HIGHLIGHTS
Project defining pilot scale testwork underway in support of the Yarrabubba Project definitive feasibility study.
Follows excellent metallurgical testwork results that confirmed the opportunity to generate a high grade iron ore – vanadium (>63% Fe, >1.6% V2O5) product.
RC drilling to infill and extend the Yarrabubba resource completed successfully with all samples expected to be received in the laboratory by the end of the week.
Gabanintha Vanadium Project ERD approvals advancing well following constructive feedback from the EPA.
Discussions progressing well with end users of Yarrabubba products and potential funders / development partners.
Extension of term agreed on binding vanadium offtake agreement with CNMC (Ningxia) Orient Group Co Ltd.
The vanadium price has been strengthening as global economies progressively emerge from COVID-19.
Technology Metals Australia Limited (ASX: TMT) (“Technology Metals” or the “Company”) is pleased to provide an update on the development progress on its Yarrabubba Iron-Vanadium Project (“Yarrabubba”) and Gabanintha Vanadium Project (“GVP”). The Company is progressing a definitive feasibility study (“DFS”) on Yarrabubba under its strategy to progress this significant stand alone high grade, high purity iron ore project to provide an opportunity to implement the cost effective staged development of the Tier 1 high grade, low cost, large scale, long life GVP.
Yarrabubba is expected to produce around 1.5 Mtpa of high grade, high purity iron ore at >63% Fe and >1.6% V2O5 at a high overall mass recovery of ~50% as well as a high value titanium byproduct from the non-magnetic tailings stream. Managing Director Ian Prentice commented: “The TMT team is continuing to make outstanding progress on the Yarrabubba DFS as part of the staged development strategy for delivery of the globally significant, Tier 1 GVP. Yarrabubba’s product streams of premium iron ore, with vanadium credits, and titanium by-product are all highly sought and experiencing very positive pricing and strong near to mid term outlooks, boding well for a very strong economic outcome”.
Managing Director Ian Prentice commented: “The TMT team is continuing to make outstanding progress on the Yarrabubba DFS as part of the staged development strategy for delivery of the globally significant, Tier 1 GVP. Yarrabubba’s product streams of premium iron ore, with vanadium credits, and titanium by-product are all highly sought and experiencing very positive pricing and strong near to mid term outlooks, boding well for a very strong economic outcome”.
The Yarrabubba Iron-Vanadium Project (“Yarrabubba”), on granted Mining Lease M51/884 about 14km south east of the Gabanintha Vanadium Project (“GVP”), hosts an Indicated and Inferred Mineral Resource estimate (“MRE”) of 27.7Mt at 38.7% Fe and 0.9% V2O5 including high grade massive mineralisation of 14.4Mt at 48.1% Fe and 1.1% V2O5 (ASX Announcement 1 July 2020). The Indicated Mineral Resource component of 9.6Mt at 45.3% Fe and 1.0% V2O5 consists of only fresh mineralisation which commences from 10 to 15m below surface. Yarrabubba hosts a Maiden Probable Ore Reserve estimate of 9.4Mt at 45.3% Fe and 0.97% V2O5, consisting of only fresh mineralisation and a large proportion of the high grade massive magnetite unit (ASX Announcement 16 September 2020).
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