Gabanintha Resource Update 2018

Resource Update for Gabanintha Vanadium Deposit including Cobalt, Nickel and Copper

Total Mineral Resource revised to 175.5Mt at 0.77% vanadium pentoxide (V2O5) consisting of:

  • Measured Mineral Resource of 10.1Mt at 1.11% V2O5,
  • Indicated Mineral Resource of 24.0Mt at 0.63% V2O5, and
  • Inferred Mineral Resource of 141.4Mt at 0.77% V2O5.

The revised Gabanintha Mineral Resource includes a distinct massive magnetite high-grade zone of 93.6 Mt at 1.00% V2O5 consisting of:

  • Measured Mineral Resource of 10.1Mt at 1.11% V2O5,
  • Indicated Mineral Resource of 4.9Mt at 1.09% V2O5, and
  • Inferred Mineral Resource of 78.6Mt at 0.98% V2O5.

The Mineral Resource now includes an estimation of cobalt, nickel and copper:

  • Initial Inferred Mineral Resource is 12.5 Mt at 206 ppm Co, 659 ppm Ni and 222 ppm Cu.
  • Estimation of cobalt, nickel and copper content follows bench scale test work and generation of sulphide flotation concentrates containing 3.8% – 6.3% base metals including 1.54% – 2.02% cobalt, 1.36% – 2.58% nickel and 0.82% – 1.70% copper.
  • The potential sale of a by-product cobalt, nickel and copper sulphide concentrate to increase revenue at Gabanintha.
  • Revised weathering profiles to include oxide, transitional and fresh zones supporting Pre-Feasibility Study (PFS) work.
  • Metallurgical test work completed with excellent and repeatable recoveries from transitional and fresh massive vanadium bearing magnetite.
  • Oxide test work indicates successful magnetic concentration options.
  • PFS base case nearing completion.
  • Further detailed work on PFS technical aspects and risk analysis to be ongoing until end of 2018.
Gabanintha Resource Update 2018 View PDF (2MB)