Australian Vanadium (AVL) has updated its mineral resource for the Australian Vanadium Project in Western Australia
The total resource has increased by 9.5 per cent to 208.2 million tonnes at 0.74 per cent vanadium pentoxide
According to the company, the result was increased due to the infill and deeper drilling at the deposit
AVL’s share price is steady and shares are trading for 1.2 cents apiece
Australian Vanadium (AVL) has updated its mineral resource for the Australian Vanadium Project following 2018 and 2019 drill programs.
The Australian Vanadium Project is located 740 kilometres northeast of Perth in Western Australia and covers an area of 260 square kilometres.
It is considered as one of the highest-grade vanadium projects that is currently being developed in the world.
The total indicated, inferred and measured resource has now increased by 9.5 per cent to 208.2 million tonnes at 0.74 per cent vanadium pentoxide.
This consists of measured: 10.1 million tonnes at 1.14 per cent vanadium pentoxide, indicated: 69.6 million tonnes at 0.72 per cent vanadium pentoxide, and inferred: 128.5 million tonnes at 0.73 per cent vanadium pentoxide.
In November 2018 AVL’s measured, indicated and inferred mineral resource was updated to 183.6 million tonnes at 0.76 per cent vanadium pentoxide.
It consisted of measured: 10.2 million tonnes at 1.11 per cent vanadium pentoxide, indicated: 40.7 million tonnes at 0.66 per cent vanadium pentoxide, and inferred: 132.7 million tonnes at 0.77 per cent vanadium pentoxide.
“This updated resource is the result of focused additional drilling and increased understanding of the geological setting,” Managing Director Vincent Algar commented.
“The new indicated resources successfully targeted known higher magnetic areas which will benefit the mine planning, adding flexibility to the schedule,” he added.
According to AVL the result increased as a result of infill and deeper drilling within the deposit.
The deposit remains open at depth and, if required, there is potential to convert future inferred resources along the company’s 11.5 kilometre strike length to measured and indicated.
AVL’s share price is steady and shares are trading for 1.2 cents apiece at 2:07 pm AEDT.
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