BEIJING (Asian Metal) 2 Jan 20 – Australian Vanadium Limited today announced that its recent application for a Program of Works (PoW) on E70/4924-I over the Coates vanadium deposit, has been approved by the Western Australian Department of Mines, Industry Regulation and Safety.
The application is for drilling up to 15 diamond core holes at the Coates deposit, concentrating on the Vacant Crown Land (VCL) portion of the tenement.
The Coates deposit is situated in the Shire of Northam approximately 35km east of Perth. Australian Vanadium has signed a joint venture agreement with private company Ultra Power Systems (UPS), to develop the deposit. Under the terms of the joint venture agreement UPS will spend $50,000 on exploration on the tenement within the first 12 months of the agreement and $150,000 during the first 24 months.
The drill program intends to determine the deposit’s suitability as a low-cost feed for a full commercial scale processing plant which UPS proposes to build in Kwinana, Western Australia. The drilling will also enable a resource estimation of the Coates mineralization to JORC standards to be produced by the Australian Vanadium and UPS joint venture in 2020.
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