"Invest in a World-Class Vanadium Development Opportunity” Vanadium Market in Deficit; structural change reducing supply on the cusp of a period of expected dramatic demand growth delivering a near 400% price increase in past 18 months.
Wholly Owned Gabanintha Vanadium Project; 5.5km strike length of high grade mineralised layered mafic igneous unit – one of the highest grade vanadium deposits in the World.
Updated Global Resource; consistent high grade core of 55.0Mt at 1.1% V2O5 within a global resource of 119.9Mt at 0.8% V2O5 , containing maiden Indicated Resource of 21.6Mt at 0.9% V2O5 .
Emerging Developer; Technology Metals Australia (TMT) A$21.5 million market capitalisation* - pre-feasibility study focused on traditional salt roast / leach processing due June 2018.
Global Comparatives; Largo Resources, Inc. (TSX:LGO market cap CN$697m) operating mine in Brazil and TNG Limited (ASX:TNG market cap A$137) advanced development project in Australia.Click here to view full announcement
GABANINTHA DOWNSTREAM TESTWORK
DELIVERING OUTSTANDING RESULTS
- DOWNSTREAM PROCESSINGTESTWORK DEFINITIVELY SHOWS GABANINTHA ORETO BE AMENABLETO CONVENTIONAL SALT ROAST / WATER LEACH PROCESSING.
- VERY HIGHRECOVERIES OF UP TO 97.2%VANADIUM IN TO SOLUTION.
- CONCEPTUAL INITIAL MINE FEED BLEND DELIVERS A VERY HIGH VANADIUM RECOVERY AND VERY LOW SILICA AND ALUMINIUM EXTRACTION AT LOW SALT DOSAGE LEVEL.
- VITAL STEPACHIEVED IN CONFIRMINGAPPLICABILITY OF CONVENTIONAL SALT ROAST / WATER LEACH PROCESSING.
- TESTWORK HASPROGRESSED TO PRECIPITATIONOF A HIGH PURITY V2O5 PRODUCT WITH RESULTS OF THIS WORK EXPECTED IN THE NEAR TERM.
- PRE-FEASIBIITY STUDY PROGRESSING WELL AND ON TRACK FOR DELIVERY IN JUNE 2018.
Technology Metals Australia Limited (ASX: TMT) (“Technology Metals” or the “Company”)is pleased toprovide an updateon activities at its Gabanintha Vanadium Project (“Project”) which hosts a Global Mineral Resource (“Global Resource”)estimate, reported inaccordance with the JORC Code 2012, of 119.9 Mt at 0.8% V2O5 and 9.7% TiO2. The Global Resource includes an outstanding high grade component of 55.0 Mt at 1.1% V2O5and 12.7% TiO2contained within thehighly continuous and consistently mineralisedmassive magnetite zoneand an Indicated Mineral Resource of 21.6 Mt at 0.9% V2O5 and 11.2% TiO2.
Ongoing downstream processing testwork has definitively shown that the massive magnetiteand fresh disseminated magnetitezones are amenable to conventional salt roast / water leach processing with very high recoveries of up to 97.2% of vanadium in to solution at significantly less salt addition than other conventional salt roast leach operations.
Testwork is now progressing to precipitation of ammonia metavanadate which will then lead to delivery of a high purity V2O5 flake final product, with a largervolume of leachliquor being producedto enable a significant scale of precipitation testing.
Executive DirectorIan Prentice commented; “TheWorld Class Gabanintha Vanadium Deposit is steadily being de-risked as we progress through thepre-feasibility study; withthese outstanding downstream processing results confirming the extremely high quality nature of the ore at this Project”
GABANINTHA GLOBAL RESOURCE GROWS TO 119.9 MT AT 0.8 V2O5
WITH A HIGH GRADE RESOURCE OF 55 MT AT 1.1% V2O5
- NORTHERN BLOCK MINERAL RESOURCE INCREASED BY 57% FROM 62.8 MT AT 0.8% V2O5 TO 98.4 MT AT 0.8% V2O5 INCLUDING AN INDICATED PORTION OF 21.6 MT AT 0.9% V2O5
- COMBINED WITH SOUTHERN TENEMENT RESOURCE1 DELIVERS GLOBAL RESOURCE FOR THE ABANINTHA VANADIUM PROJECT OF 119.9 MT AT 0.8% V2O5
- HIGH GRADE RESOURCE OF 55 MT AT 1.1% V2O5 INCLUDES INDICATED PORTION OF 14.5 MT AT 1.1% V2O5
- CONFIRMS POSITION OF GABANINTHA VANADIUM PROJECT AS ONE OF THE HIGHEST GRADE VANADIUM DEPOSITS IN THE WORLD
- METALLURGICAL TESTWORK PROGRESSING TO DOWNSTREAM PROCESSING FOCUSED ON THE EXTRACTION OF VANADIUM USING TRADITIONAL SALT ROAST / LEACH PROCESSING
Technology Metals Australia Limited (ASX: TMT) (“Technology Metals” or the “Company”) is pleased to announce results for the update of the Northern Block Mineral Resource (“Northern Block Resource”) estimate and the resulting Global Mineral Resource (“Global Resource”) estimate, reported in accordance with the JORC Code 2012, for the Gabanintha Vanadium Project (“Project”). Resource estimation was completed by independent geological consultants CSA Global and was based on data from the Company’s 2017 reverse circulation (RC) and diamond drilling programs2.
The Global Resource estimate for the Project of 119.9 Mt at 0.8% V2O5 and 9.7% TiO2 includes an outstanding high grade component of 55.0 Mt at 1.1% V2O5 and 12.7% TiO2 contained within the highly continuous and consistently mineralised massive magnetite zone (see Figure 1).
The update of the Northern Block Resource delivered an Inferred and Indicated Mineral Resource of 98.4 Mt at 0.8% V2O5 and 9.7% TiO2, a 57% increase on the previously reported Inferred Mineral Resource and included an Indicated Mineral Resource of 21.6 Mt at 0.9% V2O5 and 11.2% TiO2.
Executive Director Ian Prentice commented; “The delivery of this outstanding high grade Global Resource and the highly encouraging metallurgical testwork completed to date provides positive catalysts and momentum to fast track the development studies on this World Class deposit.”
OUTSTANDING VANADIUM RECOVERIES FROM DETAILED METALLURGICAL TESTWORK
- Outstanding vanadium recoveries of up to 97.8% in to magnetic concentrates nd very high weight recoveries of up to 85.6% at a grind size of 106 microns.
- Concentrate grades of +1.3% V2O5 delivered for transitional and fresh high grade massive magnetite zone.
- Exceptional rejection of deleterious elements silica and alumina results in very high quality magnetic concentrate expected to be highly beneficial for efficient vanadium processing.
- Testingindicates that vanadiumgrade and recoveryto a magentic concentrate is not sensitive to grind size.
- Ongoing test work will assess metallurgical variability throughout the Northern BlockResource and downstreamprocessing focused on the extraction of vanadium utilising the traditional salt roast / leach processing technique.
Technology Metals Australia Limited (ASX: TMT) (“Technology Metals” or the “Company”) is pleased to announce results of the first phases of the detailedmetallurgical test work program (“Test work”) currently underway based on representative composite samples from diamond drilling at its Gabanintha Vanadium Project (“Project”). The Testwork was planned and is beingmanaged by MineralEngineering Technical Services Pty Ltd (“METS”), the Company’s metallurgical consultant.
The detailed Testworkhas been designedto follow up the highly encouraging resultsof the preliminary (sighter) round of Testwork completed on composite RC drill samples from the March 2017 drilling program. Six representative diamond drilling composite samples were selected by the Company’s geologicalteam in consultation with, reviewed and approved by, METS across the Northern Block Mineral Resource1 (“Resource”) based on geological characteristics, with the aim of testing a mix of oxide, transitional and fresh material from the high grade basal massive magnetite and the medium grade disseminated hanging wall zones.
Executive Director Ian Prentice commented; “These initial results from the representative diamond drilling composites have demonstrated the exceptional vanadium recoveries, and importantly the outstanding rejection of deleterious elements, in to a magneticconcentrate, confirming the veryhigh quality of the Company’sGabanintha Vanadium Project”.
DETAILED METALLURGICAL TESTWORK – DIAMOND DRILLING COMPOSITES
The Company’s metallurgical consultants, METS, has developed a detailed metallurgical test work program (“Testwork”) for representative composite samples from the diamond drilling on the Northern Block. Thirteen (13) HQ diamond holes (for 1,235m) were completed as part of the resource infill and extension drilling program in the Northern Block, with three (3) holes completed in the Northern Zone and ten (10) in the Southern Zone (seeFigure 1). Theholes intersected thevanadium mineralisation at a rangeof depths throughout the Resource, with down hole depths ranging from 36m to 149.5m.
Technology Metals Australia Limited
Technology Metals Australia Limited (ASX: TMT) was incorporated on 20 May 2016 for the primary purpose of identifying exploration projects in Australia and overseas with the aim of discovering commercially significant mineral deposits. The Company’s primary exploration focus is on the Gabanintha Vanadium Project located 40km south east of Meekatharra in the mid-west region of Western Australia with the aim to develop this project to potentially supply high-quality V2O5 flake product to both the steel market and the emerging vanadium redox battery (VRB) market.
- Experienced Board / Management team focused on delivering shareholder returns.
- Minimal resource / technical risk with current (plus past) drilling confirming presence of shallow, broad high grade mineralised zones on strike from defined resource.
- Well placed to feed the expected demand generated from the emerging energy storage (battery) sector.
- Stable, well resourced Western World mining environment to support project development.
- Team in place to identify and evaluate opportunities in a wide range of technology metals including vanadium, lithium, graphite and cobalt.