Date: Oct 12, 2018
Tando Resources has been handed the first drilling results for its SPD project in South Africa that show it has high-grade vanadium.
The news sent shares up 10 per cent on Friday morning to an intra-day high of 11c.
The first drill hole has returned high grades of up to 1.61 per cent vanadium pentoxide (V2O5) from within broad intercepts of up to 35m.
These results are whole-rock, or pre-concentrate grades. Historical drilling adjacent to the first hole drilled by Tando returned magnetic concentrate grades above 2.2 per cent V2O5.
SPD already has a “foreign” resource of 513 million tonnes at 0.78 per cent V2O5.
And Tando is well advanced in its strategy to deliver a JORC-compliant resource, with three rigs currently operating.
JORC refers to the mining industry’s official code for reporting exploration results, mineral resources and ore reserves, managed by the Australasian Joint Ore Reserves Committee.
The mineralised unit comprises a series of magnetite layers, which is well established as the host rock for the vanadium mineralisation at SPD.
Phase one drilling is expected to be completed early next week with the resource to be published in November after Tando receives the remaining results from all drill holes.
