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Australian Vanadium Updates Resource Estimate for Gabanintha

Mining News - Published on Mon, 09 Jul 2018

Image Source: proactiveinvestors.com.au
Australian Vanadium Limited announced that an updated Mineral Resource for its Gabanintha Vanadium Project near Meekatharra in Western Australia. The revised estimate has been conducted following a re-interpretation of the weathering profiles to include a transitional zone in addition to the oxide and fresh zones.

The updated Measured, Indicated and Inferred Mineral Resource is 175.5 million tonnes at 0.77% V2O5 which includes a Measured and Indicated Mineral Resource of 34.1Mt at 0.77% V2O5. Table 1 includes a detailed updated Mineral Resource table and Appendix 1 includes a table of the Mineral Resource broken down by the oxidation category.

The revised Mineral Resource estimate includes a geologically distinct massive vanadium bearing magnetite high-grade zone that is the focus of economic studies. The Measured, Indicated and Inferred Mineral Resource estimate for the high-grade zone (HG10 in Table 1) is 93.6Mt at 1.00% V2O5 which includes 10Mt at 1.11% V2O5 in the Measured Resource category, 4.9Mt at 1.09% V2O5 in the Indicated Resource category and 78.6Mt at 0.98% V2O5 in the Inferred Mineral Resource category.

The Mineral Resource of the high-grade zone has increased by 0.8Mt (0.9%) and the overall Mineral Resource has decreased by 5Mt (2.3%) of mainly low-grade material. These changes are due to a revised distribution of the regression-calculated density values resulting from a more detailed oxidation interpretation. The density relationships across all of the Gabanintha mineralisation are strongly correlated to the rock type and in the case of magnetite bearing rocks, the iron content.

There is high potential to convert Inferred Resources located along the Company’s 11km of strike length at Gabanintha to the Measured and Indicated categories with additional targeted drilling.

In addition, an Inferred Mineral Resource of 12.5Mt containing 202ppm Cobalt, 659ppm Nickel, 222 ppm Copper 1 and 0.14% Sulphur has been estimated. The Inferred Mineral Resource is contained exclusively with in the fresh massive high-grade zone (HG10) in Fault Block 20 of the resource model. The base metal sulphide Mineral Resource is considered to be potentially economically recoverable following metallurgical test work conducted by the Company. The base metal sulphide mineralisation has consistently reported to the non-magnetic fraction during the separation of the vanadium bearing magnetite. This has effectively concentrated sulphide minerals enabling further concentration by flotation methods.

The revised Mineral Resource estimate, including the estimation of sulphide base metals content, provides an improved basis for the PFS currently being undertaken by the Company.

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Posted By : Rabi Wangkhem on Mon, 09 Jul 2018
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