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Resource Update at Gabanintha Vanadium Deposit Increases Indicated Mineral Resource

Resource Update at Gabanintha Vanadium Deposit Increases Indicated Mineral Resource

Highlights:

  • Total Mineral Resource updated to 183.6Mt at 0.76% vanadium pentoxide (V2O5) from massive and disseminated zones consisting of:
    • Measured Mineral Resource of 10.2Mt at 1.11% V2O5,
    • Indicated Mineral Resource of 40.7Mt at 0.66% V2O5, and
    • Inferred Mineral Resource of 132.7Mt at 0.77% V2O5.
  • The revised Gabanintha Mineral Resource includes a distinct massive magnetite high-grade zone of 7Mt at 1.00% V2O5 consisting of:
    • Measured Mineral Resource of 10.2Mt at 1.11% V2O5,
    • Indicated Mineral Resource of 12.1Mt at 1.05% V2O5, and
    • Inferred Mineral Resource of 74.5Mt at 0.97% V2O
  • The massive magnetite high-grade zone in the Measured and Indicated Resource category now extends over 2.7km. AVL total strike length extends over 11km.
  • Further conversion of Inferred Resources to lower-risk categories to continue in 2019.
  • Updated estimation of cobalt, nickel and copper following drilling of diamond hole 18GEDH003, successfully intersected a deep high-grade V2O5 and base metals intercept:
    • Drillhole intercept in 18GEDH003 is 18.6m @ 1.10% V2O5, 220 ppm Co, 757 ppm Ni and 173 ppm Cu, from 168.5 metres down hole
    • Massive magnetite vanadium zone continues strongly at depth
    • Updated Base Metals Inferred Mineral Resource is 14.3Mt at 208 ppm Co, 666 ppm Ni and 217 ppm Cu
  • Revised Mineral Resource being incorporated in maiden Ore Reserve statement and final PFS, due for release in December 2018.
  • Preliminary benchscale roast leach tests successfully completed, downstream testing underway aimed at generation of product quality V2O5
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