Australia-based Yellow Rock Resources (ASX:YRR) ended last week on a high note, announcing a new high-grade vanadium discovery at its Gabanintha project. A reverse-circulation (RC) drill program returned intersections of up to 2.15 percent V2O5, which is the highest grade ever seen at the project. Drilling also returned large widths of mineralization greater than 1.35 percent V2O5, which according to Yellow Rock confirms Gabanintha's world-class status and makes it one of the highest-grade projects being advanced globally. Furthermore, drilling brought 158 significant intersections of greater than 0.5 percent V2O5 and wider than 4 meters. The 63-hole, 5,955 meter RC drill program is now complete, and is the first step to upgrading and updating the resource estimate for the site. Yellow Rock expects intersections to provide a strong basis for the resource estimation process, which should begin shortly. "The new results, particularly the high grade 'sweet spots' above 1.35 percent V2O5 are hugely encouraging for the project's development. It all confirms Gabanintha's significance as one of the highest-grade projects being progressed globally. We now look forward to the diamond drill results and commencing the integration of all the valuable data into a clear pathway forward for the project," Yellow Rock's CEO, Vincent Algar, said in Friday's release. Next steps Yellow Rock is currently in the process of compiling data from the RC drill program. Geotechnical logging of the diamond and core sampling is underway, and according to the company, it is moving forward to key project advancement activities in the coming months; those activities include geological and mineralization domain assessments. A resource estimation consultant and mining consultant will also be engaged next month. "On completion of the Mineral Resource Estimate and mining study, the Company will utilize the new results, combined with the metallurgical test results to commence and complete a Scoping Study report, based on the principles outlined in the previously released Concept Study (ASX Announcement 15 September 2014), which indicated the project's potential," the company states in its press release.