Date: Sep 5, 2018
The Directors of Venus Metals Corporation Limited (ASX:VMC) (“Venus” or the “Company”) are pleased to announce a major breakthrough in regard to the Youanmi Vanadium Project following receipt of proof-of-concept metallurgical test work on oxide ores.
Highlights:
– Unique oxide vanadium ores identified at Youanmi.
– The test work confirms strong recovery into solution of V2O5 by simple atmospheric sulphuric acid leach testing of oxide vanadium ores, together with co-extraction of nickel, copper and cobalt
– The proof-of-concept of high recoveries from simple atmospheric sulphuric acid leach testing of oxide vanadium ores makes bulk mining and acid leach processing an attractive development path for initial scoping study work.
– A 6000 m RC drill program is commencing immediately to support advanced metallurgical testing and aims to provide a large measured resource.
– These factors give Venus a potential low cost entry into significant and rapid vanadium production.
SUMMARY
– The Youanmi JORC 2012 inferred oxide mineral resource estimate is 110 million tonnes grading 0.3% V2O5 for 333,000 tonnes of V2O5 (735,000,000 lbs V2O5) (ASX Release 6th February 2015) (Plan 1).
– A recent geological review of the Youanmi Vanadium Oxide Project identified a widespread and remarkably even distribution of high vanadium values throughout the oxide inferred resource material from surface down to 50m depth.
– The friable, crumbly soft oxide ores are derived from deeply weathered vanadiferous gabbro, circumstances unique to Youanmi.
– The inferred mineral resource occurs as a continuous zone 3.5 km long by up to 350m wide, ideal for bulk open pit mining (Plan 2 and Plan 3).
– Importantly, the soft oxide ores start at surface and have a zero open pit strip ratio all the way to the base of oxidation.
– The metallurgical test work by METS Engineering Group was initiated to see if the widespread vanadium values (together with low levels of copper, nickel and cobalt) in the abundant soft, friable oxide ore could be successfully leached by an acid leach atmospheric process.
– The test work was conducted on a random drill sample of the abundant, deeply weathered vanadium oxide gabbroic material that overlies the fresh rock Youanmi vanadium resource. Assays showed a head grade of 0.41% V2O5 for this sample.
– The test work confirms vanadium recovery into solution of between 66.9% and 69.58% V2O5 by simple atmospheric sulphuric acid leach testing of oxide vanadium ores, together with co-extraction of nickel, copper and cobalt.
– This success in proof-of-concept testing has major implications for the Youanmi Vanadium Oxide Project and its potential economics.
