. The total production of V₂O₅ at Minas Ragra is valued at $548 million in today's dollars.

Sporadic exploration campaigns were conducted in the region in the early 1900s to identify other vanadium deposits to compete with Minas Ragra. Although several were found none were placed in operation. No documented exploration efforts for vanadium have been conducted in Peru in the 60 years since the demise of Minas Ragra.

The constant vanadium content and single-product characteristics of the vanadiferous asphaltites of Central Peru, together with its proven record of production are compelling reasons for renewed exploration interest in these deposits.

About Hammond Swayne LLC
Hammond Swayne LLC offers mining consulting and GIS services to clients in Peru and North America from its two locations in San Manuel, Arizona and Lima, Peru.

SOURCE Hammond Swayne LLC