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Australian Vanadium Ltd.
Summary
| Project: | Gabanintha | |
|---|---|---|
| Deposit: | Gabanintha | |
| Location: | Australia | |
| Commodities: | Vanadium | |
| Date: | 10/30/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 30-10-2018: Australian Vanadium Ltd. announces an Exploration/Drilling Update report for its Gabanintha deposit at the Gabanintha project. Drilling results incl. 26m @ 0.94% V2O5, 59% Fe2O3 from 47m. Australian Vanadium Limited (ASX: AVL, “the Company” or | |
| Resources: | (Resource, Total): 175.5Mt @ 0.75% V2O5, 34.5% Fe, 9.3% TiO2, 18.8% SiO2, 11.9% Al2O3 | |
| CP/QP: | [Overall Report]: Brian Davis (Geologica Pty Ltd.) | |
| ABSTRACT: | Australian Vanadium Limited (ASX: AVL, “the Company” or AVL”) is pleased to provide an update on recent drilling at its Gabanintha vanadium project near Meekatharra in Western Australia. The Company recently completed a reverse circulation (RC) drilling, diamond drilling and geotechnical program at Gabanintha. A total of 1,089m of drilling was completed, including 383m of diamond core drilling. 10 RC holes and 3 diamond drill holes were completed. 10 Televiewer® surveys were conducted on new and existing drill holes for geotechnical and environmental data. Drilling intersected the massive magnetite layer in all drill holes. The massive magnetite layer is the basis of the economic studies at Gabanintha and currently supports a mineral resource estimate of 93 Million Tonnes grading 1.0% V2O5 in the high grade (HG10) zone. The resource is composed of a global 175.5 MT at 0.77% V2O5 in Measured, Indicated and Inferred categories. See Resource Table in Appendix 1. Managing Director Vincent Algar commented on the success and utility of the program, “The program has delivered us a raft of significant information to help us finalise the PFS. This includes vital geotechnical information as well as additional confirmation of our mineralisation’s tenor and geometry. It also demonstrates the benefit of having significant strike length under our control, enabling us to quickly add high quality, low risk resources for minimal outlay, to feed the planned operation. Further drilling of blocks to the south are planned as we steadily grow AVL’s Gabanintha project into an unassailable position as the world’s next vanadium producer.” Results from the drilling are being used to improve the geotechnical parameters being used to update the Company’s PFS (see ASX announcement Gabanintha Presents Robust Base Case for PFS dated 26th September 2018). Geological logging and assay results from the RC component of the program are being used to update and upgrade the Inferred Mineral Resource in Fault Block 17, (see Figure 1). Block 17’s Inferred resources are currently included in the PFS base case mining schedule. Drilling Results in the Block 17 drilling are summarised in Table 1 below. Further details are supplied in Appendix 2 – JORC Table 1. A drill location plan, long section and cross sections are shown in Figures 2, 3 and 4 respectively. | |
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