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% V2O5

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:

  • Drill hole 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 bench scale roast leach tests successfully completed, downstream testing underway aimed at generation of product quality V2O5
Resource Update at Gabanintha Vanadium Deposit Increases Indicated Mineral Resource View PDF (2 MB)
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