Technology Metals Australia Ltd (ASX:TMT) has delivered a boost to the global resource at Murchison Technology Metals Project (MTMP) with a 26% increase in the measured and indicated categories to 63.2 million tonnes at 0.9% vanadium pentoxide.
The MTMP now hosts a total resource of 153.7 million tonnes at 0.8% vanadium pentoxide, a 5% increase on the previous resource, according to the project’s updated global mineral resource estimate (MRE).
A 10-fold increase in the measured MRE of 12.1 million tonnes at 1.0% vanadium pentoxide is expected to support significant growth in the proven ore reserve component for the MTMP.
Significantly, the updated resource includes a maiden measured MRE for the Yarrabubba deposit of 5.9 million tonnes at 1.0% vanadium pentoxide and 11.2% titanium dioxide.
Yarrabubba is expected to be the initial ore source for the MTMP, with higher vanadium in-concentrate grades of 1.61% vanadium pentoxide, excellent recoveries and a highly sought-after ilmenite by-product.
The newest MRE will underpin an updated proven and probable ore reserve estimate for inclusion in the bankable financial model.
Enhanced ore reserve position
TMT managing director Ian Prentice said: “We are very pleased with this outstanding result, with the fieldwork completed in the first half of the year delivering a significant 26% increase to the all-important measured and indicated resource estimate for the MTMP, which bodes well for a material upgrade to the proven and probable ore reserve estimate for the project.
“An enhanced ore reserve position, inclusive of the elevation of some of the important shallow material at Yarrabubba, is expected to provide significant benefits for the economics of the MTMP, which is expected to be viewed very favourably by prospective project financiers and key stakeholders.
“The implementation phase of the project is progressing well, albeit facing timing pressures in line with the broader resourcing challenges facing our industry, with our team maintaining a clear focus on delivering a positive outcome for the timely development of the MTMP and the supply of high-purity vanadium pentoxide to play an important role in the global transition towards net-zero carbon emissions.”
25-year mine life
TMT is developing the high-grade MTMP, 50 kilometres south of Meekatharra in Western Australia, to be a stable, secure, long-term supplier of critical minerals.
The MTMP consists of the Gabanintha and Yarrabubba deposits, from which the company is targeting annual production of about 12,500 tonnes of vanadium pentoxide over an initial 25-year mine life.
TMT completed 31 diamond and 19 reverse circulation (RC) holes in the first half of this year to collect a bulk sample of Yarrabubba ore for metallurgical test-work and customer sample generation, collection of additional data on the geotechnical parameters of the proposed open pit walls at both Gabanintha and Yarrabubba, and resource infill at both Gabanintha and Yarrabubba.
www.ferroalloynet.com
