Aura Energy Ltd on Thursday said it has successfully completed a resource upgrade estimate at its Haggan battery metals project in Sweden.
The Australia-based minerals company said high-grade zone vanadium was confirmed from the surface to an approximate depth of 100 metres.
Following further drilling, the Haggan project now has an indicated resource estimate of 320 million pounds of vanadium oxide at 0.4% vanadium oxide.
It also has an inferred resources estimate of 13.0 billion pounds of vanadium at 0.3% vanadium oxide, Aura added.
Aura said: “The 2019 resource estimate is reported at a lower cut-off grade of 0.2% vanadium oxide. Open pit modelling based on the resource block model has indicated a break-even grade of 755 parts per million (0.076%) vanadium oxide. A resource cut-off grade of 0.2% vanadium oxide is therefore conservative.”
The Haggan deposit contains “economically significant” levels of vanadium, nickel, zinc and molybdenum, Aura said.
Aura shares were 4.8% higher at 0.55 pence each in London on Thursday afternoon.
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