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Australian Vanadium Ltd.
Summary
| Project: | Gabanintha | |
|---|---|---|
| Deposit: | Gabanintha | |
| Location: | Australia | |
| Commodities: | Vanadium | |
| Date: | 11/28/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 28-11-2018: Australian Vanadium Ltd. announces a Resource Estimation report for its Gabanintha deposit at the Gabanintha project. Update mineral resource estimate at the project. Australian Vanadium Limited (ASX: AVL, “the Company” or “AVL”) is pleased to | |
| Resources: | (Resource, Total): 183.6Mt @ 0.76% V2O5, 34.3% Fe, 9.2 TiO2, 18.9% SiO2, 12.1% Al2O3 | |
| CP/QP: | [Resources]: Brian Davis, Lauritz Barnes (Geologica Pty Ltd.;Trepanier Pty Ltd.) | |
| ABSTRACT: | Australian Vanadium Limited (ASX: AVL, “the Company” or “AVL”) is pleased to announce an updated Mineral Resource for its Gabanintha Vanadium Project near Meekatharra in Western Australia. The revised estimate has been conducted following a further drill campaign of 19 RC holes for 1,863m and three diamond holes for 368.2m of HQ diamond core. At the time of this Mineral Resource update, assay results for six RC holes (474m) are still pending. Mineral resources are defined in categories of increasing geological confidence, with Measured giving the highest degree of confidence, Indicated providing the second highest level and Inferred the lowest level of confidence. In each case, continuity of mineralisation must be shown. The updated Measured, Indicated and Inferred Mineral Resource is contained within a massive magnetite high-grade horizon and overlying lower grade disseminated magnetite horizons for a total of 183.6 million tonnes (Mt) at 0.76% V2O5. This updated figure includes a 70% increase to the Indicated Mineral Resource from the previous resource update in July (see ASX announcement, 5 July 2018, Resource Update for Gabanintha Vanadium Deposit including Cobalt, Nickel and Copper). Table 1 includes a detailed updated Mineral Resource table and Appendix 1 includes a table of the Mineral Resource broken down by the material type. The revised Mineral Resource estimate includes a geologically distinct massive vanadium bearing magnetite high-grade zone that is the focus of current economic studies. The Measured, Indicated and Inferred Mineral Resource estimate for the massive magnetite. | |
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