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Australian Mines Ltd.
Summary
| Project: | Flemington | |
|---|---|---|
| Deposit: | Flemington | |
| Location: | Australia | |
| Commodities: | Scandium-Cobalt-Nickel-Platinum | |
| Date: | 3/15/2017 | |
| Report Code: | JORC | |
| Report Type: | Scoping Study | |
| Project Stage: | Pursuing Pre-Feasibility Study | |
| Report details: | 15-3-2017: Australian Mines Ltd. announces a Scoping Study report for its Flemington deposit at the Flemington project. Scoping Study results incl. post-tax NPV(8%) of A$255M, IRR of 37.3%, LOM of 45yrs. Managing Director, Benjamin Bell commented, “The re | |
| Resources: | (Resource, Total): 3.1Mt @ 434g/t Sc at project | |
| CP/QP: | [Overall Report]: n/a (n/a) | |
| ABSTRACT: | Managing Director, Benjamin Bell commented, “The results of scoping study represent another step forward in our strategy to establish a dominant position in the global supply of scandium and in doing so meet growing demand, particularly the expected surge in demand from the electric vehicle market.” “This scoping study also highlighted that there is enormous potential for the Company to increase both the overall tonnage as well as the head grade of its cobalt mineralisation at Flemington. This can only further cement Australian Mines’ status as a superior cobalt company – our Sconi deposit has already been ranked second only to Clean TeQ’s Syerston deposit according to Macquarie Bank1 ”. “Modelling of the scandium and cobalt resource clearly showed that the Flemington ore body is the continuation of the neighboring Syerston mineralisation, with SRK’s pit shell being cut abruptly by Australian Mines’ and Clean TeQ’s common tenement boundary. It’s not surprising therefore that the mining and processing costs determined by SRK for the Flemington scandium – cobalt deposit is almost identical to that at Syerston2 ”. “Our next priority is to proceed with a pre-feasibility study and completion of a significant drill program at Flemington to better define the cobalt resource and upgrade and extend the existing scandium resource, as well as begin working through the follow-up recommendations made in the Scoping Study. “Australian Mines is currently on a three-week road show in Europe, where it will advance its promising initial discussions with off-take partners for its scandium and cobalt products, to provide greater certainty in regard to end-customer demand.” “The company has also opened dialogue with potential project financiers on the back of the strength of both the Flemington Scoping Study and Sconi Pre-Feasibility Study”. | |
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