The company said latest results from 10 holes that focused on an untested area proved continuity of shallow, near-horizontal mineralisation, with an average thickness of 18.7m at an average grade of 0.6% vanadium pentoxide.

"This is an excellent start to the deposit expansion, with intercepts of good grade and thickness so near surface in a flat valley," president and CEO Paul Cowley said.

First Vanadium said Carlin was considered the largest, highest grade primary vanadium deposit in North America, citing a 2017 USGS paper.

The project has an historic inferred resource of 28 million tonnes grading 0.515% for 289 million pounds V2O5.

The company, which changed its name from Cornerstone Metals in September, has the option to earn 100% of Carlin.

Its share price had jumped mid-year when it pointed to the US House of Representatives passing Amendment #122 to streamline critical and strategic minerals projects, saying it "could help fast track" the Carlin project.

Its shares, which had started the year at C27c, rose 5c yesterday to $1.40, capitalising it at $52 million.