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Golden Deeps Ltd.
Summary
| Project: | Abenab | |
|---|---|---|
| Deposit: | Abenab | |
| Location: | Namibia | |
| Commodities: | Vanadium | |
| Date: | 10/11/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 11-10-2018: Golden Deeps Ltd. announces a Resource Estimation report for its Abenab deposit at the Abenab project. Updated mineral resource estimate at the project. The Directors of Golden Deeps Limited (ASX: GED) (“GED” or the “Company”) are pleased to a | |
| Resources: | (Resource, Inf.): 1.12Mt @ 1.28% V2O5, 0.72% V, 3.05% Pb, 1.25% Zn | |
| CP/QP: | [Resources]: Alex Aitken, David Slater (SRK Consulting) | |
| ABSTRACT: | The Directors of Golden Deeps Limited (ASX: GED) (“GED” or the “Company”) are pleased to announce that SRK Consulting has completed an update of the mineral resource estimate for the Abenab vanadium deposit in northern Namibia on behalf of the Company. The updated mineral resource estimate follows JORC Code (2012) guidelines. The updated total Mineral Resource (see Table 1) is 1.12 million tonnes grading 1.28% vanadium pentoxide (V2O5), 3.05% lead and 1.25% zinc at a cut-off of 0.5% V2O5. On the 4th October, the price for vanadium pentoxide (98% min., FOB China) was $US 23-25lb (US$50,706- 55,115/tonne) (source Metal Bulletin), the lead price was US$2018-2020/tonne (source LME) and the zinc price was US$2695-2596/tonne (source LME). The Abenab project is located within the Groonfontein District of the Otjozondjupa Region of Northern Namibia (Figure 1). The previous open pit mine at Abenab is 32km north of Grootfontein, within the Otavi Mountainland. The Abenab mine was operated from 1921 to 1947 by the South West Africa Company as an open pit and underground mine. GED holds an 80% interest in the exploration licence (EPL5496) that covers the mine (Figure 2). Commenting on the updated Mineral Resource estimate, GED Executive Chairman, Michael Minosora, said: “The updated Mineral Resource represents a significant increase on the previous Mineral Resource reported in 2012 and GED considers there is excellent potential to increase the resource further with extension drilling along strike. Additionally, the Abenab resource is geologically separate from the Christiana Mine area, 200m to the south of Abenab, where the company has mapped and sampled surface indications of V-Pb-Zn mineralisation over a strike length of 1000m. The Company is currently compiling a 3D model of the mineralisation at Abenab and Christiana with a view to commencing a major drilling campaign designed to prove up an economically viable orebody” | |
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