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Flinders Mines Ltd.
Summary
| Project: | Canegrass | |
|---|---|---|
| Deposit: | Honeypot & Boulder | |
| Location: | Australia | |
| Commodities: | Vanadium-Titanium-Iron-Aluminium | |
| Date: | 1/30/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 30-1-2018: Flinders Mines Ltd. announces a Resource Estimation report for its Honeypot & Boulder deposit at the Canegrass project. JORC 2012 Mineral Resource updated from previous 2004 code. Flinders Mines Limited (ASX:FMS) is pleased to advise that the C | |
| Resources: | (Resource, Inf): 79Mt @ 0.64% V2O5, 6.0% TiO2, 29.7% Fe, 12.2% Al2O3 at project | |
| CP/QP: | [Resources]: Aaron Meakin (CSA Global Pty Ltd.) | |
| ABSTRACT: | Flinders Mines Limited (ASX:FMS) is pleased to advise that the Canegrass Project Vanadium Mineral Resource1 estimate has been re-assessed and reported in accordance with the JORC Code (2012 Edition) 2 . FMS commissioned mining industry consultants CSA Global Pty Ltd (CSA Global) to review the existing Mineral Resource estimate and prepare documentation in accordance with the JORC Code (2012 Edition). The revised Mineral Resource estimate is presented in Table 1. The Canegrass Vanadium Mineral Resource estimate was previously reported in accordance with the 2004 Edition of the JORC Code, and totalled 107 Mt @ 0.62% V2O5, 5.83% TiO2 and 28.98% Fe. The difference in tonnage is due to CSA Global reporting the existing block model above 210 m RL, which effectively removed all blocks at a depth greater than 250 m below surface. FMS and CSA Global consider this approach results in a Mineral Resource which appropriately and transparently addresses the “Reasonable Prospects for Eventual Economic Extraction” requirement for Mineral Resources reported under the JORC Code (2012 Edition). FMS is also pleased to announce the results of an exploration program that was completed at the Canegrass Project in November 2017. The program comprised 2 reverse circulation (RC) drill holes and 31 air core holes which aimed to test various soil and rock chip anomalies. The intersection of Vanadium Titanium Magnetite (VTM) mineralisation within drill hole RC282-01 is of interest and compares favourably with the updated (JORC 2012) Canegrass Vanadium Mineral Resource estimate. The mineralisation graded 0.72% V2O5 7.29% TiO2 and 32.8% Fe over a 51 m interval from 21 m downhole. | |
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