AVL updates Uranium Vanadium resource to comply with JORC and facilitate project sale.
- The Nowthanna Hill Mineral Resource estimate has been updated to comply with JORC Code 2012 guidelines.
- SRK Consulting (Australasia) Pty Ltd (“SRK”) completed the new mineral resource estimate for uranium (U3O8) and vanadium (V2O5) on AVL tenements M51/771 and E51/1899.
- The estimate was completed using all data on AVL’s tenements as well as the adjacent and surrounding data from the latest Toro Energy (“Toro”) 2011 resource (with permission). There has been no material change to the Toro database since the 2011 resource estimation.
- Vanadium and Uranium are co-mineralised at Nowthanna Hill
- Using a 250 ppm V2O5 cutoff the project has an Inferred Mineral Resource of 3.60 million tonnes at 337ppm V2O5 (2Mlbs) on the AVL tenements and is not additive to the uranium mineral resource estimate (see Table 1).
- Using a 200ppm U3O8 cutoff the project has an Inferred Mineral Resource of 4.73 million tonnes at 404ppm U3O8 (4.2Mlbs) on the AVL tenements and is not additive to the vanadium mineral resource estimate (see Table 2).
- Nowthanna Hill project is available for sale or joint venture. The Project is located on granted mining lease M51/771 with executed native title agreement.